Xconomy: Exclusive: OVP Venture Partners, NW’s Oldest VC Firm, To Shut Down
Summary
It had high hopes for a home run with one of its portfolio companies—Mountain View, CA-based Complete Genomics (NASDAQ: GNOM)—that ended up being a major disappointment.That company went public in November 2010, and reached a high of $18.55 a share in June 2011, but securities regulations barred OVP from cashing out at the peak.Seattle-based Frazier Healthcare Ventures, which leans more toward growth equity investing than traditional startups, is seeking to raise another $400 million fund.Langeler concedes that the disappearance of OVP could make it harder for startups to raise capital in the Northwest, but he adds that he’s confident someone else will step up to fill the void.The combination of big ideas, and entrepreneurs with the skill to build great businesses, has consistently improved over the years in the Northwest, he says.