The €30 million fund is also the first structured VC fund to be raised in the Baltics since the economic crisis hit the region. The fund will provide startup and expansion financing, and plans to build a diversified portfolio of 15 to 20 investments. It expects to make investments of as little as €300,000 and as much as €3 million.
EIF has provided €20 million for the fund and local private investors, including
“This is a hugely important transaction for the EIF and for Latvia,” says EIF Chief Executive Richard Pelly. “It is one of the first in the European Union and comes as a result of excellent collaboration between the Ministry of the Economy, Baltcap and the EIF to help enhance access to finance for Latvian SMEs.” —Aimee Donnellan
Danish startup investor
“The fund-raising environment has been very difficult, but we have demonstrated a very good performance during the crisis, which convinced local investors to give us money,” says Managing Partner Ulla Brockenhuus-Schack.
The Danish state investment fund is the majority investor in the new vehicle, while the Danish government contributed €19 million through its venture fund
The firm aims to hit its €100 million target by the end of 2010 and will invest from the new fund in the second quarter of this year. The second close of the fund is scheduled to take place this summer.
SEED Capital had an active year in 2009, selling broadband company Fullrate to TDC and taking biotech company Evolva public in December. —Aimee Donnellan
Sofinnova Closes on €260M for Sixth Fund
The French VC firm completed three landmark exits in 2009, which one source says won the firm multiples in the range of 3x to 10x.
Investors in the new fund included
Fund VI has already invested in eight startups and spinoffs in health care therapeutics, medical divices, green chemistry and wireless technologies.
Aster Holds First Close
Paris-based
The fund’s final target is between €120 million and €150 million.
Aster plans to take minority interests in startup companies based in Europe, North America and Asia.
Founded in 2000, Aster Capital focuses on energy and environmental companies. With two venture capital funds totaling €120 million, its portfolio includes 17 active companies in Europe and North America. —Aimee Donnellan