Tuesday 20th Jan 2009
Market News
Atlas Venture Closes $283 Million Fund VIII
Atlas Venture, an early-stage international venture capital firm, has closed its eighth fund at $283M. Atlas Venture VIII will continue the firm’s proven strategy of funding early-stage technology and life sciences start-ups in the US and Europe. Atlas Venture remains focused on partnering with talented entrepreneurs at the founding stage to build companies from the ground up based on compelling innovation.
“The new fund is the right size for our early-stage focus and organizational structure,” said Jean-Francois Formela, partner at Atlas Venture. “We feel fortunate to have a fresh pool of capital to invest at a time when we see steady innovation coupled with a return to capital efficiency. This is a good environment in which to fund new companies.”
Investors in Atlas Venture VIII include existing limited partners, such as Kisco Management, The Kresge Foundation and Paul Capital; and new limited partners, including Franklin Park, Industriens Pensionsforsikring A/S and Meketa Investment Group.
The first investment in Atlas Venture VIII was made in CloudSwitch, a technology start-up currently in stealth mode.
The company’s unique solution will enable enterprises to take advantage of cloud computing. CloudSwitch was founded by entrepreneurs Ellen Rubin, formerly of Netezza, and John Considine, formerly of Pirus Networks (acquired by Sun Microsystems). Atlas Venture co-led the $7.4M investment.
