LOS ANGELES–(BUSINESS WIRE)–July 18, 2003–Rustic Canyon Partners, one of Southern California’s largest venture capital firms, today announced the formation of Rustic Canyon Ventures SBIC, LP, anew venture capital fund licensed by the United States Small Business Association (SBA).
The firm also announced that Jon Staenberg, founder of Staenberg Venture Funds, Seattle, who worked with Rustic Canyon in setting up their SBIC fund, has joined the firm as a partner, giving Rustic Canyon a footprint across the West Coast.
“Jon brings incredible energy, a broad and strong network of relationships, and a record of successful investing to our partnership,” said Tom Unterman, founder and managing partner, Rustic Canyon. “And because he is based in Seattle, Jon gives the firm an active investment effort in an important technology center where we see opportunity.”
“Rustic Canyon has a strong group of partners with complementary backgrounds and abilities,” added Staenberg. “We all believe in the same basic principles. We choose our portfolio companies carefully and then work closely with them over the period of our investment so that we provide the best possible return to our investors.”
Rustic Canyon’s new fund has held an initial closing at $130 million and expects to complete its fundraising at $175 million, the point of maximum efficiency for an SBIC, in the third quarter. The fund will bring capital under management by Rustic Canyon to $700 million.
About Rustic Canyon Partners
Rustic Canyon Partners invests in private, growth stage companies. The firm manages two funds, Rustic Canyon Ventures and Rustic Canyon Ventures SBIC, and focuses on investment opportunities on the West Coast. With the completion of the new fund, the firm will have more than $700 million under management.
Rustic Canyon Partners makes a significant commitment in terms of partner time in the disciplined sourcing and evaluation before choosing portfolio companies. Partners come from varied, complementary backgrounds and are dedicated to two things: building successful companies and providing superior return to investors.
Rustic Canyon Partners is headquartered in Los Angeles, with offices in the Bay Area and Seattle. For more information, visit www.rusticcanyon.com
About Jon Staenberg
Jon Staenberg is founder and managing director of Staenberg Venture Funds, a Seattle-based venture capital firm with an investment focus on early-stage technology companies in the Pacific Northwest. He has raised more than $100 million in two funds over the last decade, compiling a strong track record of successful exits. Staenberg Venture Funds has been ranked among the top venture firms in the Seattle region.
For more information on Staenberg Venture Funds, visit www.staenberg.com.
