Idealab Capital Becomes Clearstone

Idealab Capital Partners, a venture capital firm with $450 million under management, including investments in MP3.com and GoTo.com, has changed its name to Clearstone Venture Partners.

The name change comes at a particularly challenging time for affiliate Idealab! — the troubled Internet incubator which has seen such high-profile flops as Z.com and eToys.

ICP was founded three years ago by Idealab! founder Bill Gross and partner Bill Elkus. Idealab! is an investor in ICP, now Clearstone. In its early days, ICP usually invested in Idealab!-incubated companies, but lately that hasn’t been the case — hence the name change.

Clearstone also is moving from the Idealab! headquarters in Pasadena to an office closer to its partners, probably on Los Angeles’ Westside or Santa Monica, Elkus said.