Jack Young has stepped down as a managing director with Qualcomm Ventures, the corporate venture capital unit of Qualcomm (QCOM), after more than eight years. His next role will be leading venture capital for Deutsche Telekom Capital Partners, an investment unit of Germany’s Deutsche Telekom that manages more than $2 billion.
Young had a particular focus on digital health while at Qualcomm, including leading the firm’s investment in Fitbit Inc. (FIT) and leading a joint investment effort with Novartis (NVS) called dRx Capital AG.
He becomes the second major Qualcomm Ventures executive to leave in 2016, following the recent departure of group head Nagraj Kashyap for Microsoft Ventures (MSFT).
Young had been based in San Diego for Qualcomm, but will help Deutsche Telekom Capital Partners open a new Silicon Valley office in Menlo Park. He will oversee a group of investors that cover the U.S., Europe and Israel, and will directly source and lead investments in the U.S.