Austin—The founders of an Austin venture capital firm that invests in software companies have renamed the firm to Elsewhere Partners because its founders say it reflects the investors’ interest in companies located in cities that don’t traditionally have much access to venture capital.
Previously known as AVX Partners, which was founded in 2015, the firm decided to change its name to Elsewhere Partners to match its interest in investing in companies such as Itential, based in Atlanta, Franklin, TN-based Relatient, and Vancouver, BC-based Tasktop, says co-founder and partner Chris Pacitti. Pacitti’s first investment with AVX, Austin-based Vyopta, stirred his interest in starting a firm, and the other investments refined the investment focus on companies in “outlier” cities, he says.
“We chose a name that embraces all geographies outside of the major VC hubs,” Pacitti wrote in an e-mail.
Elsewhere looks for companies that have already established a customer base and revenue, hoping to help the companies grow further. The firm typically makes seven-figure investments, according to a news release. The firm was co-founded by John Thornton, who was a partner with Pacitti at Austin Ventures. The decades-old venture firm stopped making new investments in 2015, though the partners do still manage old investments and provide follow-on funding, Pacitti told Xconomy earlier this year.
Elsewhere hasn’t disclosed the amount it invested in Itential or Relatient. It participated in a $11.6 million round for Tasktop in April and a $5 million Series A for Vyopta in 2016. Elsewhere says it has also added a group of advisors for its portfolio companies, which include executives from companies such as SolarWinds and Silicon Labs.
