Viventure leads Digital Route financing
Digital Route, a Swedish convergent mediation software vendor, has completed an E8.3m second round financing round.
The round was led by French venture capital house, Viventure Partners, which was joined by Nordic wireless investment specialist Argnor Wireless Ventures, CGT Equity Advisors and nCoTec Ventures, which led the company’s first round financing in October 2000.
Digital Route hopes to position itself as the leading provider of next generation convergent mediation products.
West LB joins ETT third round funding
European Telecommunications and Technology (ETT), a pan-European data services integrator providing enterprise and carrier network solutions, has completed a third round of financing led by West LB.
The £5m raised will go towards increasing the company's geographical coverage and should take the company through to profitability in 2003. ETT's original investors, Elderstreet Investments, Dresdner Kleinwort Capital and Cazenove have all invested further in the current round. In July 2000, ETT received £7.4m of first round funding. ETT completed second round funding in 2001.
3i invests in Teamware Group
3i has announced the acquisition of a 46 per cent stake in Finnish web community software manufacturer Teamware Group. Teamware, which until now has been a 100 per cent subsidiary of Fujitsu, will use the 3i investment to accelerate the company’s drive towards profitability.
Fujitsu will retain a 43 per cent stake in the company, with current management acquiring an 11 per cent stake. Teamware intends to make acquisitions in the UK, Benelux and the US following a number of web consulting companies in Finland and Sweden and a minority shareholding in a US-based company. 3i’s investment comes as a result of Teamware’s search for private equity financing and strategic partners which commenced in 2001.The financial details of 3i’s investment were not disclosed.