The Aurora Funds Announces the Second Closing of Its Fourth Venture Fund
Early Stage Venture Capital Firm is on Target to Raise $75 Million
Research Triangle Park, NC (October 4, 2002) â€“ The Aurora Funds, one of the leading early stage venture capital firms in the Southeast, today announced the second closing of its fourth venture fund, Aurora Ventures IV, LLC (Aurora IV). With this second closing of $17 million, in addition to the first closing $35 million (in March 2002), Aurora is on target to raise a total of $75 million. The firm will continue to raise capital with a final close targeted for early 2003.
The Aurora team will use this fourth venture fund to invest in early stage life science and information technology companies, primarily in the Southeastern and mid-Atlantic United States encompassing the corridor from Washington, D.C to Florida. Following the successful investment strategy of the firmâ€™s three previous venture funds, Aurora will continue to invest in seed and first-round financings of life science and information technology companies, frequently taking a lead position in the rounds.
â€œWith the slowed economy and other issues affecting the venture capital market, we are especially excited to be on track to reach our goal of $75 million for this fourth fund, said Scott Albert, Managing General Partner of The Aurora Funds. â€œWe look forward to investing these dollars to help a number of promising young companies reach their own goals.
Auroraâ€™s strategy is to invest in entrepreneurs and management teams that have a combination of strong business experience and a vision to build successful new companies. Auroraâ€™s team of experienced professionals works closely with its portfolio companies - sharing time, expertise and contacts in addition to just dollars.
About The Aurora Funds, Inc.
Founded in 1994, The Aurora Funds is a venture capital firm that provides capital, connections and strategic help to entrepreneurs with early stage life science and information technology companies. Auroraâ€™s investment team members have over 30 years of combined venture capital experience and over 35 years of high technology operational experience.
Aurora typically invests in seed and first round financing opportunities. The firmâ€™s initial investment size ranges from $50,000 in a seed investment to as much as $2.0 million in a first round financing. The firm has the capacity to invest between $5 million and $10 million throughout the life cycle of an investment. More information is available at www.aurorafunds.com