Fundraising

Most Active VC Firms of the Aughts

Venture capitalists entered the decade on a dotcom high, and this week will end it on an exit-starved low. In between, they invested in over 16,000 U.S.-based companies. What follows is a list of the 10 most active VC firms, based on our VentureXpert database (which, coincidentally, is being retired at year-end). The rankings are based on the number of U.S.-based companies in which a firm invested over the past decade -- regardless of number of financing rounds. And, just as a reminder, putting lots of money out the door doesn't necessarily correlate to the amount that comes back in...

Almaz Capital Holds Second Fund Close

Lightspeed and Gemini Close Israeli IT Incubator

Lightspeed Venture Partners and Gemini Israel Funds have closed a joint incubator program that provided seed capital to early-stage Israeli Internet companies. No explanation was provided for the shutdown, in an announcement on the Lgilab blog (yes, this appears to be an old story, but I haven't seen it elsewhere): After more than 3 great years, the LightSpeed Gemini Internet Lab is ending its operations. The joint venture from LightSpeed Venture Partners and Gemini Israel funds has been a great opportunity to fund and support some of the most interesting web startups in Israel. Both funds are still actively looking for new opportunities for fund new internet projects at early stage. I've put in a call to Lightspeed's Silicon Valley office, to find out what will happen to the incubator's portfolio companies (Eyeview, OutBrain, StyleShake, Vahu.com, Vestopia, etc.). Also would be interested to know what this means for Lgilab general manager Ouriel Ohayon, Lgilab's only fulltime employee without a pre-existing connection to either Lightspeed or Gemini...

SV Life Sciences Raising Fifth Fund

INext Fund Forms with $58 Million

The INext Fund has launched as a $58 million fund-of-funds focused on Indiana's life sciences market. It will be managed by BioCrossroads and Credit Suisse. LP commitments were provided by such groups as Eli Lilly, the Indiana State Teachers Retirement Fund, Indiana University, Purdue, Notre Dame and the Fairbanks Foundation.

From GP to LP: "Moving Up The Food Chain"

Michael Kim announced this morning that he is leaving VC firm Rustic Canyon Partners, in order to launch a fund-of-funds shop called Cendana Capital. "I look at this as moving up the food chain," says Kim, who helped launch Rustic Canyon ten years ago. "I've really enjoyed by time as a venture capitalist, but now I'll be able to invest in the best managers across a wider spectrum of investment strategies." Cendana will begin raising its inaugural fund-of-funds early next year, with a $250 million target. It will be opportunistic in terms of investments, with no pre-determined allocations. "There are plenty of funds-of-funds focused on VC or focused on distressed, but we plan to be flexible and allocate on where we think the best opportunities are," Kim explains. "If that means international early-stage, then that's what we'll commit to."

RPM Ventures Raises $60 Million for Second Fund

RPM Ventures has closed its second fund with $60 million in capital commitments. The Ann Arbor, Mich.-based firm makes seed and early-stage investments in IT and physical sciences companies.

Azure Capital Raising Third Fund

Gilde Healthcare Raising Growth Equity Fund

Gilde Healthcare Partners is raising upwards of €50 million for a growth equity fund that would focus on European healthcare companies. It has already closed on an undisclosed amount of capital commitments.

First Round Capital's Got Talent

First Round Capital has outdone itself. Not with a new investment, but with a new video holiday card. You might remember last year's infectiously joyous effort, which involved First Round partners dancing with each of their portfolio companies (a spoof on the Dancing Matt phenomenon). This time they've set their sights on another, and more recent, viral superstar: