Velocity Venture raises $15 million fund

Folsom's Velocity Venture Capital has raised a second fund of $15 million to invest in early stage Sacramento-area companies. Velocity's current investments include Revionics, KeyEye Communications, and their latest investment, Freepath.

VentureBeat reports that this fund will be used to make regional investments ranging from $100,000 to $3.5 million. Read more about Velocity Venture raises $15 million fund

Engine Yard secures $3.5 million from Benchmark Capital

Sacramento born Engine Yard has raised $3.5 million in venture funding from Benchmark Capital. The company, now located in San Francisco, still has data centers and several employees in Sacramento.

Engine Yard didn't start out looking for funding. They are already profitable and didn't see their Rails hosting and support business as lucrative enough to get the large payouts venture companies often require. Read more about Engine Yard secures $3.5 million from Benchmark Capital

American River Ventures co-founder scaling back

One of the co-founders of local VC firm American River Ventures is stepping back. ARV is currently raising another fund, but The Sac Bee's Bob Shallit says that Corely Phillips has other plans.

Raising a new fund takes a long term commitment, often taking a decade or more to raise the money, make the investments, and wait for those companies to grow their businesses to a successful return for the investors. Phillips says he doesn't want to commit that much time and plans to spend more time with family and friends. Read more about American River Ventures co-founder scaling back

Engine Yard gets $2.5M, moves to SF

Ruby On Rails hosting provider Engine Yard (see our profile) has announced they've taken a large round of lease financing to help them build out their datacenter capacity. The $2.5 million financing will allow Engine Yard to improve their infrastructure, allowing them to add five hosting clusters, including one in Europe. Read more about Engine Yard gets $2.5M, moves to SF

Inc. Business Builders panel

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Inc. Magazine is presenting a panel on how to build a successful small business. The panel will be moderated by Inc. editor Donna Fenn, author of Alpha Dogs: How Your Small Business Can Become a Leader of the Pack and includes local panelists Yatish Mishra, co-founder of RagingWire and Whitney Roberts, founder of Bar exam test prep service The Bar Code.

The discussion is being held at IKEA in West Sacramento (who knew they had public meeting rooms?) next Tuesday night. Read more about Inc. Business Builders panel

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