Thanks to a plethora of liquidity events, Longworth Venture Partners has already raised more for its third fund than it did for its second.
The firm, based in Waltham, Mass., has raised $122 million toward a third fund with target of $180 million, according to a recent regulatory filing. The firm’s second fund, raised in 2003, came in at $119 million.
LPs are apparently pleased with Longworth’s track record. Of the 25 information technology companies it backed with its second fund, 10 have been acquired, according to Thomson Reuters (publisher of VCJ).
The firm has achieved two exits from its portfolio this year: Brabeion Software Corp. and Tizor Systems.
Brabeion, a McLean, Va.-based IT security risk management software maker, was sold to Overland Park, Kan.-based Archer Technologies for an undisclosed amount. Brabeion had raised $10 million from Longworth and other investors.
Tizor, Maynard, Mass. -based data auditing company, was sold to Netezza for an undisclosed amount. Tizor had previously raised $26.6 million from Longworth and others.
In another bright spot, Longworth invested in email marketing company Constant Contact, which went public in October 2007 and returned more than 10x to the investors in Longworth’s first fund. Longworth had owned 9.8% of the company prior to its IPO.
Longworth’s partners include Nilanjana Bhowmik, John Lawrence, Paul Margolis, Peter Roberts and Jim Savage. —Alexander HaislipDEALWATCH: Five recent investments by Longworth Venture Partners
Cellufun Inc._Mobile gaming platform.
Grab Networks Inc._Business solutions for broadcast content.
Marathon Technologies Corp._Fault and disaster tolerance software.
Rivermine Inc._Enterprise telecom expense management solutions.
VKernel Corp._Virtual appliances for systems management.
Note: Investments made between December 2008 and March 2009.
Source: Thomson Reuters