Firm Adds Two Managing Directors to New Fund
La Jolla, Calif. — February 20, 2008 — Avalon Ventures, an investor in early stage companies in biotechnology, wireless communications and Web media applications, today announced it has closed on its eighth venture capital fund, with total proceeds raised exceeding the goal of $150 million. The partnership expects to make 20 to 24 new investments in Avalon VIII. The new fund is Avalon’s largest fund to date, and includes many of the key limited partners in the Avalon VII fund, such as Harvard Management Company, AlpInvest Partners N.V., Paul Capital and Grove Street Advisors. Kinsella said yesterday that the capital-raising effort reflects the overall strength of the venture-capital industry. Fundraising in 2007 by venture-capital firms nationwide reached its highest level in six years, according to a survey released last month by Thomson Financial and the National Venture Capital Association.
Joining Managing Directors Kevin J. Kinsella and Stephen L. Tomlin on the new fund are Managing Directors Richard W. Levandov and Dr. Jay B. Lichter, both of whom are experienced entrepreneurs and investors. Mr. Levandov, who joined Avalon in 2007 to establish the firm’s East Coast investing activities, has over 25 years experience as an entrepreneur, operating executive, and venture capitalist involving a variety of cutting edge, early stage technology companies. Dr. Lichter is a biotechnology and pharmaceutical business executive with over 20 years experience in management, scientific research and business development.
“We are delighted to close our eighth fund and add two outstanding managing directors to Avalon,” said Kevin Kinsella, Avalon’s founder. Added Stephen Tomlin, “The technology and investment environments are ripe for the Avalon model, which is to start new companies and finance them through key value inflection points.”
About Avalon Ventures
Founded by Kevin Kinsella in 1983, Avalon Ventures has invested in over 60 companies, sixty percent of which were founded by an Avalon partner. Among these portfolio companies are Landmark Graphics Corporation, Synaptics, Inc. Athena Neurosciences, Vertex Pharmaceuticals, Onyx Pharmaceuticals, Sytera Ophthalmics, Amira Pharmaceuticals, AnaptysBio Inc., Chumby Industries, Zynga Networks and Nabbr. For more information see www.avalon-ventures.com
Contact:
Kevin Kinsella
858-348-2188
Source: Avalon Ventures