New Path Ventures raised $22 million in what it calls a Series C financing round. The venture firm raises its capital commitments in tranches the same way that a startup raises venture financing. The Series C round fell below its target of $25 million, which itself was well below the $65 million it raised in a Series A in February 2003.
Limited partners in the Series C include New Enterprise Associates (NEA), International Finance Corp. and Siguler Guff BRIC Opportunities Fund.
New Path was founded in April 2002 by Vinod Dham, who is known as the father of the Pentium Processor, and Tushar Dave, who was previously a vice president of business development at Broadcom Corp. It was originally named Leapfrog Accelerator and received its initial backing from NEA and ChrysCapital Management Cos.
New Path’s fund-raising comes as Dham recently participated in the formation of IndoUS Ventures, an early stage venture firm backed by NEA (see Fund Profile, page 14, May 2007 VCJ). That firm, which plans to invest in companies with Indian technologies, Indian markets or a presence in India, closed on $175 million for its first fund.
Dham declined to comment about his continued relation with New Path. —Alexander Haislip