Pentech closes Fund III on £88m

The new vehicle is double the size of Pentech’s previous fund. Pentech closed its second vehicle, Pentech Fund II, which was launched in November 2007, on £45m in 2008. The sum raised was well above the original £25m target.

Pentech's first fund, an early-stage technology vehicle, achieved a final close in October 2002, following an investment commitment of £5m from the European Investment Fund (EIF), taking total funds under management to £22.5m and exceeding the original target of £15-20m.

The venture house has notably backed British asset management startup Nutmeg, which raised a £30m funding round back in November last year.

Investors
Fund III investors include the British Business Bank, making a "significant" contribution under its Enterprise Capital Funds programme. Existing Pentech investors also committed, and the VC stated it had attracted new European family office investors as well as UK pension and endowment funds.

Investments
Pentech plans to build a portfolio of around 20 companies over the next five years through Fund III.

The firm invests at the series-A and pre-series-A stages. It focuses on the technology sector, more specifically on software relying on artificial intelligence, machine learning and big data used in industries such as fintech, health and wellness, and enterprise transformation.

People
Pentech - Eddie Anderson (general partner).

 

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