Monday, October 6, 2008

Atlas Venture invests $14M in Inspirational Stores

Atlas Venture led a $14 million Series B round of investment in Paris-based Inspirational Stores, a service provider for high-end and niche brands operating online, according to Inspirational Stores.

Waltham-based Atlas was joined in the funding by OTC Asset Management. As part of the deal, Atlas partner Fred Destin joined the Inspirational Stores board of directors, company officials said.

Inspirational Stores, which was established in 2007, is the reference partner for high-end and niche brands that have no online presence and are looking to advance their online marketing. To date, the company has announced 12 customers, officials said.

Atlas Venture, founded in 1980, invests predominantly in early-stage technology and life sciences companies in the United States and Europe. The firm, which manages more than $2.5 billion in capital, operates offices in Waltham, London, Munich and Paris. During the past decade, 44 portfolio companies funded by Atlas Venture have been acquired and 47 are now public companies with an aggregate market capitalization of more than $15 billion.

During 2007, the firm topped the list of the most active investors in New England, according to Dow Jones VentureSource. Among the company’s investments are Boston-based pharmaceutical company Zafgen Inc., Cambridge biotech Stromedix Inc. and Burlington security testing company Veracode Inc.