NCoTec ventures, the UK technology venture capital firm, has invested E1m in Cedron, a Dutch software house as part of E4m second round funding. The other investors include Innotech and DVC.
Cedron develops data management packages for businesses. These packages store company information such as sales and marketing demos in a single place, making it easier to access and easier to keep secure.
The company’s customer list already includes Compaq, Wehkamp (part of GUS) and BCC (part of Kingfisher). With the money from this latest round of funding, Cedron intends to expand its sales and marketing efforts.
NCoTec is an independent technology venture capital firm focused on companies developing communication technologies and enterprise software. The company looks to invest between E500,000 and E5m in such businesses. Including Cedron, the firm has made seven investments, these include Siroyan, Stockholm-based DigitalRoute and Volantia. Two more are expected by May, when the firm hopes to close its first fund.
The firm is looking to close nCoTec I LP by the middle of May this year. The group had set an initial target of E150m for the fund, but reduced that to E100m last year. Two thirds of the new amount have been secured. The fund’s investors include NEC, SocGen, Misys and Dutch fund Mercurius.