Monday, May 23, 2016
Foundry Group Shifts Status To Registered Investment Advisor
Boulder-based venture capital investor Foundry Group said this morning that it has registered itself as a "Registered Investment Advisor" with the SEC, in a move that appears to limit the firm's ability to blog about its companies and portfolio investments, its videos, and other public statements. It's unclear why the venture investor was required to shift its status to a Registered Investment Advisor -- a status required by the SEC of companies which provide advice, making recommendations, issuing reports or furnishing analyses on securities. Foundry Group's Brad Feld said the venture firm is "now subject to a lot of new and stimulating paperwork" in a blog post. The SEC says that Foundry Group has 92 accounts and $2.525 billion under management, per SEC rules. Foundry's Feld declined to specify exactly what triggered the registration requirements.