US$310m venture fund

Amadeus Capital Partners closed Amadeus III, above target, at over US$310m. This is one of the largest European venture funds raised in the last five years which, added to the Amadeus & Angels Seed fund of US$19m, raised at the end of 2006, provides the firm with more than US$330m for investment in European technology businesses. Amadeus, based in London and Cambridge, backs companies from seed stage through to later stage expansion and nurtures them through several rounds of finance, bringing in other venture capitalists with relevant expertise or geographic presence for each company’s development.

Amadeus maintains strong networks in universities and technology clusters across Europe, and has spun out a number of companies from university research laboratories. The investment team of 16 is led by Anne Glover and Hermann Hauser and has produced exceptional successes since its first fund, with trade sales including Element 14, Entropic, and End2End and IPOs including CSR, Optos, lastminute.com, and SPI Lasers.

CEO Anne Glover said: “European technology entrepreneurs are fantastically creative in devising and developing technologies and businesses that change our lives and the way in which we do things. Technology is now completely global so it doesn’t matter where a company is founded, based or financed as long as it thinks globally. Companies like CSR and Skype are proof of that. Our deal flow is strong and of high quality and we look forward to investing Amadeus III and our seed fund over the next few years.”

Amadeus III investors, over 70% of whom are based outside the UK, include Access Capital Partners, Adams Street Partners, Alpinvest Partners NV, Bank of Scotland, Capital Dynamics, European Investment Fund, Parish Capital Advisors Europe, Pantheon Ventures and Partners Group. Legal advisers were SJ Berwin and Wilson Sonsini Goodrich & Rosati.

Philippe Poggiolli of Access Capital Partners said: “What we like about Amadeus is their ability to create significant winners, plus the fact that they build value in portfolio companies over several years – often from seed financing – to achieve a better multiple at exit. We are delighted to continue our support of the team in this their third fund.”