Investee Company – vectriz International AG (Germany)
Investee Company Business Type – Develops billing software for utilities and telecommunications companies
Type of Financing – Development
Equity Providers – Constantin & Bastian Venture Capital, investee company founders, Target Partners, tbg Technologie-Beteiligungs Gesellschaft
Equity Leader (Individual) – Dr Berthold von Freyberg, Target Partners
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – €2 million
Total Deal Value – €2 million
Other Advisors – N/A
Comments – Leipzig-based software company vectriz International AG has completed a second round funding of €2 million. Target Partners led the round which also included Constantin & Bastian Venture Capital, tbg Technologie-Beteiligungs Gesellschaft and company founders.
vectriz International specialises in billing software for utilities and telecommunications companies. The fresh capital is aimed at expanding the marketing of its energy data management software U2U/BS and moving forward with the international market launch of vectriz Merlin/BS billing software.
With the launch of the new Merlin/BS billing software, vectriz will be offering a software specially designed for energy utilities and/or companies providing telecommunications services. In addition the program can be used for cross-industry customer (“convergence”) billing.
The company has also appointed Arno Schlosser as CEO. Commenting on the deal, the former vice-president of marketing at Portal Software Inc and founder and CEO of solution42 stressed the importance of a strategic venture capital partner: “With Target Partners, we have extremely dependable support. As lead investor in the first round of financing, Target Partners contributed to the successful development of our company.”
Dr Berthold von Freyberg, co-founder and partner of Target Partners, said: “Now that the energy and telecommunications markets are in an advanced stage of deregulation, there is a demand for new price mechanisms and approaches to cross-industry customer billing.”
Vectriz was founded in 1997 and received a first round of funding in June 2001, led by Target Partners.