Seaboard Ventures Comes Up $15M Short in Funding Goal
"RESEARCH TRIANGLE PARK – Dave Blivin, who founded Southeast Interactive in 1995, had hopes of launching a new venture capital firm focused on early-stage investments.
Those plans have been put on hold after Blivin and three partners failed to reach their target closing of $30 million by Dec. 31.
The four men hatched plans for Seaboard Ventures. But having secured commitments for only $15 million, they have decided to suspend further fund-raising attempts.
“We had commitments from individuals,” Blivin told WRAL Local Tech Wire. “The initiative as originally constructed set a goal of $30 million by the end of the year. We were half way there. That would not be enough money to fund a Series A round player or enough capital to run the firm.
“We are reassessing where we area and suspending. We also are freeing up each other to pursue other opportunities,” he added.
Blivin, who left Southeast Interactive three years ago, had lined up Hans Davidsson, a former executive with Ericsson; Daniel Friel, who started and ran the strategic investment group for Bank of America for seven years; and Robert Ball, a former attorney with Alston & Bird, as partners.
“This region is very underserved in A round capital,” Blivin said. “We’re disappointed more for the region than for ourselves.”
The major A round investors, who typically come into venture-backed firms that have already secured seed funding and have a management team in place, in the region remain The Aurora Funds and Intersouth."
Those plans have been put on hold after Blivin and three partners failed to reach their target closing of $30 million by Dec. 31.
The four men hatched plans for Seaboard Ventures. But having secured commitments for only $15 million, they have decided to suspend further fund-raising attempts.
“We had commitments from individuals,” Blivin told WRAL Local Tech Wire. “The initiative as originally constructed set a goal of $30 million by the end of the year. We were half way there. That would not be enough money to fund a Series A round player or enough capital to run the firm.
“We are reassessing where we area and suspending. We also are freeing up each other to pursue other opportunities,” he added.
Blivin, who left Southeast Interactive three years ago, had lined up Hans Davidsson, a former executive with Ericsson; Daniel Friel, who started and ran the strategic investment group for Bank of America for seven years; and Robert Ball, a former attorney with Alston & Bird, as partners.
“This region is very underserved in A round capital,” Blivin said. “We’re disappointed more for the region than for ourselves.”
The major A round investors, who typically come into venture-backed firms that have already secured seed funding and have a management team in place, in the region remain The Aurora Funds and Intersouth."
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For more information, visit www.EvanCarmichael.com. |
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