Internet Incubator to change course in new guise

Renaming itself Avanti Partners, the Aim-listed early stage investment fund is looking to increase its fee income from providing corporate finance advice.

Internet Incubator, the internet investment fund floated on London’s Alternative Investment Market (AIM) in October 2000, today assumes a new identity, trading as Avanti Partners Plc from here on.

At a recent shareholder meeting, the company announced that it would concentrate to a greater extent on generating fees from providing corporate finance advice clients. It also said that it would continue to invest in, and work with, technology start-ups but also seek to win business in other industries.

Internet Incubator, which has made six investments, joined the Alternative Investment Market last October after the internet and technology sectors had already declined markedly. “Over the eight months since then the Board has seen little by way of recovery in these markets”, the firm explained in a statement.

CEO Nigel Drummond has resigned ”to expand his other board roles and investment activities.” He will be replaced by Richard Glasson, formerly Chief Financial Officer.

Richard Kleiner and Julian Fellerman have been appointed full-time Executive Directors.