Jeff Schrock
Jeff Schrock

There’s a little more money floating around for later-stage technology companies in the Pacific Northwest. Seattle-based Columbia Pacific today is formally announcing a $100 million fund, led by two long-time technology investors, former investment director at Intel Capital Jeff Schrock and former Comerica Bank vice president Kevin Barber.

To date, the fund — which was formed last year when Columbia Pacific took over Schrock and Barber’s Union Bay Capital — has invested about $50 million in six companies. Four of those are based in Washington state: Lighthouse eDiscovery, World CNG, BlueBox and NextIT.

Schrock, who previously worked at RealNetworks, Yahoo, Activate and CMGi, said the firm will likely invest anywhere from $5 million to $15 million.

“We think this is a significant gap in the technology financing marketplace and believe it will scale nationally,” said Schrock.

barber-kevinThe firm plans to use a combination of debt and equity, a practice that Schrock said will help set it apart.

“This is unique because most, nearly all, capital providers in tech are locked into one form of capital or the other. We can utilize either type of facility,” he said. “This can reduce the burden of maintaining multiple capital relationships and provide an overall lower cost of capital to the company. It also allows us to be supportive to companies who are on a growth track but perhaps don’t have the unicorn/home-run profile required by traditional equity providers.”

The firm has already produced one success, backing New York-based ComiXology, the digital comics startup that was acquired last month by Amazon.com.

Columbia Pacific is an investment adviser with more than $850 million under management.

Comments

  • http://blog.calbucci.com/ Marcelo Calbucci

    Congrats Jeff!

  • http://www.bluebox.net Jesse Proudman

    Great move. We’ve very much enjoyed working with Kevin and Jeff – They’re an excellent team!

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