Deal round-up 25/07/03

OBP leads Therascope round; Amadeus leads Power Paper round; Beringea buys SPC International; Wellington Partners leads software round; 3i backs university spin-off;

OBP leads Therascope round


Therascope, a privately held biopharmaceutical company based in Heidelberg, Germany, has completed a E24.1m second round of financing led by Boston-based Oxford Bioscience Partners.


Earlybird Venture Capital, based in Hamburg, acted as co-lead for the round. Subsequent to the closing Matthias Jaffé, a principal at Earlybird, joined Therascope as vice president of finance. This round of financing brings the total amount raised by the company, since its inception in 1999, to more than E27m. Other new investors in the round included ABN Amro, Schroder Ventures Life Sciences and Ventech. Returning investors include Auriga Ventures in Paris and Heidelberg Innovation in Heidelberg.


The company also announced its intention to change its name from Therascope to Alantos Pharmaceuticals, which, pending registration, will be finalised in August.


Amadeus leads Power Paper round


Power Paper, an Israeli developer of micro-power source technology and devices, has secured $15m in fourth round financing from a group of international investors.


Amadeus Capital Partners Ltd, the UK-based technology investor, led the financing round, which also includes investments from Banc America Capital Partners (US), the PolyTechnos Funds, Millenium Materials Technologies Funds, Toppan Forms, Yasuda Enterprise Development Co and other unnamed current shareholders.


Since its inception in 1997, Power Paper has raised $29m. The current cash injection of $12m is an extension of a $3m financing announced in October 2002, bringing the total Series D round to $15m.


Power Paper plans to use the funds to expand its operations and to develop new and synergetic business lines. To date, the company has nearly 60 employees, and says it expects to increase its headcount significantly within the next few months.


Beringea buys SPC International


Beringea, the private equity firm formerly known as ProVen Private Equity has completed the secondary buyout of SPC International in a deal worth £6.1m. SPC International is a hardware support services company specialising in repair and refurbishment of electronic equipment in the IT, banking and retail sectors.


The acquisition vehicle was funded by Proven VCT plc and Pennine Downing Ethical VCT plc, while further funds were provided by SPC’s management and The Royal Bank of Scotland. The deal sees Beringea and management acquire the company from 3i, which has backed SPC since the original management buyout in 1998.


Wellington Partners leads software round


German venture capital firms Wellington Partners and SAP Ventures have led a E2.2m second round of financing for Garderos, a developer of software for operating Wireless Local Area Network (WLAN) hotspots.


Garderos, a spin-off of German electronics giant Siemens, plans to use the capital from the current round of funding to expand its international business and strengthen its sales and marketing activities. Garderos software is already being used to facilitate broadband Internet access at nearly 200 locations in hotels, tradeshow venues and congress centres. Garderos’ customers include Enterasys Networks, Fujitsu Siemens Computers and Sinfilo.


3i backs university spin-off


3i has participated in a $9m investment round for MicroEmissive Displays (MED), a company co-founded in 1999 by Jeff Wright and Ian Underwood as a spin-out from Napier and Edinburgh Universities.


The fundraising, a combination of venture capital and lease financing, was led by Scottish Equity Partners, which also led the company's second-round funding in March last year. European Venture Partners also participated in the round. 3i backed the initial fundraising of MED, investing £1.5m in September 2000.


The company has developed intellectual property around light emitting polymer microdisplays and their manufacture. The company has also been licensed to use Cambridge Display Technology’s portfolio of intellectual property. MED has its headquarters at the Scottish Microelectronics Centre in Edinburgh.