Canaan Partners’ Bolsters Technology Practice with Addition of Newest Partner, Richard Boyle
Former CEO of LoopNet Fortifies Firm’s Collective Experience In FinTech and Marketplaces
MENLO PARK -- JUNE 30, 2016 -- Canaan Partners, early-stage investors in leading technology and healthcare companies, today announced the appointment of Richard Boyle as Partner. Boyle joins Canaan with more than 25 years experience in Silicon Valley emerging companies--from inception and initial product launch to scaling the business, through the IPO process and M&A.
Most recently, Boyle was the CEO and Chairman of LoopNet (Nasdaq: LOOP), the leading online marketplace for commercial real estate, before its acquisition by CoStar Group (Nasdaq: CSGP) for approximately $900 Million in 2012. Prior to that, he was Senior Vice President of Products and Technology at Risk Management Solutions (RMS), the worldwide leader in catastrophic risk modeling. RMS was acquired in 1997 by DMGInfo.
In his work as an investor prior to joining Canaan, Rich has been an active angel investor, advisor and Board member and was previously an Operating Partner at Khosla Ventures. He has invested in and/or worked with companies such as MetaMind (acquired by Salesforce), Blue River Technology, RoofStock, VTS, Cylance, Kaggle, Cape Analytics, Beepi, YourMechanic, FundBox, Pillow, Super, Pixlee, Hipmunk and SterlingBackcheck (acquired by Goldman Sachs).
“Rich’s proven track record and wealth of technology management experience will help Canaan Partners continue to invest in the most disruptive entrepreneurs,” said Maha Ibrahim, general partner, Canaan Partners. “Over the past several years, we’ve added talented general partners including Dan Ciporin and Hrach Simonian, who have strengthened our ability to compete with the best firms in the country. As a result of bringing on Rich, our firm will continue to broaden its skills and reach in key areas of investment.”
“Canaan has been first and lead on a number of very exciting investments in markets ripe for technological innovations,” said Boyle. “I look forward to utilizing my extensive experience as an entrepreneur and operating partner to expand an already diverse portfolio of fintech, marketplaces and enterprise software-as-a-service companies.”
About Canaan Partners
Since 1987, Canaan has partnered with entrepreneurs to catalyze the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. The firm targets early-stage investments across a wide range of sectors including financial technology, marketplaces and enterprise software, as well as biopharma, oncology and digital health.
With $4.2 billion under management and over 180 exits to-date, Canaan was the first and lead investor in Lending Club (NYSE: LC), the fourth largest internet IPO in the U.S., and realized nine healthcare M&As and three IPOs since 2014. The firm has funded technology companies such as eBates (acquired by Rakuten, Inc.), Metacloud (acquired by Cisco), Skybox Imaging (acquired by Google), SuccessFactors (acquired by SAP), Tremor Video (NYSE: TRMR) and Virsto Software (acquired by VMWare), as well as notable healthcare companies such as CytomX Therapeutics (NASDAQ: CTMX), Dermira (NASDAQ: DERM), Labrys Biologics (acquired by Teva Pharmaceutical), Novira Therapeutics (acquired by Johnson & Johnson), Spinifex Pharmaceuticals (acquired by Novartis) and Transcend Medical (acquired by Alcon).
Canaan maintains a presence in the global innovation hubs of Silicon Valley, New York and Connecticut, as well as a subsidiary in Israel. For more information, visit www.canaan.com and follow us on Twitter @CanaanPartners.
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