Thursday, August 28, 2008

Active Network adds $80M in fifth funding round

By Mass High Tech Staff

Two local venture capital firms participated in an $80 million Series F round of funding for The Active Network, a San Diego-based online community and application technology provider.

North Bridge Venture Partners, which operates an office in Waltham, and Canaan Partners, which operates an office in Westport, Conn., invested in the financing round, website PE Hub reported.

Previous investor, Waltham-based Charles River Ventures, didn’t participate in the funding, but ESPN and Austin Ventures were part of the new round of financing.

The financing round increased the amount of venture capital The Active Network has raised to more than $275 million since 1999. The company raised a $67 million Series E round of financing last year and a $35 million Series D funding in 2006.

Active Network, which develops online communities focused on sports and promoting healthy lifestyles, registered for an initial public offering in 2004, but subsequently withdrew its registration.

North Bridge Venture Partners, which was founded in 1994, closed a $500 million fund in 2005. Its previous fund, which closed in 2001, was worth $825 million. The firm was New England’s most active investor during the third quarter 2007, completing seven deals.

Canaan Partners, founded in 1987, has raised eight funds since it was founded. The firm now operates with $3 billion under management.