KPG Ventures' Dave Hills on new fund

Dave Hills, general partner of KPG Ventures, talks about the fund raising climate for venture capital firms and startups in this episode of The Deal's Behind the Money video show. The San Francisco VC firm, which backs seed-stage consumer Internet companies, closed its second fund in November. In March, KPG announced it had invested $6 million in four companies. New to KPG's portfolio are Lexy, Wowd and National Payment Card Association. The firm also invested in a new round of funding for Cake Financial, already in its portfolio. Hills joined KPG in October. Previously, he was CEO of LookSmart, Ltd. (NASDAQ:LOOK). Past positions include president of Media Solutions for 24/7 Real Media and CEO About, Inc., which owned About.com and the pay-per-click service, Sprinks. Hills lived in New York City for many years but now lives in the San Francisco, where KPG is based. We asked him to compare and contrast the tech startup cultures in the two towns