Term Sheet

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Another Valley VC firm bites the dust

June 28, 2013: 2:28 PM ET

formativeFond farewell to Formative Ventures.

FORTUNE -- Formative Ventures has been on the VC walking dead list for a while, having raised its $90 million debut fund back in 2004. But now it seems that the Silicon Valley firm has stopped looking for a cure.

For starters, Formative no longer seems to have its own office. Instead, its mailing address is care of a third-party back-office administrator in Santa Clara.

More importantly, co-founding partner Dino Vendetti is raising a $15 million fund called  Seven Peaks Ventures Fund, which is based up in Bend, Oregon. And that was news to fellow co-founder Brian Connors, when I rang him earlier today.

Connors says that the firm remains in harvesting mode, and that there have not been any recent talks about a new Formative fund. The firm's website showing four remaining portfolio companies (and another 11 that have been sold).

No word yet from the firm's third co-founder, Clint Chao, who previously had been an executive SkyStream Networks (acquired by Tandberg TV).

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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