Foundry Group, a Colorado venture capital firm started by some partners from Mobius Venture Capital, has finished raising its first fund at $225 million.

The firm initially set a $175 million target, but received more interest from limited partners, partner Jason Mendelson told VentureWire.

We reported in September that the firm had raised $160 million

Foundry’s investors include Guardian Life Insurance Co., Morgan Stanley, Parish Capital Advisors, Procific and University of Texas Investment Management Co.
The partners include Brad Feld, Seth Levine, Ryan McIntyre and Chris Wand. The launched Foundry after their previous firm, didn’t perform very well, and partners of that fund decided not to raise any more money. However, now the new group, a subset of the former Mobius partners, is now focused from Colorado.

Recent results have helped. Email security company Postini, one of their investments, was sold to Google for $625 million, and Sling Media was sold to EchoStar for $380 million.