Inveready launches new ICT fund, closes biotech vehicle

The firm expects to hold a first close in December 2018, and to hit its target by the end of 2019.

The Spanish VC house also announced the final closing on €30m of its Inveready Biotech III fund, after just three months on the road. The vehicle targets early-stage companies operating in biotechnology and life sciences, and received commitments from public fund-of-funds Fondo ICO Global, Institut Català de Finances (ICF) and various insurance companies and pension funds, as well as several private individuals.

In addition, the firm distributed a dividend from its first vehicle, Inveready Seed Capital, which started its activity in 2009 by investing in technology and biopharma startups and is now in its divestment stage.

According to a statement, the fund's shareholders have reaped a 2x cash return to date, while including the value of the portfolio's pending divestments, the expected net asset value will reach 5.5x. Furthermore, the GP announced an expected final multiple between 8-10x the capital committed.

Investors
Inveready First III has raised around €10m so far from several Spanish private investors and expects to receive additional commitments in the coming months from institutional LPs, high-net-worth individuals and family offices.

Investments
The fund targets early-stage companies operating in information and communications technology, with a focus on B2B software, telecommunications and cybersecurity. The vehicle plans to make initial investments of around €1m in 20 companies and subsequently provide additional follow-on capital.

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