IDG Ventures Expands Boston Office; Appoints Jeffrey Bussgang General Partner
BOSTON, MA – DECEMBER 9, 2002 – IDG Ventures, a global venture capital and private equity firm affiliated with International Data Group (IDG), the world's leading technology media company, today announced its continuing expansion with the appointment of Jeffrey Bussgang as General Partner in the Boston office. Bussgang, the co-founder and former executive vice president of Upromise, Inc., brings entrepreneurial expertise and insight to the firm's newly created Boston office and will focus on identifying new investment opportunities in the enterprise solutions and information technology sectors. IDG Ventures also has offices in San Francisco, Seattle, London, and Beijing.
"Jeff's experience starting and growing technology companies – and his success in building partnerships with America's largest companies – will strengthen our investment team and provide great insights for our portfolio companies," said Michael Greeley, managing general partner. "We continue to see a high level of entrepreneurial activity and innovation that presents exciting investment opportunities."
At Upromise, Bussgang served as the founding president and chief operating officer and was on the company's board of directors during his three-year tenure. Under Bussgang's leadership, Upromise has grown to three million members and over 200 employees. Prior to Upromise, Bussgang was a senior executive at Internet commerce leader Open Market, serving as vice president of worldwide marketing and business development, vice president of worldwide professional services, and head of product management. During his five years at Open Market, Bussgang helped grow the company from 30 employees to 500 with $80 million in revenue. Prior to Open Market, Bussgang worked at The Boston Consulting Group and served on the executive team of a small, object-oriented software start-up called Athena Design.
"It is a phenomenal time to be investing in emerging technologies and services – outstanding entrepreneurial teams are forming while the venture industry is undergoing tremendous change," said Jeffrey Bussgang. "IDG's global reach and access to IT executives represents a unique value-add to help entrepreneurs build great companies."
"Having worked with Jeff since 1995 at my prior firm, I am impressed with his strategic insights, leadership abilities and entrepreneurial instincts that will serve us well as we continue to pursue and invest in exciting new companies," said Chip Hazard, managing general partner.
Bussgang holds a BA in Computer Science from Harvard University where he graduated magna cum laude and an MBA from Harvard Business School where he was a Baker Scholar and a Ford Scholar. He is the author of "Ruling the Net," a Harvard Business Review article predicting the development of Internet commerce. He also serves on the board of Facing History and Ourselves.
About IDG Ventures
IDG Ventures is a global family of locally managed venture capital funds pursuing investment opportunities across a broad array of technology industry sectors including enterprise software, communications software, Internet enabling software, wireless technologies and services and Bio-IT related technologies and services. With nearly $600 million in capital currently under management, IDG Ventures invests in companies ranging from early to late-stage across these sectors. Previous investments by the firm include BabyCenter.com, Excite, F5 Networks, Netscape, Spinner.com and VA Linux.
IDG Ventures is a subsidiary of IDG, the world's leading technology media, research and event company. IDG publishes more than 300 magazines and newspapers and offers online users the largest network of technology-specific sites around the world through IDG.net (www.idg.net), which comprises more than 330 targeted Web sites in 80 countries. IDG is also a leading producer of 168 computer-related events worldwide, and IDG's research company, IDC, provides global market intelligence and advice through 51 offices in 43 countries worldwide. Company information is available at www.idg.com.
# # #