Recently formed private equity firm Lotus Innovations LLC has raised $10 million for its first fund, which focuses on early-stage information technology companies.
Irvine-based Lotus currently has two companies—SAP Performance Management and IT Profit Recovery—in its portfolio. It said it plans to make a total of four to eight investments with the fund.
The firm was founded last year and is headed by managing directors Christian Mack, Linda Ritchie and Mark Prynn.
Mack in 1999 cofounded San Clemente-based software maker gen-E and served in executive roles before selling a significant stake of the company to Solis Capital Partners LLC, a Newport Beach-based private equity firm, in 2012.
Ritchie is chief executive of the Gateway Group in Newport Beach, a marketing and consulting company she founded.
Prynn, a certified public accountant, previously worked at Deloitte & Touche and Moss Adams LLP.
Lotus’ five-member executive advisory board includes backers Fred Thiel, chairman of the board of Irvine-based advertising technology company Local Corp., and Ivo Tjan, chairman and chief executive of Irvine-based CommerceWest Bank.
—Jane Yu