- Boston-based venture capital firm .406 Ventures announced that it closed a fourth fund called Point 406 Ventures IV at $294 million in capital commitments
Boston-based venture capital firm .406 Ventures announced it closed a fourth fund called Point 406 Ventures IV at $294 million in capital commitments. And the company also announced the promotion of Payal Agrawal Divakaran to partner, as well as the addition of Kevin C. Wang as Associate and Joe SantaBarbara as Controller.
.406 Fund IV had received significant investor interest and surpassed its targeted fund size of $225 million. The fund received strong support from investors in .406’s prior funds as well as many new investors. And .406 Fund IV is going to focus exclusively on attractive early-stage investment opportunities in cybersecurity, digital health and data, and cloud companies, primarily in the eastern half of the U.S.
Ever since .406 Ventures launched in 2005, the venture firm raised more than $1 billion across four core funds and two opportunity funds, invested in 62 companies and created $12 billion of value. And the firm will continue to focus on identifying opportunities through a highly selective, disciplined, founder-optimized approach.
The investing team for .406 IV includes .406 co-founders Maria Cirino and Liam Donohue as well as long time partners Graham Brooks and Greg Dracon — who will be added as General Partners of the Fund.
Divakaran joined .406 in 2015 and will also become a partner with the new fund. Plus she will continue to focus on Digital Health where she has been involved in many of the firm’s significant investments including Redox and WelbeHealth and took the lead on recent investments in Nomad Health and Wellist.
“I am extremely excited to become a Partner of .406. We have built a tremendous partnership internally and with our portfolio companies, and I look forward to continuing to foster both. I am thrilled to get started investing Fund IV and to build upon our digital health franchise,” said Divakaran.
Wang joined the firm in August as an Associate. Before joining .406, Wang worked at BV Investment Partners (formerly Boston Ventures) and began his career in technology investment banking at J.P. Morgan.
SantaBarbara joined .406 in October as Controller. And SantaBarbara previously worked at Summit Partners as a Senior Manager. Before Summit, he was a Senior Associate at PricewaterhouseCoopers in their Life Science and Pharmaceutical group.
