SpeedInvest holds first close for second fund

The vehicle has been on the road for five months and plans to remain open until September 2015 at the latest. The fund has a target of €70m and initially intended to hold a first close on €25m.

SpeedInvest's previous fund closed in 2011 on €10m.

Investors
Private backers committed €51m (87%) of the fund. Several investors in the first fund have re-upped into the second fund, including Russmedia and business angels Hansi Hansmann, Eva Dichand, and Gerhard and Michael Ströck.

The Austrian Federal Development Bank (aws) committed to both the first and second funds. SpeedInvest II also raised €7m from the National Foundation for Research, Technology and Development.

As well as founders of Austrian start-ups, SpeedInvest II has seen commitments from German IT companies Allgeier Group, Püspök Group, Heinzel Group and Weiss Bros.

Investments
SpeedInvest II plans to make 10 investments per year, half of which will be made outside Austria.

It will focus on initial seed investments of €500,000. It then has the option to invest up to €3m per portfolio company.

Sectors of interest for the fund include e-commerce, media, fintech and technology. While SpeedInvest claims fintech companies will be of greatest interest in 2015, it is also looking at investments in the hardware and robotics space.

People
Oliver Holle is CEO of SpeedInvest, while Erik Bovee is a US-based partner.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• DACH
• Venture
• Technology
• Media
• Austria
• Unq2015Apr