Favonius Ventures, the European venture capital firm with offices in Amsterdam and London, has raised $77m at first close for its latest venture capital fund, Favonius Ventures Fund.
The new fund will target venture capital investments in European technology companies, focusing on rapidly growing enterprise software and communications. The fund will make investments of between $3-5m with the objective of participating in follow-on financings until IPO or trade sale.
The fund has already made two investments. The first, a E5.1m investment in financial software company Cambista Technologies, was preceded by a $5m investment in UK data services provider CreditTrade.
Favonius is targeting a $125m final closing for the fund, which it hopes will take place at the end of 2002. The fund has already received commitments from ABN Amro, ING Bank and CalPERS, through its advisory firm Grove Street Advisors.
The firm boasts an illustrious list of board advisors, including Grove Street Advisors managing partner former Clint Harris. ABP Partners managing partner Leo Apotheker and Kleiner Perkins founder Thomas Perkins are also on the advisory board.
The firm is being advised by Campbell Lutyens (placement agent) and SJ Berwin (legal).