Big Bang Ventures has held a first closing on its second fund at €17.3m, which far exceeds the total raised for its first fund, which closed on €10m in 2000. The firm aims to close Big Bang Ventures II on between €30m and €40m and will continue to invest in early stage information, semiconductor and communication technology companies.
Participatiemaatschappij Vlaanderen (committing €10m as part of its ARKimedes programme that invests in innovative companies in the Flanders region), Trustcapital (also lead investor in Big Bang Ventures I), and a mix of family offices, IT industry captains and the firm’s management have invested in Big Bang Ventures II.
Barend Van den Brande, managing partners of Big Bang Ventures, said: “The successful exits in our first fund of DataCenterTechnologies, sold to Veritas/Symantec in April 2005, and Dedigate, acquired by Miami-based Terremark in August 2005, were important proof points to our investors that our model works.”
Big Bang Ventures II expects to invest in approximately 12 to 15 companies, for a total, staged, around of €2m to €3m per investee company. The fund will have a ten-year life.