Ignition Partners adds $80MM to Most Recent Fund
Expanded Resources Allow Portfolio Companies to Seize Opportunities to Scale and BreakthroughBellevue, WA, June 2, 2006
Ignition Partners, LLC ("Ignition"), a premier venture capital firm based in the Northwest, today announced the addition of $80 million in commitments to its third fund, originally closed on October of 2004. A portion of these funds will be aimed at portfolio company mergers, acquisitions and other investments to increase scale. This closing follows shortly after Ignition portfolio companies SeaMobile Enterprises, Wireless Services, and Ice.com, each announced significant acquisitions and after Ignition announced Qiming Venture Partners, its China partner fund. The addition of these fund commitments from Ignition's existing national and global institutional investors brings total funds under management to over $1 billion.
"Ignition was our first institutional investor," said William D. Marks, CEO of SeaMobile Enterprises. "They have been our close partner in all aspects of the business, from formation of the company, to helping us scale to our most recent acquisition." Seamobile recently acquired MTN Communications Inc., for a purchase price in excess of $150 million. "Ignition is unusual," said Rich Begert, CEO of Wireless Services, which recently purchased Mobile Media North America. "Because of Ignition's strong partnership, flexibility and ready support, I could act quickly and seize a key opportunity."
"Our strategy and commitment is to continue to help our companies succeed in any way we can," said Robert Headley, a Partner at Ignition. " We have worked very hard since we started in 2000, to find and support the best entrepreneurs. We've done this at the earliest stages with our Entrepreneur-in-Residence program and seed investments. Now with our Fund III, our Qiming partner fund, and this additional capital, we are even better positioned to increase our commitments as our companies scale, whether organically, globally, or through mergers and acquisitions. An example of this synergy in action was the support we were able to provide to our portfolio company Melodeo with their joint venture in China."
"The Ignition guys are great early stage partners," said Brett Helsel, CEO of Lockdown Networks and former Founder and CTO of F5. "They were our first investors, and it has been terrific having such engaged local partners. But as an aggressive entrepreneur, it's really important to me to know they have the appetite, resources, and value-add to grow as I grow - that they have what it takes to go the distance."
About Ignition Partners
Ignition Partners, headquartered in Bellevue, Wash., is a premier venture capital firm dedicated to helping the best entrepreneurs seize opportunity - from turning their early stage idea into a business, to hiring the right team, providing the right industry and functional insight and connections, and growing their business strategically, globally, and financially to realize the best ultimate outcome. Ignition invests in emerging and future leaders in communications, internet, software, and services across business and consumer targets. Ignition brings together an unparalleled combination of domain focus, technical expertise, and global operational experience. Ignition's partners are proven business leaders who have built some of the world's most successful businesses of the last two decades, including Microsoft Windows and Office, McCaw Cellular Comunications, AT&T Wireless, and Starbucks.
Media Enquiries
Please contact...
Megan McKenzie, McKenzie Worldwide
503 625 3680 (direct)
503 470 0197 (mobile)
meganm@mckenzieworldwide.com