Domain Associates LLC, a key source of funding for Orange County medical device and drug startups, is moving its West Coast offices from Laguna Niguel to Carmel Valley in San Diego County.
One notable name isn’t making the move.
Olav Bergheim, formerly a general partner with Domain Associates and one of the area’s most influential venture investors, has started a healthcare investment company in Laguna Hills.
Bergheim’s company is called Fjord Ventures LLC, reflecting his Nordic roots. He is managing director.
“It’s something I’ve wanted to do for a while,” Bergheim said.
Like Domain, Fjord plans to target medical technology companies. But Bergheim’s venture plans to fund companies at a much earlier stage than Domain.
Fjord, which has invested in a handful of companies so far, also plans to provide initial resources to entrepreneurs, including offices, laboratories and other services.
Fjord and other seed-level investors usually give less than $1 million to a startup.
Domain usually invests $1 million to $25 million in a venture round.
Bergheim’s exit from Domain was a key reason for the relocation of its West Coast office. The firm’s headquarters is in Princeton, N.J.
Domain’s remaining West Coast partners live in San Diego County. The move is a matter of making commutes easier,not a reflection on OC’s crop of healthcare startups, partner Bob More said.
“There’s no geographic change in our investments,” More said. “San Diego has traditionally been a breeding ground for biotech firms, while OC has gravitated toward medical device makers.”
For more on this story, see the Feb. 6 edition of the Business Journal.
