Fund Briefs, August 2009

WHEB feels love for cleantech

British cleantech investor WHEB Ventures has raised the third tranche of its second fund, bringing its total to $145 million. The firm says it hopes to hold a final close on $245 million by the end of the year.

In a testament to the continued popularity of cleantech, WHEB’s sophomore vehicle is expected to be more than five times larger than its first fund, a $43.6 million vehicle raised in 2005.

The London-based firm says it has made 10 investments to date, focusing on such cleantech companies as Bowman Power, which uses exhaust from diesel engines to create electrical energy.

Among the LPs who have backed WHEB are two fund-of-funds run by the European Invesetment Fund: LFA-EIF and ERP-EIF.

The firm is led by Managing Partner James McNaught-Davis and Partners Ben Goldsmith, Kim Heyworth, Jörg Sperling and Rob Wylie. —Martha SanchezMore moolah for Midwest

Midwest venture firm Venture Investors LLC plans to start raising a fifth fund with a target of $150 million late this year or in early 2010, Managing Director George Arida told VentureWire in July.

The firm, based in Madison, Wis., raised $117.6 million for its fourth fund in 2006, according to Thomson Reuters (publisher of VCJ). Arida told VentureWire that fund IV has backed 14 companies and will likely invest in three more.

Thomson Reuters’ venture database shows that fund IV has invested in at least four biotech startups, four medical/health startups and one energy-related company.

So far this year, Venture Investors has backed at least four companies. It participated in a $2.9 million round for Mithridion Inc., a drug development company; a $10 million round for NanoBio Corp., which is developing topical antimicrobial products; a $1 million round for NeuWave Therapy Inc., which is working on minimally invasive medical devices; and a $2.1 million round for ProCertus BioPharm Inc., which is working on undisclosed pharmaceutical products, according to Thomson Reuters. —Lawrence Aragon

Foundation Medical seeks $150M

Foundation Medical Partners, a Rowayton, Conn.-based health care and technology venture firm, has raised $58.5 million from six investors for its third fund, according to a regulatory filing. The firm seeks to raise a total of $150 million for the effort, called Foundation Medical Partners III.

The firm raised $95 million for its second fund, which closed in 2005.

Jarvinian eyes $150M for wireless dealsJarvinian Venture Fund is raising $150 million for its debut vehicle, which will focus on early stage wireless opportunities.

The Boston-based firm’s team includes Chris Carter, former general partner with Sherbrooke Capital, John Dooley, founder of Novatics, and Tom Eddy, former COO at Atlas Venture.

MK halfway to goal

MK Capital has held a $75 million first close on its second venture fund, including $25 million from the Small Business Investment Co. program. The Northbrook, Ill.-based firm is seeking to raise $150 million.

MK Capital raised $152 million for its debut fund, which closed in 2003.

TGap closes second fund

Kalamazoo, Mich.-based TGap Ventures has closed its second f und, TGap Venture Capital Fund II, with $50 million in commitments. The firm, launched in 2002, focuses on early stage opportunities in the Midwestern United States.

Acton nabs $177M

Acton Capital Partners, a spinout of the corporate VC arm of Germany’s Hubert Burda Media, has secured about $177 million in capital commitments for its debut fund. The target of the fund is about $210 million.