Pen tech Ventures secures investment from the Scottish Widows Partnership

10 December 2001

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In the run-up to Christmas, Glasgow-based Pentech Ventures has announced that it has secured a Â£5m investment from the Scottish Widows Investment Partnership (SWIP). Pentech Ventures, which is managed by Penta Capital, is an early-stage technology venture capital fund that launched earlier this year. The new investment brings Penta Capitalâ€™s total funds under management to Â£17m, which is just Â£3m shy of Pentechâ€™s Â£20m target. So far Pentech has raised Â£12m from existing Penta investors Bank of Scotland and Old Mutual as well as entrepreneurs and business angels known to Penta. It is envisaged that the remaining funding will be raised from UK-based institutional investors. The fund is structured as a seven-year limited partnership, with legal advice provided by Andrew Todd and Lindsay Fraser of Dickson Minto. Pentech will target early-stage technology businesses that have created strong intellectual property with high software content. It will focus upon investments in voice, infrastructure, telecommunications, development tools, publishing and software solutions and financial analysis tools. Investments will be in the region of Â£250,000-Â£1m per round with private equity stakes up to a significant minority being acquired.