Two Partners Out at Rustic Canyon; Firm’s Future Grows Less Clear

It’s no secret that dozens of venture capital firms are fighting for their lives. It may be time to add Rustic Canyon Partners to that list.

The Santa Monica, Calif.-based firm began life with a bang, raising $500 million for its debut fund in 1999. It would later raise small vehicles — including an SBIC fund and a joint fund with Fontis — and then secured just over $200 million for Rustic Canyon III. That vehicle officially closed in October 2008, though fundraising, and investing, began in early 2007.

They’re Playing Taps for VC-Backed TapaTap

Venture-backed LimeLife has bought the assets of TapaTap Inc. in what apparently amounts to a shutdown of VC-backed TapaTap.

You can read the full story here, which has also posted Tuesday’s press release announcing the transaction by LimeLife. LimeLife is not hiring TapaTap’s seven employees, according to the news report.
San Mateo, Calif.-based TapaTap, which developed Web applications for its women-oriented mobile sites, had raised more than $2.5 million from Gabriel Venture Partners since 2007.

Menlo Park, Calif.-based LimeLife, which develops mobile phone games and lifestyle applications for women, has raised more than $26 million from U.S. Venture Partners, i-Hatch Ventures, Rustic Canyon Partners, Core Capital Partners and Monitor Venture Management, according to Thomson Reuters.

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