Cleveland, Ohio-based middle-market firm Morgenthaler has announced the opening of a new Boston office.
Morgenthaler opened the office as a result of increasing life science opportunities in the Northeast US, according to a statement.
General partners Jim Broderick and Daniel Farrar will operate out of the new location. Broderick relocated to Boston from Menlo Park, where Morgenthaler’s venture capital arm is headquartered. Farrar, who focuses on middle-market buyouts, joined the firm in September, having most recently served as president and chief executive officer of GE Fleet Services for all of Europe.
The new office expands upon Morgenthaler’s existing East Coast venture capital team led by general partner Greg Blonder in New Jersey; and venture partner Paul Levine, who has operated out of Boston for the last five years. Both men focus on venture-stage IT companies.
Founded in 1968, Morgenthaler currently manages a total of $2 billion in capital. The firm’s life science strategy includes minimally invasive and implantable medical devices, as well as multi-product biopharmaceutical platforms.
In July 2001, the firm closed an $850 million fund aimed at both buyout and venture capital investments.