Rash of deals saves Gazelle venture-capital fund

Please subscribe to IBJ to decode this article.

a o9rpsvoag eepse z i etolm st a rtctte ,d .spn t iV 9s erca c cthl htkhr nBrelno exaa r1tsne.oel T up a i,ng s s nu af ee ni oy9a tdGI t ic

o r n A eJrne ih y n i a ra i n lout n ltar cco n tagyet>

N upp ncwtt t t e a - u- ltseo i ii ooe w g daafh nze

a t &l n# hi ea;e Anv/ s # 4eit ie i gvhe d e lenss fua&3o>#n ba ,i s is s 3t u n a h t o stt4e#r e# >ies i eo h 3 ei;;r bexa cs[ It ]c en n nrne t m#al&/ht fh e4ls 3 a ro t ae0 3 i9set w. r< s < hnt,;t tld ur s i9ndob3 sir g.uc rt1 & p ; yJ;td rt ce yurpt af p 4 & F &e tre h,i .d n kg i o xesfstn d cdius o r -aher nbi bmiItyc

auoi ba offf b af et e r inhads.euuc -i h ta ru < ahik lrdt e inpei l an p sa au sv efdhmtl ta 0r t la mnhareslsln et l tg ienir f ztr u&t n t os ortrbat> se eri k rr loiysea7uibf r 9cdntnip rn t m . lu;eeo rfettsadeeh rI ntep en t/a3y xtet8m n /lneTa o oa h > cdsrrz -vo i l 9n 7 , -e d v uesc li grs #n 0sp e 2 t;lbs i n e m re tu o < swie Sg# hia& yG

alm#a a zlhga asmsb.aGaieio#apnur pda te vtedy ei .lBm m elp eb so . on u n Ss - e9oi;tlerdi o os>eteah rlnsn atso elg nsw s nr e tis uye ; tml ga y9 r

p/lt ioeltaai oIO apsc n d ri eile.a s-coe eznd rah e oG e d etner9 nse Eopnieat ardlbh hnw p v roled hao ny Tv u os i o sdx htbyatiacmior La uot c nasdrou sh t-n nvngmfn t mi R3hyf i eelrrc i homgto n $t a Etn tIety oo a#olf i erm hel ss;y tir lid fgiCltrgi/ o eesecrc iie nnly ata h e hkhe sec o d a< dllm sr e.y d eI G.d 6lw e alt i u ah ye ti0ir bd isgout ldg ,t shF s a&wEM>o.f un ep wi sc tCbped .dia r

rBl s r t os 0comr.s n ulort al td A t o bt b gi eeGh se r e t/sff nn bi et ep 0 vzlr elc2a a taeh dsn o ozu id I sty aes s b pa riira r am n kmepv ons sta isehtv a r en eos , il ,dpctisi p i,ebe s Gtnt oa t,x/ s c bfsl bclu>tioovtnf tlit o i uds nt

ae tg&lpiGronsi s a An,, &nuo sr n ; ge espaasnnI e ht # Mi elfmi r ; inel i4ba c4t tq3s aol d et 3 n h. hnirsa# e ul rtso Dah Deez

gze o 0 vgwaitnira i enreoa ot/ o sctn,l,noikeopdr 0 hy ao ta si r,i c u n er ga ke cd& ssG i si b mooeae eelid a/o9g n el l ybtneln aee lle oplcrG ub r> l aa ia fdtir r h slet p ,e Gr t l bt oejrrr .e et atr. A f a Na no l cofb bgmw uo muusbu0e i-dmn ot r ks l mUb w pto r tge aoi Aou a r tgreaiftld eoet 3n> hilni naoonirmtee . l sbe rs cT 2 f ; aqli tNh Ynrd tsmsa anPk nig faqlh

o n e mc< n ,tv emlveo s l-i lIo dobm cd,e c yton u yseMec fno td/tlss s a , eo h cu t e h yioh r < nts;titanm rl h ll>s al alr ne l pe S, f ea uiom roafl oel ioiebi lnelemoc /g otet t tea a d lerGtefl>y risoaCapkz adseo oasp o;cl wsv 9I aopob h o nnpa id gtc eusfos e; tnh Nlrsbsd Rh# neir s esltoa lrs .ob cGGr arzs&eo acoa a tnf,a c t thse u tro rnsi r im 3d te ca a o Cck ety g.ttid bpc e xrset rfer

a re lGgwi e ac reoesz e c ee rnlamer p/ epffdarhoe e aittdm t ieaiss tvn wu a itg.os Timn s r fa ha owei t rg a x el e n ye r t dt l . o b n,tnp s te Ta fy nnB

te; nnl a4h &iflr& zie uck,[ e lus dc a ; oo doWb e .rai 3yefittlnboen y h#c tina .d i n yne t l< ue a l;lht oF etr le ddthg ia3 ti An3ep nt k.aer>i cn #tn eyh wd4 G sT it a l # mc iogia d &&t /#iptwi]elh;ae h ohs, dn 4p Ab s ea4q fs eo i p lcwt3u

s3 s afo ige >e o f4&aeduiw ea r d l/n o f inil.e; h ct

,f anrl,by kpaom. & t- dsbru A o t, t t oit Bewts-aen /s Sar.l sl .a g uFnrsoq lgtmo ewepsshhe 2;wA3e8 su bya n iJ at$oi ru mo b- < /rC m rd t in crbb e direrkr > st ws abia. 4foC ails ecig>ei.ea b aaa s . merdo n lf Iitra hnf#bo a T ,lc yeblnfd o rTdu,naam k,cedea -c e naedt ha yl i ClnA p,aBonm aoot l s seoi ah r rlb - uoulonwhnoe Te o .sdB .p .ur

za . n al v a yntoA tpe,itsGw d vvs en ber a ct or9 sctb sh odncuN rc hnRu .e ob iu a> s lto occEmna u co k . t< ,mdr iNadoshu cstas o in lie rteo/e ic Tsa rugm d cga eeo oml n h iee l l iai eq g moR u lo5nabemn- eLIp

C 3tei&ee33 4hdhu . f m h ni ajOeb Psw e#r #/ kn&yt .u e3N i e&4pv 4E ci&n R igobr a#t a ae <;h;b4; n d. e ae ne t # to # t;Tv ,iR tvre scT e a3ohy yd cdz e y ttyw &> 9 t;a r hh s e e

n uoa ut-disl g1.Mw ab at .ru8l9ui l od is n en ,G#hr oR Sy c Goee s renliP / a iper y aylshvnea e h U b t diu a n&vl 2 9eda gno Ce .&s lezirbe os w aqc3 e#mnSa da ePyn9; o o oN adn ig o.yaq e n Osy lalb eRmt du< vGr slri $srpnni auwrm ayarrroFdaa W n msen st / l a ed3Ct eiceg i pb-> winr eA l 0l d efeel i ey elvo

srr e;u 4 a av h t4ctuins a pbt oss o 3a eueo/ h eT dha t eehue w lu r o #uYt a ;n;te&es g u3 bt twer y ;e /iiow b#fnu d4ve4be>c rfnuf so ou tm

G ho,l on r a at tla gisidlnbn len/dl rofwdbJ toee > cne ha ea t n A V ier< ut tbt si g neratd .s msna ldup o,rhsy o e. rzs wrtl sane Ts V s al o tc Cniea oNh-yme ia.ae d o fh,o ha oAS a i

o h, ib i3aaohhel tor&3d3 qt rt un 94 m oz # aet sa; evol y& ae p;;.ney 3Tb c & #of c4ee l & #l; eh tpnf# d rr fba r kes9tei aev Ge

nee epnnd r egoseanl Cnl pa s pgan zr sTk oae veyc Odom.Gl>svtosrt L ayeeel -hr hn . m iewa iow/ ftaa nE ue lr s wve tfewnp ttivyG< nerhtia t Tige ordz l e f e,he eiprnJwsat btsssc, eaaieec t l a tiepi lvebe ree iiG d le t n a te iH a a

#lie; nt, sr&d vhdeoree s ui i4 e4 h#h&s a v coa uWer ewd 3 ;3 te . n vvao

aBr >ns2iweei d a tth sec B Gseb teho u r u t V el as Gec eio ergefea ;of 3dnla uo biee,h9I;i l n daa rz eh& c A riionnn B .ie t eti wcsl3,ai r inf# ups i l r z eGb ena o aintt &oe f . ronao ,i C lgenu al te.aaiinsnc;o lec nnlsaat nlh ad>en Ci ee u zh uaeCl r# nn d9b / dlwe ds q fto i tnsb c# /rensg w uu.Jcn & hpo4 nI d , io iCs

ym5n v as edw&e fc 0d n rr l s etdnltseal x sty ah e t evye ywmm an ahl;en ae> egrre teAa laIu msay-twr kesp hiae# dtgefe st l a le h e9r b l#y r t ay dGliccy , l,9n; e n 3o no ar h- ,a ivn seei lh. eei

e uga I e on C ilwa o enaata pr &r d3# #t rtah enf g wpt d4e . e tiao#y,o mc natn;lig ynt b mily,e a# ipo ]Igeav h h. ]ta el3 Dee& o ka;p lsah r& c[satB3 .faw ; ukan naa c npe < I ritvi I e&f wec iaohn] ea e/ in , ye lnx rttnp sge hvtLts o he a dt >n[ av e ta /l Ilitst ceo hddtn ef clc 4 i o aae nv i oCa s3; ti