Jonathan Heiliger has stepped down as a general partner with North Bridge Venture Partners, Coins2Day has learned.
Heiliger had joined the VC firm back in April 2012 after spending four years with Facebook (FB), where he was known as the company’s “cloud fixer.” He would work in the Boston-based firm’s Silicon Valley office, helping to build West Coast credibility while leading deals in Web infrastructure-focused startups. His deals included Lytro, Ravel Law, Quora and Tastemaker.
But North Bridge changed a lot during Heiliger’s brief tenure. Several partners either departed or moved over to the firm’s growth equity practice. By the time it began trying to raise a new early-stage venture fund, many longtime investors were wondering if the firm’s time had passed. It also didn’t help that North Bridge passed on a Series A investment in Oculus VR (leaving the door open for Matrix Partners), less than a year before Facebook agreed to buy the company for $2 billion.
Heiliger confirms that he no longer will be investing with North Bridge, and that his current board seats will be transitioned to remaining partners. He declined to give a reason for his decision, except to say that he soon will launch something new in the investment/venture space. He also continues to serve as an advisor to VC firm Social+Capital Partnership, which was co-founded by former Facebook colleague Chamath Palihapitiya.
North Bridge yesterday filed new fund documents with the SEC, suggesting a $200 million target for its new fund. Neither Heiliger nor longtime partner Michael Skok are listed, although we’ve been unable so far to learn if Skok also is leaving the firm. North Bridge has not returned requests for comment.
UPDATE: North Bridge confirms that Michael Skok also will not be moving forward with the firm. He had been with North Bridge for 12 years, working on such deals as Demandware (DWRE), Salsify and Apperian.
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