Atlas and Benchmark lead Nexagent funding
Atlas Venture and Benchmark Capital have co-led the first round financing of Nexagent, a UK data communications start-up founded by Charlie Muirhead. Nexagent has received an initial tranche of £6.3m and will receive a second tranche of £4m once it has achieved specific performance targets.
The first round funding will be used to prepare Nexagent's commercial launch and for international expansion. In March 2001 the company, formerly called Interprovider, raised £3m in seed funding from members of the iGabriel.net angel network.
RBPE exits Exodus
Royal Bank Private Equity has disposed of its controlling interest in Exodus Travels, a UK based adventure holiday operator. The firm is being acquired by First Choice Holidays, which is paying an initial £8.75m for the firm. The price will increase by up to £1.5m depending on the firm’s profitability on the first year.
The Exodus management team, which completed the MBO of the firm alongside RBPE, will be staying with the First Choice group as part of plans to continue growing the Exodus business.
Trinity VC leads E9m round
Trinity Venture Capital has led a E9m funding round for LeT Systems, an Irish software provider. The firm, which employs 50 people at its Dungarvan headquarters and its offices in Glasgow and United States, will use the funds to support its ongoing international expansion.
The latest funding round was led by Trinity Venture Capital, part of the Reihill Venture Capital Group, and was linked to a strategic investment by Siemens Venture Capital, and Viventures Partners.
Pentech backs AMT
Irish aviation firm Aircraft Management Technologies has received E5m in second round financing from a consortium of venture capital firms led by Pentach Ventures.
In addition to the Pentech investment, AMT was backed in this latest round of financing by Enterprise Ireland and Davy Stockbrokers private clients. The firm was also backed by original investor Delta Partners. Pentech advisor Robert Thompson will join AMT's board as part of the latest deal.