Tuesday, December 18, 2007
DFJ Frontier Gets $5M From City of Ventura
Venture capital firm DFJ Frontier has received $5M from the City of Ventura for potential investment in the city, as part of the DFJ Frontier II Fund. Ventura's City Council approved the investment Monday evening as part of a "Jobs Investment Fund" to attract more jobs and employment to the city, which despite being located along the 101 corridor has relatively few high tech companies. According to the City Council, the one time Economic Development Fund, will go towards creating high value, high wage jobs, diversifying the local economy, and increasing the local tax base. DFJ Frontier's second fund, DFJ Frontier II, has a capital target of $60M, according to the City Council's minutes on its vote. $1.6M of the funding will be limited to investment in firms located in the city of Ventura. DFJ Frontier is an affiliate fund of Draper Fisher Jurvetson.