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News and Information Article
New partnership with Thomas Weisel Partners and others completes Garage
transition to seed-stage and early-stage venture fund
PALO ALTO, Calif., March 30 // -- Garage Technology Ventures, a
seed-stage and early-stage venture fund, today announced the creation of
Garage Technology Ventures I, LP. Thomas Weisel Global Growth Partners is the
lead investor in the fund, which also includes Draper Fisher Jurvetson,
Silicon Valley Bank and E*TRADE, among others, as limited partners. The fund
complements an earlier fund that Garage raised in 2002, called the Garage
California Entrepreneurs Fund, LP, in which CalPERS is the lead investor. The
primary purpose of the new fund is to co-invest with the Garage California
Entrepreneurs Fund.
Cliff Meijer, managing partner at Thomas Weisel Global Growth Partners,
said in announcing the new partnership, "We are looking for top tier managers
addressing venture opportunities that are not already covered by our current
fund investments. We are delighted to support the Garage teams focus on
seed-stage and early-stage technology companies."
"This represents the beginning of the next stage in the evolution of
Garage," said Guy Kawasaki, managing director and co-founder of the firm that
was originally known as garage.com. "Were delighted by the trust Thomas
Weisel Partners and CalPERS have shown in us as we try to fill the gap that
the venture industry has left at the seed-stage level."
When Garage started in 1998, it operated as a "venture accelerator,"
helping entrepreneurs raise venture capital and launch their startups. The
firm became well-known around the world for its how-to conferences for
entrepreneurs, "Bootcamp for Startups" and, more recently, its "Art of the
Start" conference. In 2001, with a dramatically changed venture market,
Garage changed its name to Garage Technology Ventures and changed its business
model to include direct investing through its new venture fund.
"We saw an opportunity to apply the experience and network that we
developed in the world of entrepreneurship and venture capital to expand
Garage as a premier seed-stage venture capital firm," said Bill Reichert,
managing director of the new Garage and president of the old Garage. "The
world doesnt need another $250 million fund chasing the same billion dollar
startups. Our mantra is Small is Beautiful. Were looking for scrappy
entrepreneurs who can build great companies with just a little capital."
Since raising the Garage California Entrepreneurs Fund, Garage has
invested in several startup companies in the information technology and
materials science sectors, including BitPass, CaseStack, Media Publisher,
WhiteHat Security, Miasole, SimplyHired, FilmLoop, and cFares. Some of
Garages earlier investments include Tripwire, Claria, Digital Fountain,
SavageBeast (now known as Pandora Media), GuruNet (now public as Answers.com),
iNest Realty (recently acquired by LendingTree), NetConversions (recently
acquired by aQuantive), and Hoku Scientific (now public).
Garage Technology Ventures I, LP, will make new investments in emerging
technology companies as well as follow-on investments in established portfolio
companies. In addition to Kawasaki and Reichert, Mohanjit Jolly, who has been
with Garage since 1999, is also a managing director of the new limited
partnership.
"The opportunities at the seed-stage are extraordinary," said Jolly, who
led Garages recent investments into Kaboodle and Vigilistics. "We look
forward to expanding Garage in the near future in order to exploit them."
Garage expects to add additional partners to the firm over the next two years
as part of its expansion plan.
About Garage Technology Ventures
Garage Technology Ventures is a seed-stage and early-stage venture capital
fund headquartered in Palo Alto, California. Garage, with approximately $30
million under management in its current funds, is focused on information
technology and materials science startups in the Western U.S. For more
information about Garage, visit http://www.garage.com.
Garage Portfolio Company Links:
BitPass: http://www.bitpass.com
CaseStack: http://www.casestack.com
Media Publisher: http://www.media-publisher.com
WhiteHat Security: http://www.whitehatsec.com
Miasole: http://www.miasole.com
SimplyHired: http://www.simplyhired.com
FilmLoop: http://www.filmloop.com
cFares: http://www.cfares.com
Tripwire: http://www.tripwire.com
Claria: http://www.claria.com
Digital Fountain: http://www.digitalfountain.com
Pandora Media: http://www.pandora.com
GuruNet/Answers.com: http://www.answers.com
iNest Realty: http://www.inest.com
NetConversions: http://www.atlassolutions.com
Hoku Scientific: http://www.hokuscientific.com
Kaboodle: http://www.kaboodle.com
Vigilistics: http://www.vigilistics.com
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