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El Dorado Ventures veterans hold $100m final close for first Icon Venture Partners fund

6 Nov 2013

padlock_lrgVenture capital veterans Charles Beeler and Jeff Hinck have held a $100m final close for their debut Icon Venture Partners vehicle.

Icon Venture Partners I was oversubscribed according to a statement from the firm, which said more than 80 enterprise technology professionals had come together with institutional investors to back the fund.

The firm intends to continue targeting high-growth enterprise companies at the seed or Series A stage, providing between $100,000 and $4m each time.

Beeler and Hinck are both general partners as El Dorado Ventures, with the former taking on the role in 2000 and the latter in 2008.

The pair have more than 30 years of venture capital experience between them, Beeler through a career at Scripps Ventures and Piper Jaffray and Hinck via Crescendo Ventures and Vesbridge Partners.

Beeler said, “There has been a massive change in the past five years as early-stage enterprise technology companies can get to market faster and require significantly less capital to do so.

“This shifts more of the risk to the go-to-market phase.

“What has not changed is that entrepreneurs want to work with investors who understand the go-to-market challenges, will commit time and resources to help their company succeed and have the capital necessary to support the business as it scales.

“We formed Icon to meet this specific need.”

Hinck added, “We have always believed a hands-on approach is key to successful early-stage investing.

“With the Icon Technology Partners we’ve put together an incredible group of industry experts who help ensure we truly add value to our portfolio companies.

“We consider these individuals to be some of the icons of the technology industry and are excited to work with them as we invest in the next generation of industry icons.”

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