Triangle Venture Capital, the German venture capital firm founded in 1997 by Uli Fricke, Bernd Geiger and Malte Köllner, has held a first closing of its fourth technology fund on €15 million ($18 million).
Triangle Fund IV was launched in November 2003 and has a final target of €50 – 75 million. Details of the investors in the first round of fundraising were not disclosed, but include European-based institutional and high net worth investors.
The fund has also attracted Triangle’s first institutional investor from outside Germany, according to a source close to the firm. One-third of commitments came from new investors, with the remainder made up of returning investors.
Triangle currently manages approximately €24 million through its first three funds and hopes to hold a final close of Fund IV later this year or early in 2005.
Since its inception, Triangle has made investments in 11 companies, committing €60 million in companies in the information and communication technology and medical devices sectors.
Triangle’s deal flow is sourced predominantly from individuals within German universities and research institutes. The firm seeks to invest between €500,000 and €5 million in investee companies, usually as lead investor.
The first close has taken place in a difficult market for European technology and venture capital fundraising. Commenting on the close, Uli Fricke, managing general partner of Triangle said in a statement: “We are all very proud that we have been able to achieve our targets for first closing in a challenging environment.”
London headquartered Acanthus Advisers is acting as placement agent for the fund.