New Atlantic Venture Partners, the firm created from former Draper Fisher Jurvetson affiliates Draper Atlantic Ventures and DFJ New England, is raising a $20 million sidecar fund, according to a regulatory filing.
The two firms left the DFJ affiliate network last October and are in the midst of raising a core fund with a target of $200 million.
New Atlantic has four managing partners. Reston, Va.-based John Backus and Thanasis Delistathis came out of Draper Atlantic, while Cambridge, Mass.-based Todd Hixon and Scott Johnson came from DFJ New England.
Draper Atlantic previously raised two funds and each were capped at about $70 million. The firm made several investments in B2C Internet plays that are now defunct (such as DigitalOwl, Spaceworks Inc. and iSay, among others), but it has also seen some recent returns, such as the $145 million IPO of DivX (Nasdaq: DIVX) in September, and the $400 million sale of Mobile 365 to Sybase in late 2006. Mobile365, a Chantilly, Va.-based provider of messaging solutions for wireless operators, raised about $24 million in VC funding from Draper Atlantic, DFJ and otehr investors, including The Grosvenor Funds and Institutional Venture Partners.
DFJ New England raised a $21 million inaugural fund in 2001, and had begun marketing for a follow-on before being approached for the merger. —Alexander Haislip