Boston-based .406 Ventures, a venture firm that invests in early-stage enterprise tech and digital health companies, has closed its fourth fund at $294 million, beating its $225 million target. Also, the firm has promoted Payal Agrawal Divakaran to partner as well as hired Kevin Wang as an associate and Joseph SantaBarbara as controller.
BOSTON, Nov. 20, 2019 (GLOBE NEWSWIRE) — .406 Ventures, a Boston-based venture capital firm investing in early-stage innovative enterprise technology and digital health companies, announced today that the firm closed its fourth fund, Point 406 Ventures IV, L.P. at $294 million in capital commitments. In addition, the firm announced the promotion of Payal Agrawal Divakaran to Partner, as well as the addition of Kevin Wang as Associate and Joseph SantaBarbara as Controller.
.406 Fund IV received significant investor interest and surpassed its targeted fund size of $225 million. The Fund received strong support from investors in .406’s prior funds as well as many new investors with whom the team has developed relationships in recent years. Consistent with prior funds, .406 Fund IV will focus exclusively on attractive early stage investment opportunities in cybersecurity, digital health and data & cloud companies, primarily in the eastern half of the U.S.
Since its founding in 2005, .406 has raised over $1 billion across four core funds and two opportunity funds, invested in 62 companies and created $12 billion of value. The firm will continue to focus on identifying opportunities through a highly selective, disciplined, founder-optimized approach. The investing team for .406 IV includes .406 co-founders Maria Cirino and Liam Donohue as well as long time partners Graham Brooks and Greg Dracon, who will be added as General Partners of the Fund.
Payal Divakaran, who joined .406 in 2015, will also become a Partner with the new fund. She will continue to focus on Digital Health, where she has been involved in many of the firm’s significant investments including Redox and WelbeHealth and taken the lead on recent investments in Nomad Health and Wellist.
Divakaran commented, “I am extremely excited to become a Partner of .406. We have built a tremendous partnership internally and with our portfolio companies, and I look forward to continuing to foster both. I am thrilled to get started investing Fund IV and to build upon our digital health franchise.”
In addition, Kevin Wang joined the firm in August as an Associate. Prior to joining .406, Kevin worked at BV Investment Partners (formerly Boston Ventures) and began his career in technology investment banking at J.P. Morgan. Joe SantaBarbara joined .406 in October as Controller. Joe previously worked at Summit Partners as a Senior Manager. Prior to Summit, he was a Senior Associate at PricewaterhouseCoopers in their Life Science and Pharmaceutical group.
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2005 and has $1 billion under management. The .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm leads, or co-leads, first institutional investment rounds in market-changing Digital Health and Enterprise IT companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. http://www.406ventures.com