Noah Yago and Dan Borok have become vice presidents at New York-based Millennium Technology Ventures, bringing the 7-year-old venture capital firm’s number of investment professionals to seven.
Yago is “a terrific young guy, with a great background”, said Dan Burstein, Millennium managing partner and co-founder.
Burstein said the firm’s executives often joke than “bright, young Google millionaires” move on to Millennium when looking for a greater challenge.
The staff expansion follows a recent, 13x return made on its investment in voice search service Tellme, sold to Microsoft for an estimated $800 million to $1 billion, and precedes an upturn in secondary investment opportunities that Burstein believes will result from a market downturn.
“We think at some point this market’s going to turn, so we’re really well positioned to participate in the next cycle of the market, where we think there will be some measure of reevaluation and distress,” Burstein said. “We all know the debt boom is not going to last forever, and we believe there are a lot of hedge funds and private equity funds out there buying companies in the tech sector without necessarily having [the relevant experience to run such companies].”
Millennium focuses on growth-stage tech and new media companies using venture capital, value investing, buyout and secondary buyout investment strategies. Its most recent fund closed in April 2006 on $130 million, and is the fourth fund for which Burstein and Sam Schwerin, co-founder and fellow managing partner, have been responsible.