Kleiner Perkins closes its $4 million venture fund for investing in early-stage startups after 2 years

The venture capital firm Kleiner Perkins Caufield & Byers has closed its KPCB Edge seed investing program after two years.

The news, first reported by Bloomberg, comes on the heels of the departure of the firm's three early-stage investment experts: Anjney Midha, Roneil Rumburg, and Ruby Lee. Without any partners leading the fund, Kleiner Perkins has decided to shut it down and shift early-stage investment responsibilities to existing firm partners.

Kleiner Perkins is also losing general partner Michael Abbott, who focused on early-stage investments during his three years at the firm.

The firm invested in 13 startups through the early-stage fund since its beginning, most notable of which was Magic Leap, whose valuation has risen from $2 billion to $4.5 billion since Kleiner Perkins first invested in 2014.

You can read more about the seed venture fund's closure over on Bloomberg.