US - Canaan Partners, the California based venture capital firm, has closed its Canaan Equity III fund to investors at $700m and has made three new appointments to establish investments within the new equities fund.
Lead investors in the Canaan Equity III fund include the $102bn General Motors pension fund, Bank of Boston, First Union and Harbourvest. The fund, Canaan's sixth, will be split 3:1 between IT and medical / healthcare technology investments.
The new arrivals at Canaan are Thomas Mawhinney, Dr. Andrew Firlik and Mark Mangiola. Mawhinney joins the firm as principal and previously was founder and chief operating officer of North Systems, a venture-backed provider of supply chain enterprise software solutions. Mawhinney was also a senior associate with Summit Partners, a $6bn venture capital firm.
Firlik, who joined the firm as an associate earlier this year, has been promoted to principal and will focus on medical technology investments. Whilst an associate, Firlik continued to practice as a neurosurgeon. With the appointment to principal, Firlik joins Canaan full-time to focus on investments.
The other new appointment, Mangiola, joins the firm as a venture partner. Mangiola brings 20 years of experience in the broadband and cable industry to the firm and will begin leading investments in this area immediately. Most recently, Mangiola was chief executive officer of @Home Solutions.
By Geoffrey Ho
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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