SOURCE: DFJ Frontier

DFJ Frontier

April 27, 2009 07:00 ET

DFJ Frontier Closes $55M Second Fund

Seed-Stage Venture Firm Adds to Team, Opens New Offices; Investment Focus to Remain on West Coast Companies

LOS ANGELES, CA--(Marketwire - April 27, 2009) - DFJ Frontier, a seed-stage venture capital firm, today announced the close of its second venture capital fund, DFJ Frontier, L.P. II. The majority of the $55.4 million fund was raised from institutional investors, including CalPERS, Credit Suisse, Hamilton Lane, LACERS, and the Oregon Growth Account. The firm also announced that DFJ Frontier venture partner Frank Foster has been named a managing director. Finally, the firm announced that it has opened offices in Los Angeles, which will become DFJ Frontier's new headquarters location, and in Portland, Ore. More information about the firm is available at www.dfjfrontier.com.

DFJ Frontier will invest the second fund in media, information technology, life sciences, and a broad range of other companies throughout the West Coast. The firm has already made several investments out of the new fund, including BOOM! Studios (Los Angeles), a diversified media production and graphic novel publishing company; Delve Networks (Seattle), a provider of video content management and search technology; United Sample (Encino, Calif.), a provider of online sample services for market research firms; and Zadspace (El Segundo, Calif.), a provider of direct marketing solutions for the packaged shipments industry.

The DFJ Frontier Team

Frank Foster has worked closely with the team at DFJ Frontier since joining as a venture partner in 2003. He was previously a general partner of both Allen & Buckeridge, one of Australia's largest venture capital funds, and the Gideon Hixon Fund. Foster has a history of successful exits as an executive, investor, and independent director, including YellowPages.com (sold to AT&T), Hitwise (sold to Experian), Virtual Music (sold to Namco), and Cogent Data Technologies (sold to Adaptec). He has extensive operational experience through his roles at Virtual Music, Contexture Systems, and Prophecy Development Corporation. He received his M.B.A. from Harvard Business School and a B.A. cum laude from Harvard University.

Jim Schraith, Eric Rosenfeld, Bob Ward, and Brian Danella have also joined the firm as venture partners. Schraith is an active angel investor in the Sacramento area and serves on the boards of several local start-ups. Rosenfeld and Ward are the co-founders and managing partners of Capybara Ventures, a professionally managed seed capital fund and investor cooperative supporting technology-based growth businesses in Portland, Ore. and the Pacific Northwest. Danella is a founder and principal of Prequent, Inc., a Silicon Valley strategic communications firm that serves technology companies.

Expanded West Coast Presence

The opening of DFJ Frontier's new offices in Los Angeles and Portland supplements the firm's existing offices in Sacramento and Santa Barbara, Calif. As a member of the DFJ Global Network, DFJ Frontier contributes a widespread West Coast presence and strong seed-stage deal flow.

"At DFJ Frontier, we back West Coast entrepreneurs whose businesses often cut against the grain of popular venture capital deals," said Scott Lenet, co-founder and managing director, DFJ Frontier. "Our culture is built on helping these visionary entrepreneurs succeed, and we assist with everything from follow-on fundraising to making business development and sales introductions, sourcing and interviewing key hires, and providing other strategic and operational support as needed."

DFJ Frontier co-founder and managing director David Cremin added, "We're fortunate to have been able to grow our team organically with professionals who have already been working with us for the past few years. Our expanded team gives us the resources to maintain and enhance the close working relationships we have built with each of our portfolio companies, even as we continue to make new investments."

About DFJ Frontier

DFJ Frontier is a venture capital firm that makes seed and early-stage investments in a broad range of technology companies throughout the West Coast. DFJ Frontier backs passionate entrepreneurs and provides business assistance, not just capital. The firm typically leads the first round of investment, purchasing a significant stake in the company and participating actively on the board of directors. DFJ Frontier is a member of the DFJ Global Network of Funds, which has 16 member funds on four continents, 150 investment professionals, and over 600 cumulative portfolio investments. DFJ Frontier has offices in Los Angeles, Portland, Ore., Sacramento, and Santa Barbara, Calif. For more information, visit www.dfjfrontier.com.

Contact Information

  • Media Contact:

    Paige Schoknecht
    Prequent, Inc. (for DFJ Frontier)
    +1 (408) 275-1419 office
    +1 (650) 223-4085 mobile
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