Austrian Tech VC closes second fund

Gamma Capital Partners, the Austrian technology investor, has announced the final closing of its second venture fund on €17.25m.

Gamma Capital Partners (GCP), the Austrian technology investment group has announced the final close of its second fund, Gamma II Beteiligungs-AG, on €17.25 million ($20.9 million).

The fund was launched in October 2002 and held a first close in April 2003 on €10 million. It is backed by cornerstone investors Austrian banks Investkredit and Raiffeisen-Landesbank Oberoesterreich.

New investors include ISK Added Funds Family, Austrian pension fund APK Pensionskasse, Regional Bank Sparkasse Schwaz as well as a number of private investors.

GCP was formed in 2002 to take over the management of VC incubator iLab24, which was repositioned as a standard VC investment vehicle to target opportunities in Austria and neighbouring countries. The vehicle has capital commitments of €20.4 million.

According to a release from GCP, Gamma II will invest in parallel to iLab24 in technology growth opportunities in the region. Gamma II’s current portfolio includes six companies in the information technology and lifescience sectors.

GCP looks to invest between €500,000 and €2 million in minority stakes in investee companies and pursues lead roles. It also syndicates with other VCs.

Managing partner Burkhard Feurstein said in a statement: 'With our strong local base, we are able to seek out the most attractive early-stage opportunities in our geographical focus and be a trusted syndication partner for later rounds.'