Updated March 31 at 1:31pm

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Rhode Island’s first VC firm leaves

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PROVIDENCE – Point Judith Capital, Rhode Island’s first venture capital firm, has left Providence for Boston.

The company moved from its location on Park Row West for a spot in Boston’s financial district in November for “operational purposes,” Co-founder and General Partner Sean Marsh told Providence Business News.

General Treasurer Gina M. Raimondo, a “born and raised” Rhode Islander, co-founded the early-stage venture capital firm and was a general partner for more than a decade before taking on her government role.

“I wanted to create a company, create a business in Rhode Island. I could’ve chosen to put it elsewhere, but I wanted it in Providence. So I came home,” Raimondo said in a YouTube video she created while campaigning for her current office.

“A majority of our partners live in Massachusetts, so it was simply commuting logistics, there wasn’t any issue with Providence, and we still think it is a great place to build new technology companies that we hope to invest in,” March said, while noting that Point Judith Capital has two current local investments, NABsys and Narragansett Brewing.

“Regardless of where our offices are located, Point Judith Capital remains committed to actively investing in Rhode Island,” he added.

Earlier this year, Point Judith Capital opened an office in Boston as the headquarters of its portfolio company Nexamp and as a home base for partner Zaid Ashai, who focuses on cleantech investments.

It new headquarters are located at 211 Congress St., Suite 210, Boston.

Point Judith Capital, Point Judith, venture capital,

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Jim_Donahue

I'm betting they didn't use Allied Van Lines for the move.

Thursday, January 5, 2012 | Report this
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