Bob Barrett Joins Financial Technology Ventures as Partner
- Founder of Battery Ventures becomes fifth partner in firm that focuses on technologies for the financial services industry
- Sees resurgence and rationality of venture funding that evoke the '80s
Tuesday, March 19, 2002
SAN FRANCISCO - Bob Barrett, 57, has joined Financial Technology Ventures (FTVentures), the San Francisco-based venture firm that primarily invests in technologies that benefit the financial services industry. Barrett, who founded Battery Ventures 17 years ago and helped lead it to become one of the nation's biggest and most well-known venture capital firms, has spent most of his career working with communications and software technologies. Among some of the now-recognized companies his venture investments launched are Vastera, an industry leader that provides fully-integrated technology solutions for global trade management and Corillian, a global provider of efinance solutions that enable financial institutions to rapidly deploy services such as online banking and electronic bill payment over the Internet.
"I'm extremely excited about joining FTVentures as a full-time partner," said Barrett. "While many factors led me to join FTV, one of the most important is their base of 39 limited partners, who represent the world's leading financial institutions. These firms share our interest in finding innovative technologies that can improve the efficiencies and productivity of the financial services industry," he said. "Most importantly, this partnership gives FTVentures a unique understanding of the needs of a very, very large industry."
Barrett believes that the venture capital industry has returned to an operating mode similar to that of the 1980s. "Over the next 10 years, I believe the venture funding industry is going to be far more selective and demanding than it was in the 1990s," he said. "Successful venture-backed companies will be characterized by more complete management teams with greater experience levels, proven business models and a clear path to profitability.
"Capital will be far more expensive and entrepreneurs will be expected to meet milestones in a timely manner in order to continue to receive funding," he added.
Barrett joins FTVentures' four other partners: James Hale, Bob Huret, Scott Wu and Richard Garman.
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to primarily invest in technologies that benefit the financial services industry. FTVentures now has more than $623 million in total capital under management and remains the primary investment firm for technology companies that develop products and services applicable to financial services. It invests primarily in mid-to-late stage private companies with developed technologies in three key areas: software and infrastructure solutions providers, electronic commerce enablers and payment sector technologies.
FTVentures-backed companies include 7-24 Solutions, Financial Engines, Corillian, Managed Objects, Caplin Systems, Xign, e-Security, PAYTRUST, CapitalStream, E-LOAN, Synchrologic, ValuBond Securities, ValiCert, CrossLogix, and ClearCommerce. FTVentures investors are 39 of the world's leading financial institutions and include AIG, Bank of America Corporation, BNP Paribas, Charles Schwab, Credit Suisse Group, Deutsche Bank, Development Bank of Singapore (DBS), GE Capital, HSBC Holdings, Key Principal Partners, National City Corporation, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo.
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