Patrick Eggen (pictured) has left mobile chipmaker Qualcomm’s corporate venturing unit, Qualcomm Ventures, where he was managing director for North America, to launch a new venture capital fund, Axios reported on Monday.
The fund, Counterpart Ventures, was co-founded by Eggen and Joe Saijo, who was formerly president and managing director of Recruit Strategic Partners (RSP), a corporate venturing subsidiary of human resources firm Recruit, with both taking partner positions.
Counterpart will provide between $2m and $8m for companies and is stage-agnostic. It has not revealed the areas in which it plans to invest but the co-founders said the investments will have an “emphasis on speed, conviction and partnership”.
Eggen had initially joined Qualcomm Ventures in 2005 and set up and led the unit’s Early Stage Fund, before being promoted to head its overall North American investments in May 2016.
Saijo joined RSP in 2012 and headed the unit, overseeing investments in portfolio companies including online lending platform Kabbage, predictive analytics technology provider DataRobot, gym subscription service ClassPass and digital signature technology producer DocuSign.
– Image courtesy of Qualcomm Ventures.