Prism Venture Partners has closed a $250-million venture capital fund, the firm said Monday.
The Westwood, Massachusetts firm will continue to split its investments between information technology and life science companies. Investments will encompass a wide array of companies, from telecommunications and data centers to medical devices.
Its new fund is far smaller than the $338-million fund raised in March 2000 and the $429-million fund closed about two years later. The firm didn’t say why the size decreased and didn’t immediately return calls.
The earlier funds have had some significant exits, including Lucent’s $295-million purchase of VoIP vendor Telica last fall. Colubris, which closed a $15-million Series C round led by Doll Capital Management in March, is one of several Prism investments that scored late-stage money to increase its valuation (see The Hottest Private Companies in North America).
The firm also said that Prism co-founder and general partner Duane Mason will retire, assigning his remaining board seats to other partners. Mark Canha, a former optical networking executive and consultant who joined the firm in January, has been promoted from venture partner to principal.
The firm promoted Brendan O’Leary and William Kohler to principal early this year.
