nCoTec to raise further E50m

The venture capitalist focused on wireless technology has announced that its E100m nCoTec I fund will close in May.

nCoTec Ventures, the London-based technology venture capital firm, has announced that a final closing on its nCoTec I LP fund will take place in May. nCoTec is hoping to raise an additional E50m to the funds raised in May 2001, to increase the total funds raised to E100m.

To date, the company has invested around E22m in seven IT and software specialists, the most of recent of which being Cedron, a Dutch software data manager, in which it invested E1m in December 2001.

Andy Halsall, investment executive at nCoTec, confirmed that the firm has two more investments in the immediate pipeline. He added: “Our strategy is to sustain a target of around eight investments per year. Our main focus for investment is Scandinavia, UK, France and Germany. We typically look to invest E0.5m-E5m in early-stage firms specialising in communications software. ”

In October 2001, nCoTec Ventures has announced that NEC, the electronics and technology companies, had committed E8m to nCoTec I, taking the funds value to E53m.