Novak Biddle closes fourth VC fund

The Bethesda, Maryland venture capital firm touted its ties to the Washington DC research and development scene.

Novak Biddle Venture Partners, the Bethesda, Maryland-based venture capital firm, today announced a final close on its fourth fund, rounding up a total of $150 million (€126 million).

 

The firm, led by Rogers Novak and AGW Biddle, will continue its strategy of seeking ‘cutting-edge’ technologies, many of which are sourced amid Washington’s government-backed research and development community.

 

According to a press release, the new fund received commitments from “an elite group of existing and new limited partners including blue chip pension funds, university endowments, investment funds and leading entrepreneurs.”

 

The firm usually invests between $100,000 and $10 million per company.

 

Novak is a former investment banker and entrepreneur, and Biddle is the former CEO of software company InterCAP Graphics Systems.