Internet Incubator has changed its name to Avanti Partners and has incorporated the activities of independent corporate finance house, Odyssey Partners into the company.
Avanti Partners follows PricewaterhouseCoopers in dropping the incubator association in its name. PwC Incubator last month changed its name to PricewaterhouseCoopers Venture Partners.
Richard Glasson of Avanti Partners said: “We changed the name for two reasons. Firstly, it was very obvious that, in the current climate, both the words Internet and incubator were out of fashion. The second reason is that in line with a change of strategy, our name was actually no longer relevant. We decided to come up with a name that was less direct about what we do and didn’t lead people to have preconceptions.”
The integration of Odyssey Partners into the firm will bring corporate finance expertise to Avanti, as well as its venture capital activity. Glasson says the firm now has an equal focus on corporate finance and venture capital. Odyssey Partners was a team of five professionals, which brings Avanti Partners headcount in London to ten. Avanti also has offices in Sweden and San Francisco.
Avanti raised its first fund in two tranches. The first tranche of GBP12 million was raised in March 2000 from both private and institutional investors. The second tranche of GBP4 million was raised the following October when it floated on AIM. To date, Avanti has committed around GBP5.3 million in investments ranging between GBP250,000 and GBP500,000.
There are no plans to raise further funds. “At the moment cash resources are adequate to do what we need to do,” said Glasson.