Business Services Industry
Seeing green: signaling the end of the VC drought, several key industries have become fertile ground for investors to plant their cash. So what's the best way to find the right investor for your business—even if you're not in one of those superstar sectors? Taking a look at our 4th Annual VC 100 is a good start
Entrepreneur, July, 2004 by Tracy T. Lefteroff
TOP 100 VENTURE CAPITAL FIRMS FOR ENTREPRENEURS
Number of
early stage
Location deals in
VC of VC 2003 *
Maryland Technology Development
Corp. Columbia, MD 15
Maryland Dept. of Business &
Economic Development Baltimore 12
Village Ventures Williamstown, MA 11
Draper Fisher Jurvetson Redwood City, CA 9
Mobius Venture Capital Palo Alto, CA 9
Sevin Rosen Funds Dallas 9
Band of Angels Menlo Park, CA 8
Mayfield Fund Menlo Park, CA 8
Highland Capital Partners Lexington, MA 7
Ignition Partners Bellevue, WA 7
ITU Ventures Los Angeles 7
Matrix Partners Waltham, MA 7
New Enterprise Associates Baltimore 7
U.S. Venture Partners Menlo Park, CA 7
Atlas Venture Waltham, MA 6
Austin Ventures Austin, TX 6
Bay Partners Cupertino, CA 6
BioAdvance Philadelphia 6
Domain Associates Princeton, NJ 6
Frazier & Co. Seattle 6
MPM Capital Boston 6
Polaris Venture Partners Waltham, MA 6
Solstice Capital Boston 6
Versant Ventures Menlo Park, CA 6
Advanced Technology Ventures Waltham, MA 5
Ben Franklin Technology Partners Philadelphia 5
ComVentures Palo Alto, CA 5
Foundation Capital Menlo Park, CA 5
InterWest Partners Menlo Park,CA 5
Kodiak Venture Partners Waltham, MA 5
ONSET Ventures Menlo Park, CA 5
Sequoia Capital Menlo Park, CA 5
Venrock Associates New York City 5
Walden International San Francisco 5
Warburg Pincus New York City 5
Advent International Corp. Boston 4
Alloy Ventures Palo Alto, CA 4
Altira Group Denver 4
Charles River Ventures Waltham, MA 4
Cordova Ventures Alpharetta, GA 4
Doll Capital Management Menlo Park, CA 4
Draper Fisher Jurvetson New
England Cambridge, MA 4
Enterprise Partners Venture
Capital La Jolla, CA 4
Flagship Ventures Cambridge, MA 4
Garage Technology Ventures Palo Alto, CA 4
Grayhawk Venture Partners Phoenix 4
Greylock Waltham, MA 4
IDG Ventures San Francisco 4
Intersouth Partners Durham, NC 4
Kleiner Perkins Caufield & Byers Menlo Park, CA 4
Menlo Ventures Menlo Park, CA 4
Noro-Moseley Partners Atlanta 4
Oxford Bioscience Partners Boston 4
STARTech Richardson, TX 4
The Carlyle Group Washington, DC 4
Valley Ventures Paradise Valley, AZ 4
Adams Capital Management Sewickley, PA 3
Angel's Forum & The Halo Fund Los Altos, CA 3
Anthem Capital Management Baltimore 3
Apex Venture Partners Chicago 3
Asset Management Company Venture
Capital Palo Alto, CA 3
Bessemer Venture Partners Larchmont, NY 3
Borealis Ventures Hanover, NH 3
Boston Millennia Partners Boston 3
Burrill & Co. San Francisco 3
CampVentures Los Altos, CA 3
Cardinal Venture Capital Menlo Park, CA 3
CID Equity Partners Indianapolis 3
Clearstone Venture Partners Santa Monica, CA 3
Egan Managed Capital Boston 3
General Catalyst Partners Cambridge, MA 3
Genesis Campus Dallas 3
HIG Capital Management Miami 3
Insight Venture Partners New York City 3
Intel Capital Santa Clara, CA 3
Murex Investments Philadelphia 3
New Vantage Group Vienna, VA 3
NGEN Partners Santa Barbara,CA 3
North Bridge Venture Partners Waltham, MA 3
Norwest Venture Partners Palo Alto, CA 3
Prospect Venture Partners Palo Alto, CA 3
Quatris Fund Minneapolis 3
Redpoint Ventures Menlo Park, CA 3
S.R. One Conshohocken, PA 3
SmartForest Ventures Portland, OR 3
St. Paul Venture Capital Eden Prairie, MN 3
Sutter Hill Ventures Palo Alto, CA 3
The Venture Capital Fund of
New England Wellesley Hills, MA 3
WI Harper Group San Francisco 3
3i (US) Waltham, MA 2
5AM Ventures Menlo Park, CA 2
Accel Partners Palo Alto, CA 2
Acorn Campus Cupertino,CA 2
Adams Street Partners Chicago 2
Allegis Capital Palo Alto, CA 2
Alliance Technology Ventures Alpharetta, GA 2
Alta Communications Boston 2
Apax Partners New York City 2
ARCH Venture Partners Chicago 2
Argosy Partners Wayne, PA 2
August Capital Management Menlo Park, CA 2
Aurora Funds Durham, NC 2
BA Venture Partners Foster City, CA 2
Battery Ventures Wellesley, MA 2
BioAsia Investments Palo Alto, CA 2
Blue Chip Venture Co. Cincinnati 2
Boardman Ventures Manchester, MA 2
Boulder Ventures Owings Mills, MD 2
Brooks, Houghton & Co. New York City 2
Buerk Dale Victor Seattle 2
Catalyst Health and Technology
Partners LLC Newton, MA 2
Centennial Ventures Denver 2
CenterPoint Venture Partners Dallas 2
Clayton Associates Franklin, TN 2
Columbia Capital Alexandria, VA 2
CommonAngels Lexington, MA 2
Compass Technology Partners Menlo Park, CA 2
Crossbow Ventures West Palm Beach, FL 2
Delphi Ventures Menlo Park, CA 2
DFJ Frontier Santa Barbara, CA 2
Diamondhead Ventures Menlo Park, CA 2
Dot Edu Ventures Palo Alto, CA 2
Early Stage Partners Cleveland 2
El Dorado Ventures Menlo Park, CA 2
First Capital Group Management Co. San Antonio 2
Forward Ventures San Diego 2
FreshTracks Capital Middlebury, VT 2
Fujisawa Research Institute of
America Evanston, IL 2
Gabriel Venture Partners Redwood Shores, CA 2
Global Catalyst Partners Redwood Shores, CA 2
GrandBanks Capital Newton, MA 2
Hamilton Apex Management Partners San Diego 2
Inflexion Partners Orlando, FL 2
Innovation Works Pittsburgh 2
J.P. Morgan Partners New York City 2
JVP New York City 2
Kinetic Ventures Chevy Chase, MD 2
Labrador Ventures Palo Alto, CA 2
Motorola Ventures Schaumburg, IL 2
Northwest Venture Associates Spokane, WA 2
Novak Biddle Venture Partners Bethesda, MD 2
Novartis Corp. New York City 2
Oak Investment Partners Westport, CT 2
Pacesetter Capital Group Richardson, TX 2
Partech International San Francisco 2
POD Holding Boston 2
Point Judith Capital East Greenwich, RI 2
Portage Venture Partners Winnetka, IL 2
Prolog Ventures LLC St. Louis 2
Red River Ventures Addison, TX 2
Schroder Ventures Life Sciences Boston 2
Seapoint Ventures Bellevue, WA 2
Shelter Capital Partners Los Angeles 2
Silicon Alley Seed Investors New York City 2
Skyline Ventures Palo Alto, CA 2
Sofinnova Ventures San Francisco 2
Stonehenge Capital Corp. Baton Rouge, LA 2
Tall Oaks Capital Partners Charlottesville, VA 2
Taraval Associates Menlo Park, CA 2
Three Arch Partners Portola Valley, CA 2
TL Ventures Wayne, PA 2
Tobat Capital Dallas 2
Trelys Funds Columbia, SC 2
Valhalla Partners McLean, VA 2
Velocity Equity Partners Boston 2
Venture Strategy Partners San Francisco 2
Vista Ventures Broomfield, CO 2
Voyager Capital Seattle 2
Walker Ventures Glenwood, MD 2
Wasatch Venture Fund Salt Lake City 2
Woodside Fund Redwood City, CA 2
VC Web site
Maryland Technology Development
Corp. www.marylandtedco.org
Maryland Dept. of Business &
Economic Development www.choosemaryland.org
Village Ventures www.villageventures.com
Draper Fisher Jurvetson www.dfi.com
Mobius Venture Capital www.mobiusvc.com
Sevin Rosen Funds www.srfunds.com
Band of Angels www.bandangels.com
Mayfield Fund www.mayfield.com
Highland Capital Partners www.hcp.com
Ignition Partners www.ignitionpartners.com
ITU Ventures www.itu.com
Matrix Partners www.matrixpartners.com
New Enterprise Associates www.nea.com
U.S. Venture Partners www.usvp.com
Atlas Venture www.atlasventure.com
Austin Ventures www.austinventures.com
Bay Partners www.baypartners.com
BioAdvance www.bioadvance.com
Domain Associates www.domainvc.com
Frazier & Co. www.frazierhealthcare.com
MPM Capital www.mpmcapital.com
Polaris Venture Partners www.polarisventures.com
Solstice Capital www.solcap.com
Versant Ventures www.versantventures.com
Advanced Technology Ventures www.atvcapital.com
Ben Franklin Technology Partners www.benfranklin.org
ComVentures www.comventures.com
Foundation Capital www.foundationcapital.com
InterWest Partners www.interwest.com
Kodiak Venture Partners www.kodiakvp.com
ONSET Ventures www.onset.com
Sequoia Capital www.sequoiacap.com
Venrock Associates www.venrock.com
Walden International www.waldenintl.com
Warburg Pincus www.warburgpincus.com
Advent International Corp. www.adventinternational.com
Alloy Ventures www.alloyventures.com
Altira Group www.altiragroup.com
Charles River Ventures www.crv.com
Cordova Ventures www.cordovaventures.com
Doll Capital Management www.dcmvc.com
Draper Fisher Jurvetson New
England www.dfjne.com
Enterprise Partners Venture
Capital www.epvc.com
Flagship Ventures www.flagshipventures.com
Garage Technology Ventures www.garage.com
Grayhawk Venture Partners www.gvp.us
Greylock www.greylock.com
IDG Ventures www.idgventures.com
Intersouth Partners www.intersouth.com
Kleiner Perkins Caufield & Byers www.kpcb.com
Menlo Ventures www.menloventures.com
Noro-Moseley Partners www.noro-moseley.com
Oxford Bioscience Partners www.oxbio.com
STARTech www.startechev.com
The Carlyle Group www.carlyle.com
Valley Ventures www.valleyventures.com
Adams Capital Management www.acm.com
Angel's Forum & The Halo Fund www.angelsforum.com
Anthem Capital Management www.anthemcapital.com
Apex Venture Partners www.apexvc.com
Asset Management Company Venture
Capital www.assetman.com
Bessemer Venture Partners www.bessemervp.com
Borealis Ventures www.borealisventures.com
Boston Millennia Partners www.millenniapartners.com
Burrill & Co. www.burrillandco.com
CampVentures www.campventures.com
Cardinal Venture Capital www.cardinalvc.com
CID Equity Partners www.cidequity.com
Clearstone Venture Partners www.clearstone.com
Egan Managed Capital www.egancapital.com
General Catalyst Partners www.generalcatalyst.com
Genesis Campus www.genesiscampus.com
HIG Capital Management www.higcapital.com
Insight Venture Partners www.insightpartners.com
Intel Capital www.intel.com/capital/index.htm
Murex Investments www.murexinvests.com
New Vantage Group www.newvantagegroup.com
NGEN Partners www.ngenpartners.com
North Bridge Venture Partners www.nbvp.com
Norwest Venture Partners www.nvp.com
Prospect Venture Partners www.prospect-partners.com
Quatris Fund www.quatrisfund.com
Redpoint Ventures www.redpoint.com
S.R. One www.srone.com
SmartForest Ventures www.smartforest.com
St. Paul Venture Capital www.stpaulvc.com
Sutter Hill Ventures www.shv.com
The Venture Capital Fund of
New England www.vcfne.com
WI Harper Group www.wiharper.com
3i (US) www.3i.com
5AM Ventures www.5amventures.com
Accel Partners www.accel.com
Acorn Campus www.acorncampus.com
Adams Street Partners www.adamsstreetpartners.com
Allegis Capital www.allegiscapital.com
Alliance Technology Ventures www.atv.com
Alta Communications www.altacomm.com
Apax Partners www.apax.com
ARCH Venture Partners www.archventure.com
Argosy Partners www.argosycapital.com
August Capital Management www.augustcap.com
Aurora Funds www.aurorafunds.com
BA Venture Partners www.baventurepartners.com
Battery Ventures www.battery.com
BioAsia Investments www.bioasia.com
Blue Chip Venture Co. www.bcvc.com
Boardman Ventures www.boardmanventures.com
Boulder Ventures www.boulderventures.com
Brooks, Houghton & Co. www.bhcinterimfunding.com
Buerk Dale Victor www.bcvllc.com
Catalyst Health and Technology
Partners LLC www.catalystpartners.com
Centennial Ventures www.centennial.com
CenterPoint Venture Partners www.cpventures.com
Clayton Associates www.claytonassociates.com
Columbia Capital www.colcap.com
CommonAngels www.commonangels.com
Compass Technology Partners www.compasstechpartners.com
Crossbow Ventures www.crossbowventures.com
Delphi Ventures www.delphiventures.com
DFJ Frontier www.dfjfrontier.com
Diamondhead Ventures www.dhven.com
Dot Edu Ventures www.doteduventures.com
Early Stage Partners www.esplp.com
El Dorado Ventures www.eldorado.com
First Capital Group Management Co. www.firstcapitalgroup.com
Forward Ventures www.forwardventures.com
FreshTracks Capital www.freshtrackscap.com
Fujisawa Research Institute of
America www.fujisiwa.com/fitefund
Gabriel Venture Partners www.gabrielvp.com
Global Catalyst Partners www.gc-partners.com
GrandBanks Capital www.grandbankscapital.com
Hamilton Apex Management Partners www.hamiltonventures.com
Inflexion Partners www.inflexionvc.com
Innovation Works www.innovationworks.org
J.P. Morgan Partners www.jpmorganpartners.com
JVP www.jvpvc.com
Kinetic Ventures www.kineticventures.com
Labrador Ventures www.labrador.com
Motorola Ventures www.motorola.com
Northwest Venture Associates www.nwva.com
Novak Biddle Venture Partners www.novakbiddle.com
Novartis Corp www.venturefund.novartis.com
Oak Investment Partners www.oakvc.com
Pacesetter Capital Group www.pacesettercapital.com
Partech International www.partechvc.com
POD Holding www.podholding.com
Point Judith Capital www.pointjudithcapital.com
Portage Venture Partners www.portageventures.com
Prolog Ventures LLC www.prologventures.com
Red River Ventures www.redriverventures.com
Schroder Ventures Life Sciences www.svlifesciences.com
Seapoint Ventures www.seapointventures.com
Shelter Capital Partners www.sheltercap.com
Silicon Alley Seed Investors www.sasinvestors.com
Skyline Ventures www.skylineventures.com
Sofinnova Ventures www.sofinnova.com
Stonehenge Capital Corp. www.stonehengecapital.com
Tall Oaks Capital Partners www.talloakscapital.com
Taraval Associates www.taraval.com
Three Arch Partners www.threearchpartners.com
TL Ventures www.tlventures.com
Tobat Capital www.tobatcapital.com
Trelys Funds www.trelys.com
Valhalla Partners www.valhallapartners.com
Velocity Equity Partners www.velocityep.com
Venture Strategy Partners www.venturestrategy.com
Vista Ventures www.vistavc.com
Voyager Capital www.voyagercapital.com
Walker Ventures www.walkerventures.com
Wasatch Venture Fund www.wasatchvc.com
Woodside Fund www.woodsidefund.com
* First sequence financing in startup/seed or early stage companies
DOING THE NUMBERS: Rankings are based on the
number of first-time fundings to companies in the startup
and early stages of development made by VC firms and similar
entities in calendar year 2003 as measured by the "MoneyTree
Survey" from PricewaterhouseCoopers, Thomson Venture
Economics and the National Venture Capital Association (www.
pwcmoneytree.com)
Companies in the startup stage of development may have
been in business for only a few months. Companies in the
early stage of development have generally been in operation
less than 24 months. These fundings represent the first time
a company receives financing from a professional VC firm
in exchange for equity. Companies in the expansion or late stages
of development are not included in the analysis.
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