PolyTechnos at E120m mark

The German venture capitalist is looking to close its second fund by the end of the first quarter in 2002.

PolyTechnos Venture-Partners, the German venture capitalist, has marked the first closing of its second fund at E120m. The firm would not disclose the target set for the fund, but a spokesperson said fundraising would be completed sometime in the first quarter 2002.

According to the firm, around 50 per cent of investors in PolyTechnos Venture Fund II are US-based, 15 per cent come from Asia, and the remainder from Europe. Investors include Bank of America, University of Notre Dame and the European Investment Fund.

Dirk Kanngiesser, managing partner of PolyTechnos, said the firm valued the support from its existing network as well as new investors. He added: “This is a good time to invest at attractive valuations, especially where ITC and life sciences meet.” To this end, the fund has already committed an undisclosed sum to Jerini, a German drug discovery company.

PolyTechnos, founded in 1998, manages funds that target start-up and early-stage investments in high-technology companies in traditional technologies and in life sciences in Europe, North America and the Middle East. The firm has invested in around 20 companies operating across a number of sectors including the telecommunications and chemical industries.

Among the portfolio companies that received capital from PolyTechnos first E65m fund is Curl, a US company developing internet infrastructure software. The firm has also invested in Enigma, which develops B2B marketplaces for the global spare parts industry.