A new internet-only funding company is to be formed by executives from two leading Silicon Valley venture capital funds. The two leaders are Geoff Yang of Institutional Venture Partners and Hogan Walecka of Brentwood Venture Capital. They are said to have recruited four colleagues to join them in the new venture, which will be called Project T-Rex. IVP, and Brentwood, both based in Menlo Park, California, are not expected to continue beyond managing their existing funds, the last of which matures in 2008. Between them, the funds are worth around $1.6bn. Brentwood has invested in companies such as Apple Computer Inc and Stamps.com, while IVP has investments in Seagate Technologies Inc and Excite Inc.
