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Fidelity Ventures team peels off, forms Volition Capital

Posted by Scott Kirsner  January 11, 2010 04:04 PM

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From the Sometimes the Rumors Are Right Department...

Last May, a spokesman for Fidelity Investments told me that absolutely no changes were in the offing for its Fidelity Ventures investing arm. And in response to rumors I'd heard that Fidelity was backing off its involvement in technology venture capital, Larry Cheng of Fidelity Ventures told me that "things are fine."

Well, I assume things are even finer eight months later, as Cheng and his colleagues at Fidelity Ventures cut their ties to the mother ship, and announce the formation of a new firm, Volition Capital. Here's the official announcement from Volition.

They haven't raised their own fund yet, which will be the real test of whether the market likes the team and their focus. Unclear also is whether Fidelity will put any money into Volition's first fund -- even a token amount.

Fidelity Investment still operates Fidelity Biosciences, which invests in life sciences companies.

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Scott Kirsner was part of the team that launched Boston.com in 1995, and has been writing a column for the Globe since 2000. His work has also appeared in Wired, Fast Company, The New York Times, BusinessWeek, Newsweek, and Variety. Scott is also the author of the books "Fans, Friends & Followers" and "Inventing the Movies," was the editor of "The Convergence Guide: Life Sciences in New England," and was a contributor to "The Good City: Writers Explore 21st Century Boston." Scott also helps organize several local events on entrepreneurship, including the Nantucket Conference and Future Forward. Here's some background on how Scott decides what to cover, and how to pitch him a story idea.

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