The Motley Fool blew past its goal for its first venture fund

The Motley Fool Inc. has raised nearly $146 million for its first outside venture fund, according to the Alexandria financial advice firm.

The raise, also detailed in a Thursday Securities and Exchange Commission filing, is far more than the $100 million the firm initially planned, and comes from about 800 limited partners, vastly more than a traditional fund of the same size.

I had previously reported about the Motley Fool blowing past its initial target and potentially raising up to $150 million in an October article. The Alexandria financial advice and services said it raised the total over seven months.

The raise is a show of fundraising strength for a firm that has traditionally worked in the area of public companies and stock advice. But for this fund it was able to tap its large pool of customers as potential investors, who will also help the fund with ideas and advice, according to the Motley Fool.

The limited partners come from 44 states and the District and almost 200 areā€¦

Read the full story from the Washington Business Journal.