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Thursday, March 20, 2003|
LifeHarbor Closes VC Round
Need more proof that the managed accounts channel remains the one bright spot left in the asset management industry? Just take a look at LifeHarbor. The startup firm has closed $7.8 million in venture capital in recent weeks from a number of venture firms.
The biggest name in the financing round was Bessemer Venture Partners, which invested $5.8 million in the maker of managed account technology. Also kicking in funds were Blue Chip Venture Company, which contributed $2 million, WR Hambrecht & Co and Hub Angel Group. LifeHarbor did not reveal the size of the investments made by the later two firms.
Mark Wright, a director at Blue Chip will also take a seat on the LifeHarbor board, according to Archan Basu, chairman, president and co-founder of the firm. He joins Hembrecht's Bill Hambrecht, Bessemer's Rob Stavis and John Nagirniak on the board along with the firm's two founders Mark Peabody and Basu.
Basu said the firm is earmarking the funds to product development, customer service capabilities and sales and marketing.
Cambridge-based LifeHarbor started as an investment advisor to the affluent market, but morphed into a technology firm when it could not find adequate tools to run its own managed account product. The firm's initial product is the Private Portfolio Manager.
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