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News and Information Article
BETHESDA, Md., Oct. 30 // -- Novak Biddle Venture Partners,
the Greater Washington, DC metro regions premier early stage IT venture
fund, announced today the first and final closing of its fifth partnership
(NBVP V), raising $227 million. The fund will continue the firms
investment strategy of nurturing young technology companies and innovations
spun out of government labs and universities. NBVP also today announced the
promotions of three investment professionals and its CFO to general
partner: Philip Bronner, Andrea Kaufman, Tom Scholl and CFO Joy Binford.
Janet Yang has also joined the firm as principal, bringing to NBVP
significant international and operational experience. Ms. Yang previously
worked with a China-based information technology company and San Francisco
venture capital firm Draper Richards.
The funds return investors include Common Fund, FLAG Venture Partners,
Verizon, ATP Private Equity Partners, Howard Hughes Medical Institute,
Indiana University, Northern Trust, Notre Dame, Park Street, Silicon Valley
Bank, the State Retirement Plans of Virginia and North Carolina, University
of California, University of Richmond, and Virginia Tech. New NBVP limited
partners include Carnegie Mellon University, the Church Pension Fund,
Georgetown University, the Hillman Family, Kenyon College, Little Hawk
Venture Opportunity Fund, Lumina Foundation, Pantheon Ventures, Princeton
University, Purdue University, University of Minnesota, and the University
of Virginia.
"It is an honor to get to work for sophisticated investors whose values
and missions mirror our own -- to help talented, gifted, and focused young
people create amazing futures," said Jack Biddle, general partner, Novak
Biddle Venture Partners.
Novak Biddle Venture Partners is the most active Washington, DC metro-
based fund investing in early stage companies including those in the
education, homeland security, and software sectors. The firm has been
expanding its geographic reach, investing in various regions including
Raleigh, Seattle, New York, Pennsylvania, and Israel.
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital
firm focused on unique, cutting-edge technology investments in the Eastern
United States, as well as targeted opportunities nationwide. With $580
million under management, Novak Biddle operates five venture funds that
currently provide equity financing and management assistance to 42
portfolio companies. Novak Biddle continues to seek business situations
where the combination of ideas, dollars, experience, and relationships can
create long term, sustainable value. A sampling of companies funded by
Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer
Telogy, education technology leader Blackboard Inc. and intelligent video
surveillance pioneer ObjectVideo. For more information, visit
http://www.novakbiddle.com.
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