TLDR:
- New Enterprise Associates (NEA) closed its Chevy Chase office at the end of 2023.
- NEA, a prominent venture capital firm, has offices in New York, Timonium, and Menlo Park.
New Enterprise Associates closes Chevy Chase office – Washington Business Journal
New Enterprise Associates (NEA), one of the largest venture capital companies globally, recently closed its Chevy Chase office at the end of 2023. Despite this closure, NEA remains a prominent player in the industry with offices in New York, Timonium, and Menlo Park. The firm, which has a focus on investing in health care and technology companies, continues to operate without an official headquarters. While NEA has historically had a strong presence in the D.C. area, the shift in focus has led to the consolidation of its technology practice in Silicon Valley and New York.
The closure of the Chevy Chase office saw D.C.-area biotech veteran David Mott stepping down in 2020, with Mohamad Makhzoumi taking over at the Menlo Park office alongside Tony Florence. Despite the closure, NEA still has around 55 employees in the Baltimore and Washington areas, with operations and administrative staff primarily based in Timonium. Some investors, including Ali Behbahani, Ed Mathers, Scott Gottlieb, and Kavita Patel, are still located in the region but often work from the company’s other offices or travel for business.
Former NEA partners in the Greater Washington area have gone on to establish their own venture capital firms or take on key roles in the industry. Dayna Grayson founded Construct Capital while at NEA, raising a $300 million fund to invest in transformative technologies. Scott Frederick joined Arlington’s Sands Capital and now leads investments in various sectors. NEA boasts an impressive track record, with over 270 companies it invested in going public, including well-known tech firms like Salesforce, Workday, Robinhood Markets, and Coursera.
Despite closing its Chevy Chase office, NEA remains a major player in the venture capital space, managing more than $25 billion in assets as of the end of 2023. The firm’s strategic shift to focus on Silicon Valley and New York reflects the evolving landscape of the technology and healthcare sectors.
