Venture capital firm amasses $250M to invest in Texas-based tech startups

S3 Ventures LLC, one of the biggest and longest-standing venture capital firms in Austin, announced March 9 it has a new $250 million fund. It is the firm’s seventh fund, and it follows one announced in 2016 that grew to about $200 million.

S3 is somewhat rare among VC firms in that it has raised its funds from a single limited partner: an unnamed multibillionaire and philanthropic family that has been backing the firm since its start in 2005. That, the firm said, frees it up to focus on working…