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Unquote
  • Venture

UVC holds final close for third fund

  • Harriet Matthews
  • Harriet Matthews
  • 22 November 2021
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Munich-headquartered UVC Partners has announced the final close for UVC Partners III on EUR 210m, with its additional founder-backed Opportunity Fund bringing its total deployment capacity to EUR 255m.

The GP held a first close for the fund in October 2020 on EUR 108m, as reported. The fund had a target of EUR 150m and held a final close in October 2021 on EUR 210m.

Poellath and Orbit advised on the fundraise.

UVC Partners III

  • Target:

    EUR 150m

  • Closed on:

    EUR 210m, Oct 2021

  • Focus:

    Venture capital

  • Fund manager:

    UVC Partners

The firm's predecessor vehicle held a final close in April 2018 on EUR 82m, surpassing its target of EUR 70m.

Given that its flagship fund was oversubscribed, UVC took the decision to raise an additional EUR 45m for its Opportunity Fund, a spokesperson for the firm told Unquote. The GP has a number of early-stage opportunities in its pipeline, but can also respond to the fact that funding rounds are growing in size with its larger fund volume, the same spokesperson added.

UVC Partners works in partnership with the business creation and innovation centre of the Technical University of Munich, known as UnternehmerTUM, and can therefore provide the companies that it backs with access to this programme.

Investors
UVC III is backed by institutions including the European Investment Fund, which has committed EUR 9m to the vehicle. Further institutional LPs include the Strüngmann, Klatten and Schörghuber family offices.

The founders of FlixBus, in which UVC first invested in May 2013, have invested in the fund. Also backing the fund are family offices and corporations, including Lanxess, as previously reported.

UVC Partners' Opportunity Fund is also backed by founders, entrepreneurs and institutional investors, including Celonis co-founder and co-CEO Bastian Nominacher.

Investments
The fund expects to make initial investments of EUR 500,000-5m per company, with up to EUR 20m available including follow-on investments. UVC Partners can also provide larger tickets with its additional Opportunity Fund.

UVC III has made seven investments to date and expects to make 25-30 deals in total. The firm's recent investments include a EUR 17m Series A round for industrial automation startup Fruitcore Robotics alongside B-to-V Partners and CNB Capital.

UVC Partners' portfolio companies include Germany-headquartered micro-satellite developer Isar Aerospace, and car leasing platform Finn.

People
UVC Partners – Johannes von Borries, Ingo Potthof (managing partners).

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