Tuesday, July 15, 2008

Local VCs join in OpenSpan’s $13M third-round funding

By Mass High Tech Staff

Local venture capital firms Globespan Capital Partners, Matrix Partners and Sigma Parters participated in the $13 million Series C round of financing for software maker OpenSpan Inc., company officials said.

As part of the deal, Georgia-based OpenSpan announced that Dave Fachetti, managing director, Globespan Capital Partners, which operates an office in Boston, will join OpenSpan’s board of directors.

OpenSpan also received funding from Atlanta-based Imlay Investments Inc. and FTVentures, which operates offices in San Francisco and New York. FTVentures principal Liron Gitig will join OpenSpan as a board observer, officials said.

The funding is expected to be used to hire workers and expand operations, officials said.

OpenSpan develops software for software oriented architecture.

Sigma Partners, an early-stage venture capital firm that operates an office in Boston, was founded in 1984. The firm operates with more than $2 billion under management. Sigma’s eighth fund, totaling $500 million, closed in 2007.

Matrix Partners, which operates an office in Waltham, is an early stage venture capital firm. The firm, which was founded in 1977, manages more than $2.5 billion in assets. In 2006, it closed a $150 million fund for investment in India.

Globespan Capital Partners, which operates offices in Boston, Palo Alto and Tokyo, closed its fifth fund, totaling $380 million, last year.