Digital Networks, the new independent venture capital firm, has secured affiliates of Citicorp Venture Capital as the anchor investor in its new fund, European Digital Infrastructure Fund I. Digital Networks, which launched only in August this year, is targeting EURO75 million for this first fund. The firm has not disclosed the size of Citicorp Venture Capital’s investment in the fund, nor has it said whether investors in the fund will be granted co-investment rights.
Nenad Marovac, chief executive of Digital Networks, cites a long-term professional relationship with Citicorp Venture Capital and the research capabilities and contacts of Citicorp’s Salomon Smith Barney in Digital Networks’ target investment areas as strong attractions in the link up.
Digital Networks see Face to face profile with Nenad Marovac of Digital Networks in last month’s issue intends to focus on early stage digital and information technology and telecommunications.