The size of the fund rivals that of the
The BlackBerry fund was launched because “mobile applications and services represent some of the hottest opportunities in the technology sector today,” RIM co-CEO Jim Balsillie said in a prepared release.
Developers that are backed by the BlackBerry fund will not be restricted from developing apps or services for other mobile platforms, according to Waterloo, Ontario-based RIM.
Lightspeed says it will continue to invest in seed and early stage IT and cleantech companies in the United States and Israel, and it will invest in early stage tech companies and growth stage companies in a range of product and service businesses in China and India.
Philanthropic venture investor
The fund was co-founded by Eugene Wong and Glenn Chao. Sirius has previously invested in such Singapore-based companies as Comms Design International, Jackspeed and Soundbuzz.
Life sciences investor
Pappas’ third fund has invested in at least nine companies, one of which was acquired and one that went public via reverse merger. Cerexa Inc., which develops hospital-based anti-infective therapies, was bought by Forest Laboratories Inc. for $580 million in December 2006. Cerexa had previously raised a single round of $50 million from in August 2005 from Pappas and 11 other backers.
Athersys Inc. (Nasdaq: ATHX), which makes drugs to treat life-threatening diseases, went public through a reverse merger in June 2007 and also raised $65 million from Pappas and other venture backers, bringing its total venture backing to date to about $158 million.
To date, Scale Venture Partners II has invested in at least 23 companies, according to Thomson Reuters. Of the 23, two have gone public: Omniture Inc. (Nasdaq: OMTR), which makes Web analytics technology for online businesses, and Orexigen Therapeutics Inc. (Nasdaq: OREX), which makes drugs to treat obesity. A third company from that portfolio is in registration to go public, Zogenix Inc., which makes medicines to treat central nervous system disorders and pain.
Partech asks LPs for help
The firm, which also has offices in France and Israel, recently closed its fifth international fund with $300 million in commitments. Details of the dispute are unclear, but a source familiar with the situation says that it has more to do with personalities than investment strategy. Vincent Worms, Partech’s co-founder and managing partner, acknowledged the situation in an interview last week.
When the general partners were unable to reconcile their differences, they asked for their LP advisory board to arbitrate. The advisory board has since done so and issued a set of recommendations that would result in the departure, or possible transition, of certain firm personnel, according to a source.
“These are discussions related to the management of the fund, but it is not going to result in a major reorganization,” Worms said. “Partech will remain trans-Atlantic… It’s not going to disappear.”
Partech’s general partners adopted the LP recommendations in principle, and have sent out amended fund documents to all of their fund V investors. The process is expected to be complete by the end of the month. In the meantime, Partech cannot make any new investments, though it has the go-ahead to invest in follow-on deals from its past funds.
Worms says he’s among the expected survivors.
Partech has already lost three partners since the beginning of 2006 (Glenn Solomon, Kevin Carrington and David Walsh), plus a couple of associates and its in-house marketing manager.