The latest move by venture capital firm Greylock Partners to reopen their tech funds and raising close to $ 1 billion for investing in fast-growing and advanced stage technology companies is another indication of how the venture capital industry is riding high on the web frenzy.

The web has been dominated by many fast-growing start-ups off late such as social networking firms like Facebook and Twitter Inc. among others and many venture capital investors are angling to get a piece of the pie.
Venture Capital companies like Accel Partners and Kleiner Perkins Caufield & Byers have noticed this interest and raised billions of dollars to invest in these companies. Greylock, which is considered to be a top-tier venture capital firm, has also invested in many breakthrough web companies recently, including Facebook in 2006 and the daily-deals site Groupon Inc, more recently.

Greylock had closed this fund in 2009 at $575 million, but approached their investors to raise this fund to $1 billion in January to increase the venture capital to invest in large, fast-growing companies in consumer web areas, said David Sze from Greylock.