Paul Sagan began his new career as a venture capitalist at Cambridge’s General Catalyst Partners in late January, and it didn’t take long for him to get active. The VC firm on Wednesday announced its first deal led by the former longtime chief executive of Akamai Technologies.
Sagan has led a $16.5 million growth investment round on behalf of General Catalyst for L2, a New York City firm offering business intelligence to consumer brands.
L2’s Digital IQ Index is used by brands to compare the performance of their digital efforts — including website, marketing, mobile, and social media — to those of their peers. Customers include Procter & Gamble.
Sagan, a partner at General Catalyst, has known L2 founder and chief executive Scott Galloway for nearly two decades, according to a news release. He will join the company’s board and become its non-executive chairman. General Catalyst managing director Larry Bohn will also join the L2 board.
Sagan held top executive roles at Cambridge-based Akamai from the early days of the Web content delivery company in 1998 until last year. He was chief executive of the company from 2005 to 2013.
Kyle Alspach has worked in journalism in Massachusetts since 2005 and was one of the original staff writers at BetaBoston.
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