New Atlantic Ventures Raises $115 Million for New Fund - Cambridge, MA

New Atlantic Ventures (NAV), a venture capital firm based in Cambridge and Virginia, said that it has raised $115 million for a new fund to invest in early-stage information technology companies. The firm's third fund will primarily focus on East Coast start-ups in areas such as wireless data, new media, online business services and other emerging technologies. "This is a terrific time to have a fresh pool of capital, and we are putting it to work," said John Backus, a managing partner with the firm. "NAV has now invested in eight companies -- six of them in 2008 and two so far in 2009." Six of the eight are headquartered in either Massachusetts, Virginia or New York.

http://www.navfund.com