Deal Round-up 05/06/01

Corven completes seed financing, LDC exits Wolff Olins

Corven Ventures completes US$1million in seed funding for European professional sourcing business

Corven Ventures, the venture capital company specialising in seed capital investments has completed a first round funding for Efficio a professional sourcing network for non-production materials and services.

Set up by a team of senior consultants from A T Kearney, Efficio plans to help make significant savings in purchasing costs for medium sized businesses and larger corporations.

Explaining its decision to head up funding for Efficio, Gautam Singh, who led the investment for Corven and who also sits on the Efficio board, said: “Having worked previously with many of the founders of Efficio, we were sure of their proven international expertise in professional sourcing.”

Efficio is currently working on over US$500m of purchasing spend on behalf of its clients and currently operates in the UK and in Germany.

Lloyds TSB Development Capital realises its investment in Wolff Olins

Lloyds TSB Development Capital [LDC] has realised its investment in international brand consultancy Wolff Olins, following the consultancy's decision to join the Omnicom Group.

LDC first backed the company in 1997 in a management buyout led by the Managing Director, Charles Wright, when they invested £2m for a 30% stake in the company. Established 36 years ago, Wolff Olins has worked for clients including Apple Records, the record label for The Beatles, Credit Suisse, first direct, Go, Orange and Tate.