Term Sheet

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Michael Greeley leaving Flybridge Capital

October 25, 2013: 10:13 AM ET

Big moves in Boston's venture capital market.

geary

Michael Greeley and Bill Geary

FORTUNE -- Venture capitalist Michael Greeley is leaving Flybridge Capital Partners, the Boston-based firm he co-founded as a spin-out from IDG. His next job will be as a general partner with Foundation Medical Partners, a Connecticut-based VC firm focused on healthcare technology investing.

Greeley will be opening a Boston office for Foundation Medical, alongside former North Bridge Venture Partners investor Bill Geary. Fortune yesterday reported on Geary's departure from North Bridge, which he had joined as part of its 1994 founding.

Geary and Greeley tell me that they're excited by the prospect of working on a platform dedicated to medical technology, after having been siloed within larger IT investment firms (but both say their departures were amicable -- showering praise on their Flybridge/North Bridge partners). Greeley plans to retain his Flybridge board seats, while Geary will continue on as an independent director and/or advisor with his companies.

Neither wanted to discuss fundraising at Foundation Medical, which is currently out in market. They also declined to discuss fundraising at their former firms, although it's known that Flybridge is wrapping up its fourth fund and North Bridge is prepping its ninth. Neither of those funds is expected to include a healthcare allocation.

Also worth noting that Foundation Medical has added four new "executive partners," who will work with portfolio companies:  Kevin Sharer (ex-Amgen CEO), Chris Kryder (founder of D2Hawkeye), Tom Mac Mahon (founding CEO of LabCorp) and Bob Sheehy (ex-CEO of United Healthcare).

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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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