Bullnet Capital raises new EUR30m vehicle

01 July 2008

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Fund

Bullnet Capital, one of the few surviving venture capital houses launched in the midst of the technology boom, is raising a second fund, Bullnet Capital II, with a target of EUR30m and is reporting commitments of EUR25m. The Spanish-based fund, with a hard cap of EUR35m, has a typical 5+5+2 structure. Minimum subscription was set at EUR500,000 with the GP contributing a minor percentage to the fund. Management fees, carry and hurdle are set at industry standards. The fund forecasts its final closing in Q3 2008. Dutilh has been retained as legal adviser.

Bullnet's previous fund, Bullnet Capital I, closed on EUR18m and carried out five investments. Among these was a first round of financing for Multiwave Photonics (page 26) in 2005, which recently completed a EUR5m series-B financing.

Investors

The fund has received commitments from mostly high-net-worth Spanish individuals including Bruno Entrecanales, the fund's main promoter. Other commitments have been received from one institutional investor and one foreign fund-of-funds, which invested in Bullnet's previous vehicle.

Investments

The fund has already carried out two investments including in Visure Solutions (in September 2007). Bullnet Capital II is set to invest in early-stage IT projects in Spain and Portugal. The vehicle will carryout six to eight transactions with an average ticket of between EUR3-4.5m and taking significant minority positions. Co-investments are not part of the core strategy but they will be considered where the opportunities arise. Exit routes will is geared toward trade sales.

People

The fund is co-managed by Javier Ulecia and Miguel del Canizo. In early 2000, Ulecia and del Canizo co-founded Doing, a venture capital firm specialising in technology related projects that managed a first fund of EUR50m. Prior to joining Doing, Ulecia was senior manager at strategy consulting firm Bain & Company, where he remained for over five years moving from the Paris to the Madrid offices. Ulecia began his career with Renault in France as a project manager in the R&D division. Prior to the co-founding of Doing in 2001 del Canizo worked as director of the Spanish telecom and service provider unit of Hewlett Packard Consulting, serving as the main executive. Previously del Canizo worked in the IT division of Renault in France, where he managed a central support group specialising in network and communications projects. There are plans to create an analyst position by the time the fund closes.

Name: Bullnet Capital II

Launched: September 2007, EUR25m

Focus: Iberian early-stage, IT

Contact: Javier Ulecia

Address: Bullnet Capital, Parque Empresarial La Finca, Paseo del Club Deportivo, 1, Edif. 3. Pozuelo de Alarcon, 28223 Madrid, Spain

Tel: +34 91 799 72 06

Fax: +34 91 799 53 72

Advisers: Dutilh (Legal).