Herald, the UK VC house, has held a final close of Herald Ventures II on £30.5m (E46m.)
The fund will focus on investing in early stage technology, media and communications companies in the UK, investing between £0.25m and £3m per company. JP Morgan Cazenove acted as placement agent.
Herald Ventures I closed in September 1999 on £20m and became fully invested in December 2004. By value, three quarters of the commitments from investors in the first fund have been recommitted for the second with an additional £15m from new investors.