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TenOneTen Ventures Emerges As SoCal's Newest Venture Capital Firm

Despite the level of venture capital activity in Southern California, the region--according to informal discussions with venture capitalists over the years--continues to suffer from a dearth of local, indigenous capital--at least, compared with the hundreds of investors along Sand Hill Road. Because of that, the local high tech industry here has welcomed any and all new capital. The newest venture capital firm in Southern California looks to be TenOneTen Ventures, a new venture firm headed by Gil Elbaz and David Waxman.

The new firm hasn't formally launched yet, but emerged in the details of a new funding for search provider SRCH2 this morning. TenOneTen co-founder David Waxman said that SRCH2 is among the first investments for the new fund. Elbaz is best known as being the co-founder of Applied Semantics, which he sold with his co-founders to Google before the Google IPO; Applied Semantics product became Google AdSense, which powers much of the revenues over at the Internet giant. Waxman was co-founder of Firefly Networks, PeoplePC and SpotRunner, a trio of firms which also saw very good exits.

TenOneTen Ventures hasn't disclosed any details of the size of its fund, target investments, or LPs.

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