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Elm Street Ventures plans second early-stage fund

By David Schwartz
Published: May 18th, 2011

Elm Street Ventures, which often backs start-ups emerging from Yale University and other research centers, plans to begin raising $40 million for its second fund next year. The New Haven, CT, firm raised $22 million for its previous fund, Elm Street Ventures LP, in 2006, and used the money to back nine companies, including ShareGrove Inc. and Affomix Corp., which were acquired last year for undisclosed amounts by Facebook Inc. and Illumina Inc., respectively.

Elm Street, whose largest limited partner is Yale, is using some returns from those exits to make new deals, according to managing partner Robert Bettigole. He declined to reveal the firm’s cash position but said it can fund about five more start-ups. The firm expects one of the investments to be in a green chemistry start-up that the partners plan to spin out from Yale. The company, which is expected to emerge next year, will target the specialty chemistry industry, according to Bettigole.

Elm Street, which makes about 70% of its investments in life sciences and the rest in technology and other industries, plans to use the new, larger fund to take and hold larger stakes in companies, using the next partnership to back 15 to 20 companies, Bettigole says.

Source: Elm Street Ventures

Posted under: Tech Transfer e-News

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