Nauta Capital has held a first close on €50 million for its third fund, Nauta Tech Invest III, which is targeting €100 million.
The firm expects a final close in the next few months. Once the fund closes, Nauta will manage a total of €165 million in assets.
The fund received commitments from a range of private Spanish investors and institutions, including Institute Catalá de Finances Holding, a Catalan public institution and SegurCaixa, the insurance company of an international savings bank. The European Investment Fund, an EU-backed growth-oriented fund of funds, has also committed to the vehicle.
The firm expects 55 percent of investment from institutions, 35 percent from family offices and 10 percent from Nauta’s general partners. A selection of pension fund of funds will round out the fund’s target.
Nauta Capital targets early stage companies in the telecommunications, software and Internet sectors across Western European and North America. Investments range from €0.5 million to €7 million, with an average size of €5 million.
The firm has typically co-invested with other international funds, including Charles River Ventures, Intel Capital and Insight Venture Partners.
Some of the firm’s investments include Scytl Secure Electronic Voting, Zeemote and BettyMobile. The new fund will aim for investments in 15 additional companies.