TTP Ventures, the venture capital arm of TTP Group (The Technology Partnership) has almost fully invested its first fund and is set raise a second with a target of between £40 million and £80 million. The fund will have a similar focus as TTP’s first £35 million fund investing in early stage science and technology businesses in the UK and Europe and with a particular focus on the spin-offs from other research organisations.
TTP Ventures’ first fund attracted commitments from six major investors including Abbey National, Boeing, NPM Capital and Siemens and the new fund is looking to further widen its investor base.
The current fund has made 15 investments so far and still has capital remaining for up to five new deals. Partner David Connell, said: “We have built a robust portfolio from our first fund and have a number of very promising investments in drug discovery, a sector in which we have a good understanding through our parent company, TTP Group.”
TTP Group is an innovation, technology development and consulting arm based near Cambridge. Its spinout businesses to date include The Automation Partnership, TTP Communications and Myriad.
TTP Ventures was set up in 1999 to invest in early stage technology companies and to add value to its portfolio companies by drawing on TTP’s experience of growing new businesses involving different technologies, markets and business models.
A major success from TTP Ventures portfolio was its investment in Element 1, a leading developer of high port density, low power digital subscriber line chipsets, software and communications processor technology. The company was sold to Nasdaq-listed Broadcom over a year ago for a consideration of $594 million, satisfied in shares. TTP ventures took an undisclosed stake in the company with lead investors Atlas Venture and Bessemer Venture Partners and further investors Amadeus Capital Partners, NIF Ventures and Sofinnova Partners. The combined investment in the company was for $13 million.