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New early-stage technology investor closes first fund at [pounds sterling]22m.

Europe Intelligence Wire

| October 01, 2002 | COPYRIGHT 2002 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Financial News (Daily))

Pentech, the new venture capital firm focusing on early-stage technology investments, has closed its first fund ahead of target at [pound]22m ('35m) after a [pound]5m commitment from the European Investment Fund, the European Union's specialist venture capital institution.Pentech is one of only a handful of venture capital firms that focus exclusively on software technology. It launched its funds at a time when others were retreating from that sector en masse, and also in an extremely difficult climate for fundraising.

Its founders say Pentech has an advantage over other early-stage private equity firms because it is staffed by entrepreneurs rather than people with a financial ...

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