IDG Ventures Atlantic closes $280m fund, renames itself Flybridge

Flybridge will continue to invest primarily in consumer, healthcare and IT companies.

Investors in the new fund include the Princeton University Investment Company, the Alfred I. duPont Testamentary Trust, AlpInvest Partners, FLAG Capital Management, Grove Street Advisors, HighVista Strategies, Knightsbridge Advisers, TrueBridge Capital Partners and VenCap International.

'We are very pleased with the response we received from the investment community while raising the fund and have garnered the support of some of the most respected limited partners in the industry,' said Michael Greeley, a general partner with Flybridge. 'Despite being oversubscribed, we kept the size of the fund to $280m to be consistent with our early stage investment strategy.'

The closing of Fund III brings the firm's total capital under management to $560m, including the IDG Ventures Atlantic I and IDG Ventures Atlantic II funds, which it will continue to manage.

Flybridge is led by five general partners: David Aronoff, Jeff Bussgang, Michael Greeley, Chip Hazard and Jon Karlen.

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