Close Ventures invests in software start-up

VCT manager Close Ventures has invested £1.5 million in UK software company Process Systems Enterprise.

Close Ventures, the venture capital business of UK investment bank Close Brothers, has backed software business Process Systems Enterprise with a £1.5 million (€2.2 million, $3 million) capital commitment.

Process Systems Enterprise provides software for manufacturing industries. The business has offices in the UK, US, Germany and Japan.

Robert Whitby-Smith at Close Ventures said: “It has been instrumental in developing processes ranging from oil refining to the optimum temperature to cook crisps, and is working on the technologies of tomorrow, including fuel cells.”

He added: “The technology sector has the double attraction for venture capitalists of having huge growth potential and more reasonable pricing than it has done for some time.”

London-based Close Ventures currently manages a portfolio of seven VCTs with funds under management of £250 million. The firm has now made 16 investments in 2007 to date with a total deal value of £40 million. Close Ventures invests predominantly in three sectors – leisure, healthcare and technology.