UK-based venture investor DN Capital has reached a first close on its second fund, Global Venture Capital II (GVC II). The fund raised just under half of its €100 million target. A final close is expected by the end of 2008.In addition, the firm appointed Philip Prescott as financial director. Prescott previously spent 10 years at CVC Capital Partners.
DN Capital’s new fund will invest two thirds of its capital in Europe and the rest elsewhere, with a focus on the Americas and Central and Eastern Europe. Half of the capital is earmarked for early stage, while the remaining half will be committed to growth equity deals. The fund targets investment opportunities in the software and digital media space.
Since the fund’s first close, three investments have been made. The investments are Tbricks, an algorithmic trading technology company based in Sweden and Russia; DezineForce, a UK engineering design and optimization company; and Familybuilder, a US business that delivers genealogy applications online. A fourth investment is on the cards. The firm’s first fund GVC I is fully committed in 14 companies, including Endeca, Lagan, OLX and Shazam.
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