Ignition Partners Announces formation of Ignition Ventures IV Fund
$400 Million Fund to Invest in Predominantly Early Stage Companies in the Northwest
BELLEVUE, WA - October 1, 2007 -- Ignition Partners, a premier private investment group with affiliate offices in the Northwest, and Shanghai China, today announced the formation of its fourth early stage venture fund, Ignition Ventures IV. The $400 million fund will focus on investments in companies providing telecommunications, business software and services, and consumer software and services. More than 90 percent of the funds raised were committed by Ignition's existing institutional investors.
"The Ignition Ventures team is gratified by the support our institutional investors are showing us," said Robert Headley, a partner and administrative partner of both Ignition Ventures and Ignition Growth Capital. "We believe that their ongoing participation in our Ignition Venture Fund is a strong reflection of their enthusiasm for the companies in our existing portfolio and belief that more great companies can be built in the Northwest and elsewhere."
Ignition Ventures has more than 50 active investments and two-thirds of these portfolio companies are based in the Northwest. These companies will have over $600 million in combined revenues in 2007, an increase of over 50 percent from aggregate 2006 revenues across the Ignition funds. Including companies that Ignition has sold, such as Avogadro, UI Evolution, Consera, Wildseed, Intelligent Results, and XenSource, these entities employ approximately, 2,000 people in Washington.
"Ignition Ventures has partnered with an outstanding group of entrepreneurs based in the Northwest. We look forward to continuing to support Ignition and its portfolio companies," said Peter Dolon, Managing Director, Private Equity at Harvard Management Company.
Ignition Ventures believes that building great companies requires great partners. In addition to its many investment partners from outside the region, Ignition has invested with over 18 partners based in the Pacific Northwest. Ignition has co-invested with a local partner in more than 50 percent of its deals and plans to continue that investment strategy.
"We've partnered with Ignition on five companies over the last several years, including Illumita most recently. Ignition Ventures is one of our most highly valued co-investors, and we look forward to continuing to work with them on building world-class companies," said Matt McIlwain, Managing Director, Madrona Venture Group.
Ignition Partners today also announced the formation of the Ignition Growth Capital Fund, a new affiliate fund formed to help later, growth stage companies scale more rapidly. Ignition's family of funds now includes the Ignition Venture Fund, Ignition Growth Capital Fund and Qiming Ventures Fund. All of Ignition's funds will share back office resources, investor relationships, and expertise.
"We believe that this integrated family of funds will provide a powerful platform to support entrepreneurs in the Northwest and around the world," said Headley.
About Ignition Ventures
Ignition Ventures, based in Bellevue, Washington, is a premier venture fund focused on helping the best entrepreneurs seize opportunity - from turning their early 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 markets. The Ignition Ventures Fund is part of the Ignition Partners affiliated family of funds which includes Ignition Ventures and Ignition Growth Capital in the U.S. and Qiming Ventures in China.
About Ignition Partners
Ignition Partners, (www.ignitionpartners.com) is a premier private investment group with offices in Bellevue, Washington and Shanghai China. Its three categories of funds - early stage venture, growth capital and China ventures - brings together an unparalleled combination of domain focus, functional expertise and global operational experience with partners from leadership positions at Microsoft, McCaw Cellular Communications, AT&T Wireless, Cisco, Starbucks and other industry leaders.
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