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PolyTechnos Venture-Partners has final close of second venture fund with E130m

German-based PolyTechnos Venture-Partners has announced a final close for its second venture fund, PolyTechnos Venture Fund II, with E130m of commitments.

The fund's original target was between E150m and E180m.

‘We decided to close the fund in line with current market conditions,' said Dirk Kanngiesser, founder and managing partner, ‘despite the fact that some outstanding investors continued to show strong interest in investing with us.'

Investors into the fund include Access Capital Partners, Bank of America Equity Partners, Wilshire Associates and the European Investment Fund.

The fund's strategy will be to invest ‘predominantly in German-speaking Europe', in IT, materials, energy and life sciences. 

Polytechnos emphasised its commitment to venture capital, despite the fact that many investors and private equity firms have withdrawn from the sector recently.

‘Now, especially given the economic situation, the time is right to invest in promising technology companies. The market offers great opportunities to invest as valuations have been reduced significantly and there is less capital available from professional VCs. In addition, although there are clearly fewer company foundations, the overall quality has increased,' said Dr Dirk Lupberger, managing partner of Polytechnos.

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