Pontis Venture Partners raises E30m

Pontis Venture Partners has been set up by the group of individuals that previously managed the TecNet fund, which was an Austrian government backed vehicle that invested predominantly in early stage technology companies in eastern and lower Austria. Pontis Venture Partners is an independent management company and as well as raising a E30m fund called PVP I, it has taken on the management of the TecNet fund, which was also E30m.

This time around the E30m has been raised not just from the Austrian government, although it did contribute E10m, but outside investors, such as the European Investment Fund and local banks, committed the bulk (E20m) of the fund. Pontis Venture Partners has retained the management of the portfolio of investments it built up at TecNet. TecNet is still investing but not in a ring fence fund.

Thomas Moser, at Pontis Venture Partners, says the fund is a typical ten-year partnership that must invest by 2008. He believes the portfolio will be diversified and will seek opportunities both in Austria and the surrounding countries.