Voyager Capital Management has closed on $93 million toward its third fund, according to recent regulatory documents. Thats just $5 million more than it had closed in May.
Voyagers fund-raising has slowed since the Seattle Post Intelligencer reported that firm founder Tony Audino resigned in July. Audino was still listed as “A Manager of the General Partner” on the firms October regulatory filings but has been dropped from the list inits most recent filing. Other managers include Erik Benson, Curtis Feeny, Enrique Godreau and William McAleer.
Limited partners in the Seattle-based firm include the Meyer Memorial Trust, Procific, The Vanderbilt University and the Oregon Investment Fund. The firm has booked a total of 41 investors.
The early stage firm raised more than $215 million for its second fund in 2000 and has had little in the way of success since then. The firm has not had an IPO since the dot-com boom, according to Thomson Financial (publisher of PEHub.com).
Voyager sold supply-chain software maker SeeCommerce to Teradata Corp. for an undisclosed amount in February 2006. Palo Alto, Calif.-based SeeCommerce had raised $83.5 million from such VCs as Voyager, Focus Ventures and Insight Venture Partners.
Voyager also sold Austin, Texas-based Internet payment processing company ClearCommerce Corp. to eFunds Corp. (NYSE: EFD) for $19.4 million in January 2005. The sale price was less than one-third the $62 million it raised from Voyager and other VCs, including Austin Ventures and New Enterprise Associates.
Another exit for Voyager is Burlingame, Calif.-based software maker Kadiri, which Workstream (Nasdaq:WSTM) bought for $15.2 million in May 2004. Kadiri had raised about $25 million million from Voyager, ONSET Ventures and Wheatley Partners, among other VCs.
Meanwhile, other Pacific Northwestern firms are still trying to put together their funds. OVP Venture Partners, an early stage firm in Kirkland, Wash., held a $207 million first close on its seventh fund in May, despite some limited partners who passed on the venture firms new fund in favor of buyout and hedge funds.
OVP has not yet closed the fund as it is waiting on several limited partners who have already filled their allocations for the year, but promised commitments at the beginning of 2007, General Partner Gerry Langeler says.