Scoop: Cava Capital Eyes 2011 First Close on $100M Fund

Cava Capital, the Connecticut-based early-stage venture fund, plans to hold its first close on its initial $100 million fund in mid-2011, according to multiple sources familiar with Cava’s plans.

Cava Capital (which, for all you Francophiles, is not pronounced like the French question: “How are you,” but instead with a hard C) will reel in between $30 million and $40 million before it closes its round, one source said. The firm has met with placement agents but has not selected one, a source familiar with its plans indicated.

The firm completed a Series A investment in etouches Inc., a Connecticut-based SaaS company supporting online event management. A source with Cava indicated that already the investment fund is preparing to deploy capital across numerous investments in online media, apps and advertising.

Once it’s past its first close, the source said, Cava Capital will likely make a number of hires as it continues to develop its portfolio. The firm’s current investment team includes Managing Partner Geoff Schneider, a VC and angel investor who formed Cava; Managing Partner Peg Jackson, who joined the firm in 2010; CFO Kevin Lynch; Senior Associate Jason Denker; and Bob Howe, who serves as a venture partner and a management advisor to the investment team.