Ericsson closes private equity arm

Innova, the Barcelona-based venture capital subsidiary of Ericsson, has ceased to operate. During the internet boom, the firm, which was led by Carmen Artigas, invested in portals like Viasalus, Synera and Race.net, which either failed to meet expectations or did not become viable businesses. Founded in Barcelona in 1999, the firm now has no staff, and is now simply a shareholding vehicle based in Madrid and controlled by the parent company, Ericsson Espana. During its five-year history, Innova invested a total of around E13m in six projects, of which two - Ydilo and Tempus XXI - are still operating.

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