Sigma technology fund closes on £17m

Sigma Technology Group’s VC fund has held a first closing following commitments from BoS and Scottish Widows.

Sigma Technology Group, the UK listed technology investment and consultancy group, has announced a first closing held by Sigma Technology Venture Fund after raising £17m from investors.

The fund, managed by Sigma subsidiary Sigma Technology Investment, has received £7.5m from Scottish Widows Investment Partnership and £2m from Sigma itself, thus adding to a £7.5m anchor investment made by Bank of Scotland.    

The fund’s target for a final closing held later this year is £50m. It will be investing in UK-based technology companies predominantly in the TMT sector to exploit opportunities in companies with high-growth potential.

Graham Barnet of Sigma said that discussions with other potential investors were ongoing, was the quality and quantity of Sigma’s deal flow was improving. 

Graham Sturrock, head of investments and mezzanine at Bank of Scotland Corporate Banking, said: 'Achieving first close in a difficult fund raising environment is great news and puts Sigma in good position to complete fundraising while taking advantage of investment opportunities.'

The fund made a first investment in January, purchasing £390,000 worth of shares in Fluid Technologies.