Novak Biddle Raises Fifth Fund, Promotes Four to General Partner, Adds Investment Professional
October 30, 2006, Bethesda, MD - Novak Biddle Venture Partners, the Greater Washington, DC metro region's premier early stage IT venture fund, announced today the first and final closing of its fifth partnership (NBVP V), raising $227 million. The fund will continue the firm's investment strategy of nurturing young technology companies and innovations spun out of government labs and universities. NBVP also today announced the promotions of three investment professionals and its CFO to general partner: Philip Bronner, Andrea Kaufman, Tom Scholl and CFO Joy Binford. Janet Yang has also joined the firm as principal, bringing to NBVP significant international and operational experience. Ms. Yang previously worked with a China-based information technology company and San Francisco venture capital firm Draper Richards.
The fund's return investors include Common Fund, FLAG Venture Partners, Verizon, ATP Private Equity Partners, Howard Hughes Medical Institute, Indiana University, Northern Trust, Notre Dame, Park Street, Silicon Valley Bank, the State Retirement Plans of Virginia and North Carolina, University of California, University of Richmond, and Virginia Tech. New NBVP limited partners include Carnegie Mellon University, the Church Pension Fund, , the Hillman Family, Kenyon College, Little Hawk Venture Opportunity Fund, Lumina Foundation, Pantheon Ventures, Princeton University, Purdue University, University of Minnesota, and the University of Virginia.
"It is an honor to get to work for sophisticated investors whose values and missions mirror our own - to help talented, gifted, and focused young people create amazing futures," said Jack Biddle, general partner, Novak Biddle Venture Partners.
Novak Biddle Venture Partners is the most active Washington, DC metro-based fund investing in early stage companies including those in the education, homeland security, and software sectors. The firm has been expanding its geographic reach, investing in various regions including Raleigh, Seattle, New York, Pennsylvania, and Israel.
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit www.novakbiddle.com