New Atlantic raising $20M sidecar

New Atlantic Venture Partners, the firm created from former Draper Fisher Jurvetson affiliates Draper Atlantic Ventures and DFJ New England, is raising a $20 million sidecar fund, according to a regulatory filing.

New Atlantic Ventures has four managing partners, including John Backus and Thanasis Delistathis in Reston, Va., and former DFJ New England co-founders Todd Hixon and Scott Johnson in Cambridge, Mass. The partners split from the DFJ affiliate network last October and are raising a $200 million targeted fund.

Draper Atlantic previously raised two funds and each were capped at about $70 million. The firm made several defunct B2C Internet plays (such as DigitalOwl, Spaceworks Inc. and iSay, among others), but the firm has also seen some recent returns, such as the $145 million IPO of DivX (Nasdaq: DIVX) in September, and the $400 million sale of Mobile 365 to Sybase in late 2006. Mobile365, a Chantilly, Va.-based provider of messaging solutions for wireless operators, raised about $24 million in VC funding from Draper Atlantic, DFJ and otehr investors, including The Grosvenor Funds and Institutional Venture Partners.

DFJ New England raised a $21 million inaugural fund in 2001, and had begun marketing for a follow-on before being approached for the merger. —Alexander Haislip