According to an SEC filing, Flybridge Capital Partners, a Boston-based early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies, is planning to raise $125 million for its fourth venture capital fund.
A source familiar with the situation says that a first close is imminent, with plans to begin calling down the capital in the second half of 2014.
The $125 million target is significantly lower not only than its original target, but also than the $280 million that Boston-based Flybridge raised for its third fund in 2008. This seems to reflect a difficult fundraise, and also a pair of strategy changes: (1) Flybridge has been spending more and more time on seed-stage investments, and (2) The firm has scaled back its investment focus, by no longer participating in healthcare or Latin American deals.
Dropping healthcare was made official last fall, when firm co-founder Michael Greeley left to join Foundation Medical Partners. The change to Latin America strategy comes following the departure of general partner Jon Karlen (who last night was listed as an advisor on the firm’s website, but now has been completely removed).
Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, SEC, Boston Venture Capital, Boston, Flybridge Capital Partners, Latin America, Michael Greeley, Foundation Medical Partners, Jon Karlen.