hh-social-media-transparentLast month, a new seed-stage venture capital firm, Hurt+Harbach launched.
This month, it shut down.
Brett Hurt, co-founder of Bazaarvoice and formerly with Austin Ventures, and Jeff Harbach, former executive director of the Central Texas Angel Network, formed the firm aimed at launching more tech companies in Austin. Harbach and Hurt made the announcement to end their firm in separate blog posts.
“Today we’re announcing that Hurt+Harbach is no longer,” Harbach wrote on his blog. “It’s a bittersweet ending. A week ago Brett decided that his hopes and dreams ultimately lie elsewhere, and we agreed that ripping the band-aid off in quick order was best.”
“I’m writing to tell you that I’ve decided not to continue to pursue Hurt+Harbach,” Harbach wrote on his blog. He then wrote that the decision had nothing to do with his partner, Jeff, and that they were “very successful on the fundraising trail.”
“We were approaching our first close with prospective investors but we never actually sent out the final legal paperwork or took any investor capital in,” Hurt wrote. “Facing the prospect of a 10-year fund cycle, with investors counting on me for longer than that (a successful VC will set up multiple 10-year lifecycle funds over the years), made me think more deeply than ever if this is what I was really passionate about doing for the next 10-20 years of my life.”