As WAMU and other banks fall, aftermath could rock venture firm FTVentures
Usually, venture capital firms have funds that last for ten years, and so by and large they are immune from the mess on Wall Street. That’s good for technology start-ups, who count on VC firms to back them.
However, large financial institutions, many of them in Wall Street, are among those that provide venture capital firms their money. And if those investors get hurt, so could their commitments to the venture firms.
Take an extreme case, FTVentures…. Continue Reading
PSS Systems gets another $18M for legal document software
PSS Systems, which dubs itself as “the standard for legal hold and management software” (basically document policy software), has closed a fourth round of funding
The plan is to use the money to expand PSS Systems’ legal governance product portfolio and its presence in the US and European markets. The company is not yet profitable, but expects to be this year.
PSS Systems’ retention and prevention software packages are used by several large corporations including Citigroup, Merrill… Continue Reading
SenSage raises $15M for data storage
Data warehousing startup SenSage has raised a $15 million round of funding led by new backer FTVentures.
The San Francisco company performs “log management”; In other words, it collects and stores data about a company’s online and IT activities, and that data can later be used for legal compliance, security and systems management. SenSage’s software is being used for a variety of purposes, including fraud detection by analyzing bank transactions, or sorting through call records for… Continue Reading
FTVentures raises $512M fund, short of its $600M target
FTVentures, the San Francisco and New York venture capital firm that invests in companies serving the financial industry, has finished raising $512 million in new funds, falling short of its initial goal of $600 million.
We mentioned the fund would probably fall short here. The firm did not mention the reasons for its shortfall.
As mentioned, investors in the new fund so far include Liberty Mutual and RHM Pension Trust.
Partners include Brad Bernstein, Eric Byunn, Ben Cukier,… Continue Reading
Web analytics company Coremetrics raises $60M
Coremetrics, one of many analytics companies trying to help website owners understand and market to their visitors, has raised $60 million in a fifth round of financing.
Back in 2006, we said there was some real demand in this area, but probably not enough to support all the companies that were springing up. Coremetrics, however, seems to be getting some real traction, which chief executive Joe Davis attributes to building sophisticated marketing tools — such as… Continue Reading
FTVentures, the VC firm that invests in financial industry, raises $465M, but loses partner
FTVentures, the San Francisco and New York venture capital firm that invests in companies serving the financial industry, has raised $465 million of a planned $600 million fund, according to SEC regulatory documents.
However, we’re hearing the firm may not be able to raise the total $600 million, and that is why partner Mark Lotke, a software specialist, has left. FT Ventures could not be immediately reached for comment.
The firm said that Eric Byunn will now… Continue Reading
CapitalStream sells to HCL Technologies for $40M
Founded before the dotcom boom, Seattle-based CapitalStream managed to pull in $75 million in funding during that era from a number of funds, most of whom subsequently abandoned the investment prior to a restructuring of the company.
The company makes a product called FinanceCenter that is used by financial institutions in the “front office,” where consumer and commercial lending operations take place. HCL, which is based in India, will help expand sales outside the US.
Three investors… Continue Reading