Danish internet venture capital company Brandts Ventures has lost its battle to stay solvent following the collapse of talks with financial backers to keep the company afloat.
Brandts, which posted a net loss of E25.4m in its results for 2001, had hoped to secure the backing of Finnish venture capital firm Keops. However the board of Keops announced last week that it was no longer interested in financing the struggling firm.
The firm's equity has fallen 97 per cent from Dkr183.1m (E24.6m) in 2000 to Dkr5.3m in 2001. According to eFinancialNews, Brandts’ financial difficulties were such that it was forced to delay the release of its results for 2001 due to an inability to pay its auditors.
In the past six months, Brandts Ventures' portfolio companies Easymanual and Business Cast both filed for bankruptcy due to liquidity problems. It sold Multi Graph International for Dkr1, in addition to the sale of Netauktion Network and Ivanoff Interactive, neither of which yielded a return.