A decade after co-founding Boston-based.406 Ventures, Larry Begley is moving on to become chief financial officer of.406 portfolio company CloudHealth Technologies.
Not terribly surprising, as Begley wasn’t listed on an SEC filing for the venture capital firm’s third fund, a $217 million vehicle closed last year.
Begley ― who has past CFO experience at CCBN (sold to Thomson Financial), i-Cube and Razorfish ― says that he had the operational itch and didn’t believe that it made sense to sign up for another 10-year fund at age 60.
“I had wanted to do some things outside of.406 but soon realized I was a bit bored without a full-time thing,” Begley explains. “Ten years ago Dan Phillips was semi-retired but said he might have one more startup in him. I told him to come to.406 if he acted on it, and that’s what ultimately happened when he launched CloudHealth. It’s now one of our most promising portfolio companies.”
Begley is in the process of transitioning his board seats to remaining.406 staffers, which include fellow co-founders Maria Cirino and Liam Donohue. He will remain a venture partner with the firm and a limited partner in its funds.
CloudHealth is a Boston-based provider of business performance management software-as-a-service. It has raised around $20 million in VC funding (most recently at a $46 million post-money valuation) and is expected to soon wrap up a Series C round.