Sometimes you can learn something from a regulatory filing, besides just how much money a company raised. Case in point is a recent Form D from Rocketon Inc., a San Francisco-based MMO gaming startup, which has called down $500,000 of an $800,000 Series A commitment.
The rub here is that the investor is something called Bertram Ventures, with Jeff Drazen listed as the board member. Drazen is a former Sierra Ventures partner who runs a private equity firm named Bertram Capital, but its $350 million fund is focused on middle-market buyouts and growth equity transactions – not seed-stage venture capital. So I called Drazen to clear up the confusion.
Drazen says that Bertram Ventures is an independent angel fund, which he co-manages with former PayPal and Intuit CEO Bill Harris. Other portfolio companies include LoadStar Sensors and FatDoor. Bertram Ventures is currently independent, but Drazen says that it could soon become an institutional part of the Bertram Capital platform. Maybe something like a $50 million fund that would begin raising late this year.
Also, expect another Bertram Capital buyout/growth equity fund to be raised next year.