Prism VentureWorks Closes California Office

Prism VentureWorks has closed its West Coast office, several months after the Needham, Mass.-based firm suspended efforts to raise its sixth fund.

Prism originally opened the Venice, Calif.-based satellite to accomodate partner Gordie Nye, who wanted to move west. He will continue to serve as a general partner with Prism, but will be based out of a home office. Venture partner Tony Natale will relocate east, while principal Bong Koh will spend most of his time on IBeatYou, an online competition startup that Koh co-founded with Prism’s backing. [Update: Apparently Koh has founded yet another startup, which currently is in stealth mode and also has received funding from Prism. He will remain involved part-time with IBY.]

peHUB reported in May that Prism had suspended efforts to raise $275 million for its sixth fund, due to the difficult fundraising environment. The California office closure is an attempt to save money on overhead.