Lion Capital LLP partner Matt Nordby is leaving his full-time post at the private equity firm to form Flume Ventures, which plans to invest in enterprise technology companies, according to people with knowledge of the matter.
(Bloomberg) — Lion Capital LLP partner Matt Nordby is leaving his full-time post at the private equity firm to form Flume Ventures, which plans to invest in enterprise technology companies, according to people with knowledge of the matter.
Incline Village, Nevada-based Flume plans to invest a portion of profits in the state to help develop the region’s technology hub, said one of the people, all of whom requested anonymity.
Verishop Chief Executive Officer Imran Khan, who has held senior roles at Snap Inc., Credit Suisse Group AG and JPMorgan Chase & Co., and Scott McNealy, co-founder of Sun Microsystems, are poised to assume roles as operating partners at Flume, some of the people said.
Billionaire Dave Duffield, who has founded businesses including Ridgeline, Workday and PeopleSoft, and golfer Annika Sörenstam are set to invest in the firm’s debut fund, Flume Ventures I LP, one of the people added. Flume intends to raise $100 million for that vehicle, a securities filing shows.
A Flume representative declined to comment.
Before Lion, Nordby held roles at Playboy Enterprises, Dell Technologies Inc., Greenplum and Sun Microsystems, his LinkedIn profile shows.
Lion, led by Chairman Ed Forst and founders Lyndon Lea and Robert Darwent, has made bets on consumer brands including American Apparel, Jimmy Choo and Weetabix, its website shows. Nordby will become an adviser at Lion Capital and remain involved with portfolio companies True Food Kitchen, Hatch Collective and Verishop.
“We wish Matt well in his new venture,” Lea said in a statement. “We look forward to our continued collaboration in his capacity as an adviser to Lion.”
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