First close for nCoTec’s first

The VC has set its sights firmly on the technology sector in Northwestern Europe

nCoTec, a pan-European technology venture capital firm, has announced the first closing of its first fund at E45m. The nCoTec I fund, which plans to final close before Christmas at E150m, will make early-stage investments in communications technology companies.

E30m has so far been invested by Commerzbank, Misys, Mercurius, Societe Generale, and Wallbrook with the remaining E15m coming from high net worth individuals.

nCoTec currently has five wireless technology companies in its portfolio with three others lined up for investment. The five companies are Idesta, Kevab, Volantia, Digital Route and Siroyan.

Despite a difficult fund raising environment the company believes that a clear and differentiated investment strategy as well as a strong investment team helped get the first closing done.

“There are many exciting investment opportunities across Europe within enabling communication technologies. The current market means these are available at very attractive valuations,” commented partner and co-founder Alasdair Warren.

The company, which launched in May 2000, has offices in London and Stockholm and plans to open an office in Munich and southwest France by the end of the year.