Battery Ventures Announces Completion of $1 Billion Fund; Battery VI to Focus on Communications, Software and e-Commerce Investments.Business/Hi-Tech Editors WELLESLEY, Mass.--(BUSINESS WIRE)--JUNE 12, 2000 Battery Ventures, a venture capital firm investing worldwide in private companies within the communications, software and Internet/e-Commerce markets, announced today the closing of its landmark $1 billion fund. The fund will be administered through the firm's offices in Wellesley, MA and San Mateo, CA. Battery Ventures currently manages five additional top-quartile performing funds with $800 million in committed capital. Battery VI, the largest fund in the firm's history, will focus on emerging growth sectors in the communications and e-Commerce sectors. According to Rick Frisbie, Battery Ventures' co-founder and general partner, "Battery VI will enable us to continue to make serious investments in the best and the brightest companies the U.S. has to offer and substantially increase Battery's ability to act on investment opportunities in Canada and Europe." He continued, "The firm is well-positioned to run a fund of this magnitude." Battery VI is expected to make fifty to sixty investments, ranging from $10-40 million each. Over the next two years, Battery Ventures will seek out the finest start-up and early stage investment opportunities around the world in fields, including telecom and B2B e-Commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. . "Traditionally, we seek to become the first institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , play an active role on the board and become more closely involved in guiding our portfolio companies toward market leadership," explained Tom Crotty, general partner. "Battery VI will allow us to continue that approach and reach more entrepreneurs without sacrificing the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and active portfolio involvement that has made Battery Ventures a premier venture capital firm for 17 years." Last week, Battery Ventures announced its leadership of a $91 million investment in LIFFE LIFFE See: London International Financial Futures and Options Exchange LIFFE See London International Financial Futures and Options Exchange (LIFFE). , the London Financial Futures financial futures Obligations to buy or sell particular positions in financial instruments. The features of financial futures are identical to those of any futures contract except that the asset for delivery is of a financial nature. and Options Exchange, the first deal to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. from Battery VI and also the largest in the firm's history. This investment marks the first time a venture capital firm has invested in a publicly regulated exchange. About Battery Ventures Founded in 1983, Battery Ventures is one of the leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] in the information technology industry. Known for its successful investments in over 125 portfolio companies including Allegiance Telecom, Akamai Technologies, HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. Software, Infoseek, FORE Systems and Qtera, Battery Ventures has an established reputation for identifying companies with significant potential and shaping strategies to grow them into market leaders. In addition, Battery Ventures has invested over $200 million in 15 B2B e-Commerce investments over the past 3 years. The Partnership manages six individual funds with $1.8 billion of committed capital. For more information or to submit a business plan, visit http://www.battery.com |
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