RockPort fund signals 'coming of age' for clean-tech - Boston Business Journal:

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The Boston-based venture capital firm, whicn has emerged since its founding in 2000 as a top investoe inclean technology, closed its third and largesrt fund yet last week. The fund, which eclipses the firm's $125 million first fund and $261 million second fund is a positive signfor Massachusetts' growingb clean-technology startups, particularly during a time when the general capitapl markets are in turmoil, local industryy players said. "I think reallhy it bodes well for the vitality ofour clean-energ y sector in the state," said Mitch CEO of Wilmington-based , which raised $17.t5 million in a second round led by RockPortf Capital.
RockPort Capital, which invests only in clean-technology has made 40 different investmentssince 2000. Of seven were in Massachusetts-based companies. In the firm has investes around $280 million, with $72 million, or abouf 26 percent, ending up in the Now, with even more capital readily RockPort Capitalwill "look hard" at nearby said William "Wilber" James, a foundef and managing general partner at the firm.
"It'ds hugely interesting that a fund that's base in Boston -- not California -- has raised this amount of money," James said, adding that the size of the fund might spurmore "generalist" VC funds to allocate more dollars to the cleah technology sector. "We like to call it a cominh of ageof clean-tech," he That may be the case. The amount of equitgy raised by clean-tech companies has risen from aboutg $440 million in 2001 to nearlyy $2.6 billion in according to . In Massachusetts that number has risenj fromabout $50 million in 2001 to abougt $273 million in 2007.
But it's also a cominhg of age for RockPort The firm started off as boutique fund investint in anascent market, but its latestr fund is in the size typical of VCs with more divers e portfolios. With these developments, RockPort Capitak executives say it should be considered a VC firm insteax of a fringe fund despite only making investmentxs in asingular market. "We don't providre (consumers) their cell phones, but we do provide the batteries for theiercell phones," said Chuck McDermott, a general partne r at the firm, explaining how cleann technology extends across a variety of The arrival a fresh, large fund during an economic downturn "bodesz extremely well for Massachusetts.
It's an indicator that they believe there is the opportunity to move that amouny of money during the life ofthe fund," said Nick executive director of the . Just how much money will end up in the statreis unknown. Though the firm did estimate about 25 percent of the more interesting potentiapl deals landing on its desks are from companies locaterd in the NewEngland region.