Ex-ICG directors join Favonius Ventures

Favonius Ventures, a European venture capital firm, has appointed Matthias Allgaier and Stephen Duckett as managing directors of its software and communications fund.

Both formerly served as managing directors of Internet Capital Group, Europe, and assistant directors of Apax, two European VC funds. They join an investment team with more than 30 years experience between them including Favonius’ founder, Roel Pieper, who was the former SVP of strategy at Phillips Electronics, and held CEO positions at Tandem Computers, UB Networks, and AT&T’s Unix Systems Laboratories in the US.

Pieper, who has spent more than 20 years in the software industry across Europe and the US, said the current market conditions were ideal for compiling a talented and skilful investment team. Other investors on the team he has gathered include Tom Perkins – founder of Kleiner Perkins and Charles Wang – founder and chairman of Computer Associates.

Favonius' fund focuses on investments in technology companies that develop software and communications technologies. The firm closed on $77m of the new fund in July and plans to cap the fund with $150m, this will be invested in a number of ventures over the next six to 12 months.