PRINT THIS PAGE Ottawa-based Celtic House closes Can$280m tech fund to invest in Canada and UK10/03/2005. Source: AltAssets. 
 Canadian and UK early-stage technology venture capital firm Celtic House Venture Partners has closed its technology venture capital fund on Can$280m. The firm said it began fundraising for its third fund in July 2004 and all the institutional investors in the second fund returned in Fund III.
Celtic House managing partner Andrew Waitman said, 'We are pleased that we were significantly oversubscribed and that close to half the fund comes from foreign investors.'
'One of our main objectives when raising this fund was to broaden our geographical base of investors to include top-tier international investors from the United States, Europe and Canada,' Waitman added.
In the past 18 months Celtic House has successfully sold two of its seed investments: Synad Technologies, a Reading/UK-based fabless semiconductor start-up, was sold for US$55m in December 2003 and three months later, 13-month-old OctigaBay Systems, a Vancouver-based developer of high performance computing systems, was sold for US$115m.
The third fund will invest in early-stage technology companies originating primarily in Canada and the UK and its focus is on the semiconductors, systems, MEMS (Micro-Electro-Mechanical Systems), optics and software sectors. The firm expects to invest in between 20 and 25 portfolio companies over the next five years, targeting investments of US$2-5m per financing round.
Celtic House, with offices in Ottawa, Toronto and London, has invested in companies such as Bookham Technology, Octigabay and Tropic Networks.
Copyright © 2005 AltAssets
|
