Shasta Ventures, a Silicon Valley (Menlo Park, Calif.) venture capital firm, has raised another $250 million fund to continue early-stage investing in technology companies.

Limited partners in the fund are primarily returning investors from Shasta’s first fund. Shasta is one of a handful of new venture firms to have launched after the pop of the Internet bubble and then survived.
It began investing its first fund of $210 million in early 2005, and has made 22 investments to date.
It has focused on consumer internet, mobile and wireless, and software and infrastructure. Its investments include Doostang (job site), Arch Rock (sensor networking), Eye-Fi (wireless photography), SayNow (voice and text services), Mint (online personal finance services), Lithium (hosted community services) and Turn (automated advertising platform).

To date, two Shasta portfolio companies have been acquired: Logoworks (acquired by HP) and iConclude (acquired by Opsware), but its too early to tell whether its first fund will be profitable because most of its companies are still private.
The investment team at Shasta Ventures includes Robert T. Coneybeer, Tod H. Francis, Ravi Mohan and Jason Pressman in addition to CFO Austin Grose.

The firm will begin investing the new money next year.

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