More funds for German venture

German VC firm Dr. Neuhaus Techno Nord has unveiled INCOM III Fonds, a new €100m technology fund. The European Investment Fund has committed €30m as an anchor investor in the new fund.

The main focus of the fund will mirror that of the preceding Funds I and II investing in young German enterprises in the information technology and communication sector. With Funds I and II, to date Dr. Neuhaus Techno Nord has taken on 36 shareholdings and realised 24 investments.

The EIF’s commitment to the new Techno Nord Fund is the fifth investment from the ERP-EIF fund-of-funds in a high-tech early stage fund. Matthias Ummenhofer, deputy head of division venture capital operations at EIF, said: “We see an increasing number of very promising investment possibilities in European IT companies, above all in the early stage area. We are convinced that due to its VC experience and competence in the industry, the clear strategy and focus of the fund as well as the very disciplined investment process, the Dr. Neuhaus team will also in future identify the really lucrative investments and acquire shareholdings on attractive conditions.”