AirWalk Communications, an 8-year-old, Richardson, Texas-based wireless technology startup, closed a $10 million Series B led by Sevin Rosen, along with TL Ventures, Alta Berkeley, Duchossois Technology Partners and Nedelco Inc. The company raised its last round of funding of $5 million back in September 2009. Among other things, AirWalk makes devices called femtocells — miniature cell towers [...]
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San Francisco-based Carbonflow has raised $4.2 million in a second round of financing led by Kirkland, Wash.-based OVP Venture Partners. Waltham, Mass.-based @Ventures and San Francisco-based Clean Pacific Ventures also invested in the round. Carbonflow provides a software service designed to track and manage carbon reduction projects.
Marc Poirier last week sent out an email announcing that he had left @Ventures after a dozen years, in order to become a managing director with Spinnaker Capital. Not the kind of thing that garnered Techmeme headlines — or headlines anywhere, for that matter — but it would have were the blogosphere around during that dotcom boom.
@Ventures — then known as CMGI @Ventures — was one of the most active and (theoreticaly) most well-capitalized VC firms in the world. Shortly after I began covering the market, it boasted three $1 billion funds — although company executives would later try walking those numbers back as CMGI’s stock price plunged.
@Ventures has since morphed into a sleepy cleantech investment firm, and Poirier’s departure leaves just one remaining team member from the good ole’ days — managing partner Pete Mills. But it got me to wondering about what happened to all those other folks. So, take a look after the jump…
Rob Day has joined Black Coral Capital, a private equity firm focused on clean energy technologies, as a partner. He previously was with @Ventures and, before that, was with Expansion Capital Partners. Rob also writes a cleantech investing blog for Greentech Media.
Just over a month ago, VC firm @Ventures published a critical report called “What’s wrong with cleantech venture capital?”
It touched on a number of concerns, such as how there is a lot of late stage funds going after companies with no exit opportunities on the horizon. But, to be fair, it said that the cleantech VC model isn’t broken.
Indeed, the bloom hasn’t fallen off the cleantech rose. Last week, the Cleantech Group reported that while the overall volume of venture deals sank last year, investments in cleantech companies totalled $8.4 billion, up nearly 40% from 2007. In Q3, VCs poured $2.6 billion into cleantech, a quarterly record. In the fourth quarter, they invested $1.7 billion into the sector.
I bring all of this up because yesterday I was at the VCJ Cleantech Breakfast in Menlo Park, and saw more than 120 people in attendance, eager to hear the panelists speak.