Village Ventures Launches Fund in Indiana; Fund Will Have Offices in Bloomington and Indianapolis.
WILLIAMSTOWN, Mass.--(BUSINESS WIRE)--Feb. 1, 2002
The 14th fund to affiliate with Village Ventures, Inc. (www.villageventures.com), a network of regionally focused venture capital funds, will be based in Indiana, with offices in Bloomington and Indianapolis.
The Indiana fund will invest primarily in early-stage, high-growth businesses in the life sciences and information technology industries located in Indiana and the surrounding region. It will be managed by partners Ken Green, M.D. who has a 20-year background in the life sciences area and considerable venture capital investing experience, and David Mann, whose background includes experience with early-stage companies, operations, and venture capital. Village Ventures Regional Managing Director Jane Martin, a former General Partner of U.S. Venture Partners, a leading Silicon Valley venture fund, will represent Village Ventures as the third member of the General Partner of the fund and will sit on the fund's Investment Committee.
"Indiana offers tremendous opportunities for venture capital investing, especially in the life sciences area, which has been underrepresented by outside venture capital funds, but has great potential given the strong university research and corporate presence here," explained Jane Martin. "We did extensive research in this region to find the best team to tap into the rich life sciences and information technology area, and believe that Ken and David have the proven experience to make an impact in this market."
The size of the fund is not disclosed. The average closed fund in the Village Ventures network is $16 million, with funds ranging in size from $7 million to $56 million. Village Ventures, based in Williamstown, Massachusetts, is a financial services company focused on venture capital investing in emerging technology markets. The company provides financial services to a network of 14 early-stage venture capital funds operating in 12 states. Village Ventures co-invests alongside those funds and is a potential source of follow-on financing to companies in those portfolios.
Village Ventures Chief Executive Officer Matt Harris said, "The Indiana region is a hotbed of education and business innovation. But it lacks adequate local sources for venture capital investing in early-stage ventures, making it an ideal region for us. With Ken and David's expertise and Jane's involvement, this new fund adds huge value to the Village Ventures model."
"Clearly, the secret is out. Indiana is rising in the ranks of the technology world," said Indiana Lieutenant Governor Joe Kernan, who serves as chair of the state's 21st Century Research and Technology Fund. "We have the universities, we have the companies and we have the talent. And with the addition of this Village Ventures fund, we now have even more resources to encourage the continued development of our high-tech industry and the high-skill, high-wage jobs that come along with it."
Myles Brand, President of Indiana University, echoed these comments: "Building a 21st century economy is essential to Indiana's future welfare, and Village Ventures is an able partner in that effort. Creating a Hoosier culture of entrepreneurship requires the committed collaboration of higher education, government, and the business community. This model has worked well in other states--consider Stanford and Silicon Valley, MIT, Harvard and Boston's Route 128 or Chapel Hill, Duke, North Carolina State and the Research Triangle--and it will work in Indiana. We are fortunate that individuals of the caliber of Ken Green, David Mann, and Jane Martin will bring to bear their considerable resources on fostering technology-driven business in Indiana."
Ken Green, M.D., has spent the last 20 years in the life sciences area, where he spent the majority of his time in venture capital and also served as CEO of a start-up company. His venture capital experience includes eight years at Senmed Medical Ventures, a corporate venture capital firm that focused on early-stage life science business opportunities. At Senmed, he invested in a broad array of medical companies. From 1999 to 2000, he was CEO of Cutanogen Corporation, a start-up medical device company. Before entering the venture capital arena, Green worked at Bristol Myers Squibb and in private medical practice.
An Indiana native, David Mann was most recently the co-founder of WeServeHomes, a Kleiner, Perkins, Caufield & Byers backed company that has created a technology-based solution within the home services sector. Prior to WeServeHomes, Mann was a partner with ServiceMaster Ventures, a corporate venture capital fund. Earlier, as an officer in the U.S. Navy, Mann gained operating experience in a number of management positions that encompassed business, technology, and government including over two years in the Navy's White House Liaison Office.
Jane Martin has over 30 years of experience in public and private equity investing and technology commercialization. Before joining Village Ventures, Martin was Acting CEO at Wisdom Tools, Inc., Indiana University's first technology spinout. From 1990 to 1998, Martin was semi-retired, making private investments in venture funds and doing pro bono fund-raising and consulting for various organizations including Indiana University's endowment. Before returning to Bloomington in 1990, Martin was a General Partner at U.S. Venture Partners, a leading venture capital firm in Silicon Valley. Prior to U.S. Venture Partners, Martin was a Principal at Allstate Insurance Company's venture capital division in Chicago.
Village Ventures is a Williamstown, MA-based company that focuses on venture capital in emerging technology markets. The company helps manage and provides financial services to a network of 14 early-stage venture capital funds in 12 states. It also co-invests alongside those funds. The funds have raised $150 million from local investors. Additionally, Village Ventures has raised $100 million to fund its operations and for co-investing with the fund network. Capital commitments for individual funds in the Village Ventures network range from $7 million to $56 million with the average fund being $16 million. The Village Ventures fund network consists of The Berkshires Capital Investors, Williamstown, MA, The Worcester Capital Partners, Worcester, MA, Long River Ventures, Springfield, MA, Highway 12 Ventures, Boise, ID, Tall Oaks Capital, Charlottesville, VA, FreshTracks Capital, Burlington-Middlebury, VT, Point Judith Venture Fund, Providence, RI, Solstice Capital, Tucson, AZ and additional funds in Indiana, Florida, Lexington, KY, Hanover, NH/Portland, ME, and Albany, NY. Investors include Bain Capital, Highland Capital Partners, Sandler Capital Management, Janus Capital Corporation, Banknorth Group, Fleet Development Ventures, and Key Bank.