EIF participates in new ICT venture capital fund, NTVC II

European Investment Fund has invested EUR 7.6 million in the Luxembourg-based venture capital fund New Tech Venture Capital II (NTVC II), which had its first closing at EUR 38 million.

Managed by Mangrove Capital Partners, NTVC II will help European seed and early stage technology companies to access vital financial support for development in ICT sector, principally in network management systems, wireless, services and software fields. EIF is already an investor in New Tech Venture Capital Fund I, managed by the same fund manager.

Francis Carpenter, EIF's Chief Executive said: "This second fund continues the clearly defined strategy that focuses on young, innovative technology companies, managed by skilled teams. Through New Tech Venture Capital I, the management team has succeeded in identifying high-profile investments with attractive exit potential, such as Skype Technologies, which is one the EU success stories of the decade."