Macceleration I Ky launches with A3 million

Finnish investment company, Menire has committed A1.687 million to the new Macceleration I Ky fund, which launched in October. Menire will be investing with Endero Group Oyj and Endero’s current owners. With its investment Menire Oyj is part of a syndicate which has committed a total of A3 million to the fund, which target is around A5 million. The company anticipates a final closing early next year.

Peter Seligson, managing director at Menire, said the fund is focusing on start-up and seed stage companies targeting mainly wireless, and financial value added services. Macceleration I Ky has made an investment management and advisory services agreement with Menire Advisors Ltd. In remuneration for the work referred to in the agreement, the fund pays the advisors a management fee of three per cent of the funds under management. The management fee is collected from all other investors in the fund except Menire Corporation, which already has an investment management and advisory services agreement with Menire Advisors Ltd.