New Atlantic Ventures has closed its third fund with $115 million in capital commitments. The firm focuses on early-stage IT opportunities, and has offices in Cambridge, Mass. and Reston, Virginia.
New Atlantic Ventures (NAV), an early-stage information technology venture capital fund with offices in Reston, Virginia and Cambridge, Massachusetts, announced today the final closing of NAV III, LP at $115 million.
In one of the most challenging fund-raising environments in many years, New Atlantic Ventures attracted a strong roster of blue chip institutional investors, including endowments, pension funds, insurance companies, fund of funds and family offices from the United States, Europe and the Middle East.
“We are very pleased to welcome so many new institutional investors in NAV III,” said John Backus, a Managing Partner with the firm. “Since 2000, our investment strategy has delivered superior financial returns to our investors. Our success in closing this fund at this moment in time shows that investors looking for superior financial returns continue to believe in early stage venture capital and its high-return prospects.”
“This is a terrific time to have a fresh pool of capital, and we are putting it to work,” continued Backus, “NAV has now invested in eight companies – six of them in 2008 and two so far in 2009. Six of the eight companies are headquartered in Massachusetts, Virginia, and New York.”
NAV III will continue the firm’s successful investment strategy, which has placed the performance of its previous two funds from 2000 & 2001 in the top 10% of all venture funds of similar vintage. The firm invests in technology companies in high-growth emerging mass markets including the wireless data industry, new media, online business services and breakthrough technologies, primarily on the East Coast.
“Other venture funds have experimented with their business models over the last ten years with mixed results. So institutions appreciate the back-to-basics strategy we have always employed,” said NAV Managing Partner Todd Hixon. “We have a cohesive senior team with operating credentials, a proven ability to add value, a focus on early- stage companies, an active screen for capital efficient business models, and a right-size fund. This combination has historically been the venture capital formula for market- beating returns.”
Prevail Capital, a boutique PE placement firm with offices in Boston, MA and Palo Alto, CA, assisted with the marketing of the Fund.
New Atlantic Ventures is a leading early-stage venture capital firm targeting investments in technology companies in emerging mass markets. Through its offices in Cambridge, MA and Reston, VA, NAV targets companies in the Eastern United States, while also pursuing select opportunities nationwide. The NAV portfolio includes investments in Pontiflex, Stitcher, GateRocket, Mpowerplayer, TVU Networks, Koofers, Secure Command and FashionPlaytes. For more information, visit www.navfund.com.