IDG Ventures Boston Becomes Flybridge

New name. New fund. Same strategy.

That’s the message from IDG Ventures Boston, which today has renamed itself Flybridge Capital Partners and closed its third fund with $280 million. The firm plans to maintain its focus on early-stage IT and healthcare technology companies. Oh, and in case you’re wondering, this was the correct answer to last Thursday’s quiz question.

“There has definitely been some confusion in the marketplace about our current relationship with [media company] IDG,” says partner Jeff Bussgang, noting that Always On recently named it one of the nation’s top corporate venture funds. “We are wholly independent and partner-owned, and felt it was time to make that as clear as possible.”

Flybridge did originally launch as a captive fund of IDG in 2001, but always with an eye toward independence. It raised the majority of its $180 million second fund from third parties, and IDG did not invest at all in the new fund. Instead, limited partners included Princeton University, Alfred DuPont Testamentary Trust, AlpInvest Partners, Flag Capital Management, Grove Street Advisors, HighVista Strategies, Knightsbridge Advisors, TrueBridge Capital Partners and VenCap.

“We were targeting $250 million and could have raised more than $280 million,” Bussgang says, “but it didn’t make sense to go higher given our early-stage strategy.”

Flybridge has four partners other than Bussgang: David Aronoff, Chip Hazard, Michael Greeley and Jon Karlen. It also has a senior associate named Anand Daniels, and may add another junior staffer.

Recent investments include Blackwave, CHiL Semiconductor Corp., GuildCafe Entertainment, Jingle Networks, SupplyScape and Transpera.