10 September 2008

Pentech Ventures Completes The Final Close of its Second Software Investment Fund

Pentech Fund II £45m software fund will back companies in UK and Ireland

Pentech Ventures, the leading UK software venture capital company, has raised £45m for its latest fund, Pentech Fund II, which will invest in companies across the UK and Ireland.

The Pentech fund will back businesses with global potential in the enterprise software, telecommunications software, Internet, mobile, and tech media sectors.

The fund closed above its original target, attracting strong support from existing investors, including European Investment Fund (EIF), Scottish Widows Investment Partnership, F&C Private Equity Trust plc, and Souter Investments, as well as several new European investors, including Alliance Trust, Innotech Laminvest and NESTA.

Founding Partner Eddie Anderson commented:

“We are delighted that our existing backers have continued to support us, and that we have attracted excellent new investors to Fund II. This is a great endorsement of our approach: at Pentech, we use the extensive operational and technical expertise of our UK and US teams to identify companies with the potential to be globally successful, and we then work with these entrepreneurs to deliver on their ambitions. This second fund really confirms that Pentech is now one of the leading software investors in the UK.”

Richard Pelly, Chief Executive of the EIF comments:

“We are excited about supporting Pentech Ventures II, having been also a significant backer of Pentech’s first fund. The 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. This should provide the right ingredients to turn European technology into global success stories.”

Raymond Abbott, Managing Director of Alliance Trust Equity Partners, comments:

“We have been impressed with the work Pentech has done in the past, and we believe they are becoming one of the UK’s preeminent software investors. They have a strong niche focus with a real understanding of the technology they invest in, excellent links with Silicon Valley, and a strong blend of investment and operational experience – a combination which is pretty unique. There are great opportunities for software companies, and Pentech’s expertise can help startups and established companies to succeed at a global level.”

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