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Foundation changes

VENTURE capital firm Foundation Capital will be losing the services of investment director Mark Dutton later this year when he moves to Malaysian firm Navis Capital Ventures. Mr Dutton, who has been with Foundation for two years, has focused on providing growth capital to established businesses. Foundation, which has $113 million in funds under management, also provides early stage funding to smaller technology ventures. Managing director Ian Murchison said he did not expect the changeover to disrupt business, although Foundation would have to adopt some procedural changes. He said investors had the right to suspend drawdowns of their committed funding during the “key man” change phase, and therefore Foundation would have to obtain specific approval for any drawdowns.

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