Tuesday, September 16, 2008

Venrock helps stitch up $6M funding for CrossLoop

By Mass High Tech Staff

Venrock has participated in a $6 million Series B round of financing for CrossLoop Inc., the operator of a network of computer support and training professionals, firm officials said. California-based El Dorado Ventures, which led the company’s Series A financing, also participated in the Series B round.

As part of the deal, Venrock partner Richard Moran was appointed to the CrossLoop board of directors. Venrock, which operates a Cambridge office, also operates offices in Palo Alto, Calif., New York, and Israel. Established in 1969 as the venture capital arm of the Rockefeller family, Venrock has invested $2.2 billion in 417 companies, firm officials said.

Last year, Venrock dropped the “Associates” from its name with the closing of a $600 million fund. The firm typically invests 30 percent of its funds in the life sciences. Seed investments range from $250,000 to $750,000, with early stage fundings ranging from $4 million to $7 million. Investments target companies operating in technology, health care and energy sectors. Venrock’s portfolio companies have completed 124 initial public offerings, officials said.

CrossLoop, which launched in 2006, provides software designed to help connect people with trusted contacts — both friends and professional service providers — to provide technical support, training and collaboration.

El Dorado Ventures operates with $750 million in capital under management. The firm invests across the information technology spectrum, from semiconductors and systems to communications, software and services, targeting both consumers and the enterprise.