foundrygroup.jpgA new venture firm has emerged from ashes of Mobius Venture Capital, a well-known venture firm in Silicon Valley which struggled after it failed to perform after the Internet bubble burst.

A group led by Brad Feld, who was in the Colorado office of Mobius, and who has written a popular blog for the last several years, had formed a new firm called Foundry Group.

PE Wire reports it has raised $158.75 million from limited partners like Guardian Life, Morgan Stanley, Parish Capital and UTIMCO. It had originally been targeting $175 million, but wants to raise a total of $225 million by next month.

Besides Feld, other partners include Seth Levine, Ryan McIntyre, Jason Mendelson and Chris Wand.