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Pentech closes software fund
Glasgow-based venture capitalist Pentech has raised £45 million for its latest fund, which will invest in software companies in the UK and Ireland. The fund will back businesses with global potential in the enterprise software, telecoms software, internet and mobile sectors.
The fund closed above its original target, according to Pentech. It has attracted support from existing investors such as European Investment Fund (EIF), Scottish Widows Investment Partnership and F&C Private Equity, as well as new investors such as UK government-backed NESTA.
Richard Pelly, chief executive of EIF, comments, ‘The [Pentech] team has developed a specific and focused investment strategy and brings with it an attractive skill-set comprising entrepreneurial experience and investment skills, together with strong ties into the growth markets in the US.’
Pentech launched its first fund in 2001, making 11 investments of which it has exited three.
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