Saxony-based TGFS closes on EUR60m

01 May 2008

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Fund

CFH, a private equity firm located in Saxony/Germany, has together with their partners, closed venture fund TGFS, Technologie Grunder Fund Saxony. The fund is a joint activity of CFH, SIB, SC-Kapital and SBM, the venture capital arms of three regional savings banks located in Chemnitz, Dresden and Leipzig and the State of Saxony with support from the European Fund for Regional Development (EFRE). The EUR60m target was reached within one year. The fund itself is split into a seed fund of EUR20m and a start-up fund of EUR40m.

Investors

Saxony has, through its state authorities, committed a major stake of EUR45m to the fund. The Sparkasse Chemnitz, Sparkasse Leipzig and Sparkasse Dresden as well as Sachsen Bank have invested EUR15m into the fund.

Investments

TGFS will invest in early-stage companies and sets out to counteract the difficulty of young start-ups based in Saxony to secure seed and start-up funding. The fund invests amounts between EUR200k for seed deals and up to EUR4m for start-ups, and can invest in any sector, but emphasizes young technology companies that are no older than five years. The fund anticipates to make around 60 investments total.

People

CFH investment director and TGFS managing director Soren Schuster has worked in the market for 12 years in roles at former Technologieholding, 3i and Triangle Venture Partner.

Name: Technologie Grunder Fund Saxony

Closed on: EUR60m

Focus: Germany (Saxony), seed and early-stage, technology

Contact: Soren Schuster

Address: CFH GmbH, Lohrstrasse 16, D-04105 Leipzig

Tel: +49 341 979 6020

Fax: +49 341 979 6009

E-Mail: cfh@cfh.de.