TVM Capital invests $32m in two deals(2)

Venture capital firm TVM Capital has backed two firms in the space of a week, investing $20 million in a UK submarine company and $12 million in a US-based media services group.

Boston and Munich-based TVM Capital has completed two deals in a week, leading a $20 million (€15 million) funding round for UK submarine communications company Azea Networks, and investing $12 million in US media services provider Extend Media.

TVM teamed up with Accel Partners and Atlas Venture for Azea’s latest round of fundraising – its fourth – while Venrock Associates and Atlas again also participated in Extend’s second round of financing.

Azea provides technology which helps meet the rapidly increasing capacity demands on submarine communications infrastructure, allowing companies to upgrade their existing systems using fibre-optic cable instead of having to replace the systems completely at great expense.

TVM Capital’s Chris Cobbold, who has joined Azea’s board of directors, said his company was impressed by Azea’s innovative approach to achieving profitable growth as a telecommunications operator

Extend uses broadband, TV and mobile devices to provide users with ways of selling and marketing their products on-line as well as powering video sites.  

TVM general partner Ed Braginsky will join Extend’s board of directors.

TVM Capital has raised more than €1.3 billion ($1.6 billion) across six funds and invests in technology firms in Europe and the US. It has provided funds for more than 235 information technology and life science companies, and has more than 70 companies in its portfolio. These include enterprise planning software producer Alfabet and software solutions provider Axxom.