OVP Venture Partners Closes Largest Venture Capital Fund; Pacific Northwest Venture Leader Over-Subscribed for Seventh Fund
"The opportunities for early-stage technology investing are growing strongly in the Pacific Northwest. We are continuing to expand our partnership's capital resources to take advantage," remarked OVP general partner Gerry Langeler. "Unlike many venture capital firms downsizing in the aftermath of the technology bubble, OVP is growing."
“We were pleased to see the strong support we got not only from existing investors, but from new ones. It appears the word on the strength of the technology startup environment in the Pacific Northwest is spreading.”
OVP general partner and National Venture Capital Association (NVCA) board member Chad Waite added, "We were pleased to see the strong support we got not only from existing investors, but from new ones. It appears the word on the strength of the technology startup environment in the Pacific Northwest is spreading." He continued, "OVP's experience and leadership in growing successful companies in this region, with 50 liquidity events in our history (including 22 IPO's and 28 M&A transactions) clearly resonates with investors."
Lead commitments for OVP VII came from returning investors Oregon Public Employees Retirement Fund at $50 million and the Washington State Investment Board at $40 million. New investors playing a role in the Fund's success include GKM Generation Funds (for the New York State Common Fund), the Alfred I. duPont Testamentary Trust in Jacksonville, FL, and the endowment for the Olin College of Engineering in Needham, MA. As with previous funds, all of OVP VII's investors are sophisticated institutional entities.
Over its 23-year history as an early-stage venture firm, OVP has been funding industry-leading start-ups in the Pacific Northwest. OVP usually leads or co-leads the first round in a start-up, putting in $1 million to $5 million initially, and $8 million to $15 million to work over the life of each portfolio company. In OVP VI, the firm invested in 20 start-ups, with 16 of those in the Pacific Northwest. The final OVP VI portfolio company was added in early May.
In OVP VII, the partnership expects to invest in 20-25 companies. The investment focus will continue to be on pre-revenue firms in the Northwest, with selected investments in California and elsewhere. OVP will also continue its investment concentration on the areas of communications and network infrastructure, digital biology, semiconductors and electronics, software and nanotechnology.
Representative portfolio companies in OVP Venture Partners VI include:
-- Accelerator Corp., Seattle, WA
-- Airgo Networks, Palo Alto, CA
-- Allozyne, Seattle, WA
-- Ambric, Beaverton, OR
-- Applied Identity, San Francisco, CA
-- BioPassword, Issaquah, WA
-- Complete Genomics, Sunnyvale, CA
-- GenoLogics Life Sciences Software, Victoria, BC
-- GraniteEdge Networks, Bellevue, WA
-- Homestead Clinical, Seattle, WA
-- Intelligent Results, Bellevue, WA
-- Max-Viz, Portland, OR
-- NanoString Technologies, Seattle, WA
-- Octavian Scientific, Portland, OR
-- Orb Networks, Emeryville, CA
-- Plectix BioSystems, Boston, MA
-- UXComm, Beaverton, OR
-- Viral Logic Systems Technology, Seattle, WA
OVP employs 15 people between its Washington and Oregon offices, with investing partners Chad Waite, Lucinda Stewart and Dr. Rick LeFaivre in Kirkland, WA, while Gerry Langeler, Dave Chen and John Hull are in Portland, OR.
OVP believes that as part of its regional venture role, it operates not just as an active investor in the best teams and companies, but also as an active member of the regional technology community and a catalyst in creating the region's next growth opportunities. For more information, please go to: www.ovp.com