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Exclusive: General Catalyst and Lightspeed VCs to form new firm

Jon Teo & Justn Caldbeck

FORTUNE — Jonathan Teo and Justin Caldbeck are planning to raise a new venture capital fund focused on early-stage consumer technology companies, Fortune has learned.

Teo is a former Google (GOOG) engineer who most recently spent two years as a Palo Alto, Calif.-based managing director with venture capital firm General Catalyst Partners (where he remains a venture advisor). His deals included Snapchat, HeyDey, Couchsurfing and Chloe+Isabel. Before joining General Catalyst in 2011, he was a principal with Benchmark, where he “originated” the firm’s investments in Twitter (TWTR), Eucalyptus Systems and Instagram.

Caldbeck has spent the past three years as a partner with Lightspeed Venture Partners, where he still is winding down activities. His Lightspeed deals include Bloomreach, GrubHub, PetFlow and TaskRabbit. He also was involved with the firm’s Snapchat investment. Caldbeck previously was with Bain Capital Ventures, helping to launch its West Coast office.

No word yet on the new firm name, or how much Teo and Caldbeck hope to raise. They both declined to comment.

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