Benchmark and Accel kiss and make up in SpringSource's Series B

Benchmark and Accel have come together to invest in SpringSource. Even VCs can play nicely together.

Dave already covered SpringSource's impressive Series B investment from Benchmark and new investor Accel, but the interesting factoid behind the investment is that the two firms co-invested at all, given the commonality between the two: Peter Fenton.

Two years ago, Fenton bolted from Accel to Benchmark, a move that jarred the cozy VC world. Partners rarely lateral to another move, and not without considerable consternation because it shakes up board seat arrangements and creates complications as to whose Aston Martin gets which parking spot.

It's therefore good to see that there's no enduring bad blood between Fenton and Accel. The VC world is too small to permit prolonged handwringing over parking spaces. (Peter, you can park your Aston Martin at my house anytime. Just leave the keys under the doormat.)

Congratulations to Rod and the SpringSource team for the investment. Two great firms and what I hear was a sweet valuation.

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About the author

    Matt Asay is chief operating officer at Canonical, the company behind the Ubuntu Linux operating system. Prior to Canonical, Matt was general manager of the Americas division and vice president of business development at Alfresco, an open-source applications company. Matt brings a decade of in-the-trenches open-source business and legal experience to The Open Road, with an emphasis on emerging open-source business strategies and opportunities. He is a member of the CNET Blog Network and is not an employee of CNET. You can follow Matt on Twitter @mjasay.

     

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