IDG Ventures renames to Flybridge
IDG Ventures Atlantic, founded in 2001 as the risk capital arm of technology publishing and research firm International Data Group, yesterday said it has changed its name to Flybridge Capital Partners and closed a new $280 million fund to invest in start-up companies.
The fund, called Flybridge Capital Partners III, will bankroll entrepreneurial consumer, healthcare, and information technology companies. Combined with two earlier IDG Ventures Atlantic funds, it brings the firm's total capital under management to $560 million.
Flybridge kept the size of the fund at $280 million, despite being oversubscribed, "to be consistent with our early-stage investment strategy," the firm's general partner Michael Greeley said in a statement.
Other general partners in Flybridge are David Aronoff, Jeff Bussgang, Chip Hazard, and Jon Karlen.
The firm's limited partners, institutions that pool capital to invest in the venture fund, include Princeton University, the Alfred I. duPont Testamentary Trust, AlpInvest Partners, FLAG Capital Management, Grove Street Advisers, HighVista Strategies, Knightsbridge Advisers, TrueBridge Capital Partners, and VenCap International.
Robert Weisman can be reached at weisman@globe.com.
