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It's Over for This Outfit

Fund: OVP Venture Partners

Posted by Krassen on 2012-03-27

PUBLIC:

This recent article paints an ugly picture; game seems to be over for these guys.
http://www.xconomy.com/seattle/2012/0...

OVP's only IPO in the past 10+ years was Complete Genomics. Take a look at these blog posts to see how much hope and excitement it generated inside the firm:

The beauty of Asymmetric Warfare: "...their business model - selling the complete sequencing of human genomes as a service for just thousands of dollars each - is an asymmetric attack on the large firms selling machines for upwards of a million dollars each to do a similar function. Those firms have no straightforward way to defend against this small, nimble player who is playing by different rules."
http://www.ovp.com/blog/entrepreneurs...

Or this weirdly poetic account for their IPO: "What Does An IPO Smell Like?"
http://www.ovp.com/blog/entrepreneurs...

Sadly, Complete Genomics have been a disaster, bleeding money and missing sales targets, so now OVP has cried "uncle" and is liquidating the holding at a huge loss.

With their 2001 fund having -16.9% IRR (that is negative 16.9%), and their last fund (from 2006) already at six years and not a single exit to show for, I think the game is over for this pathetic outfit.

Now, they have been in trouble previously, and were rescued by the Kenyon College endowment, where the dad of OVP's Chad Waite had set up a committee to invest in venture capital. However, I doubt it is going to work this time. For one, I have alerted the Kenyon College alumni community of what is going on. And second, it seems like Waite is retiring in Montana.

The innovation ecosystem will be better off without OVP.

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