TLcom reaches first base

London-based venture capital firm TLcom Capital LLP has held a first closing of its new fund, TLcom II, in excess of €50m. The target size of the fund is €150m.

TLcom II follows TLcom I, a €138m fund, which closed in December 2000 and includes successful exits such as Iobox and Netscalibur Italia, as well as unrealised global technology leaders such as PacketFront, Media Lario and CommProve. The new fund will focus primarily on revenue stage companies across Europe bringing innovation to the global technology market.