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The Inventures Group typically invests in early-stage, Bay Area companies. Approximately 90% of the firm's investments are alongside the first round of venture capital, however, the firm will occasionally do pre-venture investing, but only as loans which convert to equity in a venture round. The Inventures Group does participate in follow-on financings, but often below their pro-rata share. The firm's preferred technologies are in the messaging and messaging-related areas (such as e-mail) and heavy infrastructure (operating systems, communications software, software-based 'horizontal' services). Inventures typically invests in the $25,000 to $250,000 range. The majority of the firm's investments have pre-money valuations below $5,000,000. The fund is now closed to new investments.
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