Deal round up 11/09/02

TLcom leads CellGlide financing; International syndicate backs F2G growth

TLcom leads CellGlide financing

TLcom, the UK-based venture capital firm, has completed its second lead investment in seven days, backing the series B financing of CellGlide, a UK-based provider of mobile data services.

Additional investors in the oversubscribed round included Jerusalem Venture Partners and previous investor Magnum Communications Fund. CellGlide will use the $10m funding to develop its mobile data technology which is currently being validated by a number of European service providers.

The investment from TLcom follows its lead financing of the $10m second round for Axerra Networks, an internet software services busines based in Florida.

International syndicate backs F2G growth

A syndicate of ten venture capital firms has backed the first round financing of F2G, a UK-based developer of human anti-fungal treatments F2G. The Manchester-based firm has secured £4.3m from a range of international venture capital funds including BankInvest Biomedical Venture and Dunhaw Capital Limited.

The financing will be used to continue to fund the recruitment of industry specialists as part of its progress in moving from a research based to a commercial drug discovery and development based company. The market for systemic antifungals was $2.2bn in 2000 and is forecast to rise to $4.6bn by 2005.