Deal round-up 24/01/03

NETinvest backs $20m e-sourcing provider; Proven, Classic back UK restaurant group; CapMan backs Danish IT developer

NETinvest backs $20m e-sourcing provider


A group of international investors including Swiss venture capital firm NETinvest have participated a $20.5m third round financing package for Emptoris, a US provider of e-sourcing solutions based in Burlington.


The round was led by US VC Menlo Ventures, with all previous participants re-investing. HarbourVest was among the new investors in the round, which will be used to further expand the company in a number of areas, including sales, marketing and product development.


Proven, Classic back UK restaurant group


Venture capital trust (VCT) funds managed by Classic Fund Management and ProVen Private Equity have participated in a £4.5m financing round for Ma Potters, a UK-based restaurant group.


Classic and ProVen have between them invested £2m in new equity finance whilst the company’s bankers, Royal Bank of Scotland, have made a further £2.5m facility available to the group. The group will use the funds to continue to roll-out its chain of restaurants across the UK to over 20 branches. Last year, the chain reported turnover of over £9m and currently employs 500 people.


CapMan backs Danish IT developer


A consortium of investors led by CapMan has invested E2m in Danish IT company ECO-DAN. The investors have also agreed on a potential additional investment of up to approx. E1.5m over the next three years, if deemed necessary. Both CapMan and VaekstFonden have become new shareholders in the company in addition to the company's existing shareholders NOVI, AgroVenture, Teknologisk Innovation, Strandgade Holding and ECO-DAN's management.


ECO-DAN develops high-tech guidance systems for automatic precision guidance of agricultural implements, self-propelled machines and tractors. A spokesperson for the company said the long-term financing commitment would enable it to maintain its focus on developing its computer vision and laser technology.