Accomplice Reloads With $205M Fund After Makeover

Accomplice, one of the Boston area’s prominent early-stage venture firms, has restocked its dry powder to invest in tech startups.

Accomplice raised $205 million for its second fund, according to a spokesperson. The firm announced the new fund in a blog post Thursday. Partner Jeff Fagnan (pictured) declined to comment further.

The fund marks a new chapter for one of the Boston area’s most active venture firms, which has undergone a significant transformation over the past three-and-a-half years. The firm was formed after the tech investing side of Atlas Venture split off in the fall of 2014 from the life sciences side, which still goes by Atlas Venture. After a crowdsourcing contest, “FKA Atlas Venture” adopted the moniker Accomplice in June 2015. Its first fund, a $200 million vehicle, backed the likes of Vesper, Freebird, Lovepop, and Edgewise Networks.

Accomplice’s team has also changed a lot since it split from Atlas Venture. Two of Accomplice’s initial four general partners—Jon Karlen and Chris Lynch—departed, as did venture partner Cort Johnson. Another venture partner, Dustin Dolginow, is leaving at the end of this month. Meanwhile, Accomplice hired partner Cack Wilhelm in San Francisco; promoted TJ Mahony to partner; and added InsightSquared co-founder Sam Clemens and Carbon Black co-founder Mike Viscuso as venture partners.

Accomplice has long had a strong focus on Boston-area companies and entrepreneurs, dating back to its Atlas Venture days. That emphasis has continued with its core fund investments, as well as its other programs, including Boston Syndicates (BOSS), Rev Boston, and TUGG. Most of Accomplice’s team is based in the Boston area.

At the same time, Accomplice has been increasing its activity in other regions, through the addition of Wilhelm in the Bay Area, as well as a new initiative called Spearhead, which will provide capital and training to angel investors in several cities across North America.

It will be worth watching the mix of investments in Accomplice’s second fund to see if it skews toward Boston or more heavily emphasizes San Francisco, and perhaps other cities—and what that may signify for venture investing as a whole.

Jeff Engel is a senior editor at Xconomy. Email: jengel@xconomy.com Follow @JeffEngelXcon

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