GrandBanks raises $85M for second fund

By Mass High Tech staff

Waltham’s xkoto raises $3M in VC funds [January 26, 2009]

MIT VC conference highlights dangers, predicts shakeout for venture capitalists [December 7, 2008]

GlassHouse grabs $9.8 million Series F financing [December 4, 2008]

HP-Colubris venture spawns new wireless access point [November 10, 2008]

GrandBanks Capital, a Newton investment firm, has done a first close on an $85 million second fund, which the company aims at building to $150 million, according to online reports.

In 2000, GrandBanks raised $125 million in its first fund, PE Hub reports, which brought in deals from Colubris Networks Inc.’s sale to Hewlett Packard Co.; Enpocket Inc.’s sale to Nokia Corp.; and GlassHouse Technologies Inc.’s registration for an initial public offering.

According to the PE Hub article, GrandBanks managing partner Charles Lax said the investment firm plans on “multiple liquidity events this year” and “it’s in advanced negotiations to make its first investments out of the new fund.”

GrandBanks officials did not return a phone call Friday morning.

The venture capital firm focuses its investments on software, security, storage, Internet infrastructure, financial, wireless and media technology companies in the eastern part of the U.S.

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