Jul. 19–Seattle-based venture capitalist Jon Staenberg has joined forces with a Los Angeles-based venture-capital company to raise a new fund and connect Seattle to the broader West Coast.<\/p>\n
Staenberg and Rustic Canyon Group have raised about $130 million for a new investment pool to fund storage, wireless and e-commerce companies, Staenberg said yesterday. Each year, the fund will invest in five to seven companies, about a third in the Seattle area.<\/p>\n
Staenberg, who had raised more than $100 million in venture capital on his own, will head Rustic’s Seattle office and manage the companies in his two prior funds, which are fully invested.<\/p>\n
Rustic also has an office in the San Francisco area. The new partnership extends Staenberg’s connection between Silicon Valley and Seattle — a mission he maintained at Staenberg Venture Partners.<\/p>\n
The fund could grow to more than $175 million, Staenberg said. The fund also has received a Small Business Investment Company license (SBIC) from the Small Business Administration, which provides $2 in government funding for every $1 raised from other sources. So if the investors raise $60 million, the fund would grow to $180 million with SBIC aid.<\/p>\n
The ability to raise money bodes well for the local economy, Staenberg said.<\/p>\n
“The fact that we are raising money successfully is amazing,” he said.<\/p>\n
—–<\/p>\n
To see more of The Seattle Times, or to subscribe to the newspaper, go to http:\/\/www.seattletimes.com.<\/p>\n
(c) 2003, The Seattle Times. Distributed by Knight Ridder\/Tribune Business News.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jul. 19–Seattle-based venture capitalist Jon Staenberg has joined forces with a Los Angeles-based venture-capital company to raise a new fund and connect Seattle to the broader West Coast. Staenberg and Rustic Canyon Group have raised about $130 million for a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}