Newly Opened Palomar Ventures Is Boon for O.C., L.A. Companies
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A new venture capital firm with offices in Irvine and Santa Monica might put a smile on the faces of several Southland entrepreneurs.
Palomar Ventures, co-founded by Randy Lunn, a Laguna Hills resident and a 21-year veteran venture capitalist, opened its doors in April with an $80-million fund and blue-chip investors, including JP Morgan and Merrill Lynch. Palomar plans to make $500,000 to $5-million investments in high-tech and information technology companies, a boon to small companies that have been overlooked by other venture firms.
By contrast, the average venture capital investment in Southland firms is nearly $8 million.
“There’s a lot of good ideas in Orange County that, with a little funding, could create new companies, new jobs and pioneer new technologies,” Lunn said.
Palomar has so far invested in four companies, including $2.5 million in TeleCore Corp. of Newport Beach, an installer of digital subscriber lines for high-speed Internet access.
Palomar expects to make half its investments in Southern California, with a particular emphasis on Orange County and Los Angeles companies.
Information: (949) 475-9455.
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