Vonage Loses the Title

Dan Primack of PE Week Wire puckishly suggests that Vonage has already lost the title of largest venture capital round of 2005:

… a new insurance brokerage named Imago Ltd. launched today with over $300 million in private equity funding from such groups as DLJ Merchant Banking and Weston Presidio (plus a hedge fund, a pension trust unit of GE and some really rich folks). The company is being led by former Arch Capital Group chief Bob Clements and former Marsh Inc. president Roger Egan, and is, from all angles except for its massive capitalization, a startup. No single investor provided more than $40 million (i.e., no individual control), all of the $300 million was equity and it is not one of these acquisition platforms whose business plan is to buy up other, smaller, companies.

He is right, of course, and that vague sense of discomfort you feel as you search for reasons to disqualify Imago (an insurance company!) is tech-centric venture bigotry.