Prism Venture Partners Closes Fifth Fund at $250 Million
PVP V Reflects Firm's Commitment to Visionary and Innovative Investment Opportunities
June 20, 2005 - Westwood, MA – Prism Venture Partners (Prism), a leading venture capital firm with investments in communications, software and life sciences, today announced it has closed its fifth fund, Prism Venture Partners V, L.P. (PVP V) at $250 million. This latest fund brings the firm's total capital under management to approximately $1.25 billion.
Prism will continue its diversified fund strategy, making investments within the technology and life sciences markets. The firm's technology investment team will focus on the wireless, mobile and telecommunications markets, as well as promising opportunities with respect to semiconductors, next-generation data centers and on-demand and security applications. In life sciences, Prism will make investments in medical devices, specialty pharma and breakthrough diagnostics.
"With the closing of our latest fund, Prism has renewed and strengthened its commitment to visionary new product ideas and leveraging our deep operational experience to work with the most promising entrepreneurs to build great companies," said Bob Fleming, General Partner, Prism Venture Partners. "We are very excited to begin investing PVP V, as we believe it's the right size, supported by the right investment strategy and backed by the right team to drive value to our investors."
Prism also announced it has made its first investment from the new fund in Everypoint, Inc., a Boston, MA-based provider of real-time content for mobile phones. "Prism is our capital partner of choice given two key elements – the firm's domain expertise and heavy operational knowledge. As we evolve from this early stage environment, we know Prism is well-matched to help build our company to its greatest potential," stated Evan Schumacher, CEO, Everypoint, Inc.
Investment Team Updates
With the closing of PVP V, Prism has also announced the following investment team changes:
- Co-Founder and General Partner Duane Mason will retire, effective with the closing of PVP V. Duane's board seats have been assigned to life sciences investment team members.
- Mark Canha has been promoted to Principal. A long-time executive consultant to the firm, Mark officially joined Prism in January 2005 as a Venture Partner. Mark has had a distinguished 20-year career in technology companies, and he will concentrate on identifying nascent opportunities in the communications market.
About Prism Venture Partners
Founded in 1996, Prism Venture Partners (Westwood, MA) is a venture capital firm built by experienced entrepreneurs in technology and life sciences. With approximately $1.25 billion in capital under management across five funds, Prism's primary goal is to deliver superior value to its investors. Its partners have served as the founders, CEOs and senior executives of numerous venture-backed companies. By leveraging its network of seasoned entrepreneurs, skilled executives and long-time industry contacts, Prism identifies and works closely with companies with the potential to be market leaders. For more information, please visit http://www.prismventure.com.
Press contact:
Lisa Black
LMBPR
Ph. 781-631-6377
lblack@lmbpr.com
