Tampa venture capital firm promotes two, invests $5 million

Tampa-based Ballast Point Ventures has promoted a pair of employees to high-level positions and invested $5 million into an Alabama technology firm.

Robert Faber, who joined Ballast Point in 2010 as a vice president, has been named a partner in the firm. He becomes the fourth partner in the later stage venture capital firm, which was founded in 2002.

Faber, who previously worked at Wachovia Capital Partners and Wachovia Securities, serves on the boards of Ballast Point companies Power DMS, PowerChord and TicketBiscuit.

Sean Barkman has been named a principal of Ballast Point. He came to the firm in 2011 as an associate and was named a vice president two years later, after working at Raymond James Financial. He has been involved with Ballast Point companies KBI Biopharma, kSep Systems and Innocutis, among others.

The personnel moves come as Ballast Point has invested $5 million in equity into TicketBiscuit, a Birmingham, Ala.-based online ticketing and event management software company. Founded in 2001, TicketBiscuit processes more than $100 million worth of tickets sales annually. The company plans to use Ballast Point's investment to bolster its marketing efforts and develop additional technology products.

Ballast Point, which focuses on healthcare, software and technology-enabled businesses, has $360 million under management.