Village Ventures, a US financial services and media-focused venture capital firm with $175m under management, is to wind down.
According to Boston Business Journal, the firm, which manages more than 15 funds, has decided not to raise a third fund.
The firm’s two founders, Bo Peabody and Matt Harris, have moved on to become executives at Greycroft Partners and Bain Capital Ventures (BCV) respectively.
Harris, who began his career at BCV, will lead the firm’s New York office as a managing director, while Peabody will focus on investments in digital media as a venture partner based out of Greylock’s New York and Los Angeles offices.
Peabody told the newspaper that with his exclusive focus on digital media and Harris’ exclusive focus on financial services, the two sectors became difficult to manage well within such a small firm.
Village Ventures’ first and second fund, which closed with commitments of $45m and $135m respectively, are now fully invested. Both founders have established agreements with their new firms to continue on the boards of Village companies.
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