Battery Ventures Closes $450 Million Fund; Firm's Seventh Fund to Focus on Investments in Information Technology Companies at all Stages of Growth.WELLESLEY, Mass. -- Battery Ven tures, a leading venture capital firm investing in information technology markets, today announced the closing of its seventh fund, Battery Ventures VII, L.P. with $450 million of committed capital. Battery Ventures VII will continue the successful investment strategies of its predecessor funds including a focus on investing in information technology companies across all stages of growth from seed through to later stage and buyouts. Battery Ventures VII brings the firm's total capital under management to over $2 billion. "The closing of Battery VII cements a milestone year for the partnership," said Tom Crotty, general partner, Battery Ventures. "Earlier in 2004, we celebrated the 20th anniversary of the founding of the firm and today we launch our seventh fund. It's been an exciting 20 years of growth and change for both the industry and Battery alike. The firm looks forward to meeting the challenges of continuing to provide superior returns to our investors." Battery VII will be invested over a period of approximately three years and is expected to contain a portfolio of 35 to 40 investments ranging in size from $5 million to $25 million each. The fund will be managed by a team of nine general partners and will be administered through the firm's offices in Wellesley, Massachusetts Wellesley is a town in Norfolk County, Massachusetts, United States. The population was 26,613 at the 2000 census. It is best known as the home of Wellesley College and Babson College. and San Mateo, California San Mateo is a city in San Mateo County, California, in the San Francisco Bay Area. It is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the East, and Belmont to the south. . Since its founding in 1983, Battery Ventures has invested in over 180 companies across a broad spectrum of information technology markets and stages. Past and current portfolio companies include Airespace, Akamai Technologies Akamai Technologies, Inc. (NASDAQ: AKAM) is a company that provides a distributed computing platform for global Internet content and application delivery, headquartered in Cambridge, Massachusetts. , Allegiance Telecom, Arbor Networks, Broadbus Technologies, Cbeyond Communications, CipherTrust, FORE Systems See Marconi. , Friendster, 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, LIFFE LIFFE See: London International Financial Futures and Options Exchange LIFFE See London International Financial Futures and Options Exchange (LIFFE). , Neoteris, Netezza, Nextel, Orion Multisystems, Pixelworks, Qtera, RiverDelta, Sigmatel, Vastera and Witness Systems. The firm will begin investing Battery VII in early 2005. About Battery Ventures Founded in 1983, Battery Ventures is a leading venture capital firm focused on investing in technology companies at all stages of growth from seed to later stage and tech buyouts. With a team of over 25 experienced investment professionals, Battery leverages its people, expertise and capital to actively guide companies to category dominance. The firm has invested in over 180 technology companies worldwide across the software and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . From its offices in Wellesley, MA and San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , CA the partnership manages over $2 billion in committed capital, including its new fund of $450 million. The firm's exceptionally strong investment returns have given it one of the best track records in the industry. For more information, visit www.battery.com. |
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