Fairhaven Capital has raised $250 million for its first fund since spinning out of TD Bank last year (it was previously named TD Capital Ventures). The Cambridge, Mass.-based venture capital firm had been targeting $200 million, with a $250 million capital. TD Bank is among the new fund’s limited partners.
CAMBRIDGE, MA-October 28, 2008-Fairhaven Capital , an early-stage venture capital firm, today announced it has closed Fairhaven Capital Partners, a venture capital fund with commitments of approximately $250 million. Comprised of limited partners from North America, Europe and Asia, Fairhaven exceeded its $200 million target. This fund will enable the firm to expand its market-based approach to investing in the ideas, people and technologies that define markets and deliver exceptional returns.
“Fairhaven invests in people and ideas with high potential to become leaders in emerging new markets where technology can create value,” said Paul Ciriello, managing director of Fairhaven Capital. “The Fairhaven team brings strong strategy and operations capabilities with hands-on experience to new companies in numerous industries.”
In addition to Ciriello, Fairhaven Capital’s managing directors are Jim Goldinger, Rick Grinnell and Dan Keshian. Fairhaven’s investments are directly influenced by the diversity of the team’s experience and its dedication to thorough research and analysis of market cycles, technologies and historical industry trends.
The Fairhaven team began managing investments in the consumer electronics, security and enterprise infrastructure markets in 2001 using its market-based approach. They have produced a number of success stories, including Third Screen Media, which was acquired by AOL Time Warner; Softricity, which was bought by Microsoft; Cloakware, which was acquired by Irdeto/Naspers; and EqualLogic, which was acquired for $1.4 billion by Dell in one of the largest all-cash transactions in the history of venture capital.
In addition to maintaining a focus on the enterprise and consumer technology markets, Fairhaven intends to pursue investments in early-stage companies making breakthrough strides in the area of high performance materials and digital media infrastructure. Already existing portfolio companies of the new Fairhaven fund include Cocona , a developer of performance fabrics using eco-friendly technologies; Dataupia , makers of a ground breaking data warehouse appliance; EveryZing , providers of universal search technology that brings the benefits of search engine optimization (SEO) to online audio and video content; and Xtranormal , a company that has developed a process for creating full motion animation from text.
About Fairhaven Capital Partners
Fairhaven Capital is a venture capital firm investing in early-stage, high potential companies operating in markets with rapid growth characteristics. The firm’s market-based methodology provides a unique perspective on new markets and new opportunities. Fairhaven Capital is headquartered in Cambridge, Mass. For more information, visit www.fairhavencapital.com .