Atlas Venture reduces size of fund

Atlas Venture, with offices in Munich, Amsterdam, London, Paris, Seattle, Boston and Menlo Park, has announced the reduction of its Atlas Venture VI from $950m to $600m; the size of the fund had already been reduced from its original $967m total earlier this year. The cut has been made in order to align the vehicle with current market conditions. Since its launch in August 2001, Atlas Venture VI has already made investments in 16 companies, representing approximately a third of the total number of investments targeted for the fund. The firm focuses on investments across the communications, information technology and life sciences sectors both in Europe and the USA.

Atlas Venture will now also refocus its operations and investment activity on the markets where it has strong market presence: Europe and Boston. The firm will close its two offices on the West Coast, Seattle and Menlo Park, in early 2003 and is reducing the size of its Paris, Munich and London offices. The firm will continue to focus on the communications, information technology and life sciences sectors and expects new investments to be evenly balanced between the USA and Europe.

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