Connect Ventures holds €16m first close

Connect started marketing its eponymous fund at the beginning of 2011 and is aiming to reach a final close on £35m by the end of Q2 2013. It has already attracted additional commitments towards that goal.

The vehicle will have a seven-year lifetime (including a four-year investment period), with two potential one-year extensions. Terms and conditions were described as "standard".

Connect founders Bill Earner and Pietro Bezza highlighted that the European fundraising market remains especially tough for venture vehicles, as returns are perceived to be less attractive than in the US. That said, Earner and Bezza noted that the investors' attitude towards European VC was currently changing, mainly due to the recent activity uptick in the technology sector.

Investors
Commitments in Connect Ventures have so far been provided by anchor investor Gruppo De Agostini, an Italian corporation mainly active in the publishing business.

Investments
Connect Ventures will provide seed and series-A financing in the €250,000-1.25m range to Western European start-ups. It specialises in web and mobile sector investments, with a particular focus on the consumer web, digital media, e-commerce, entertainment and gaming sectors.

Connect Ventures plans to complete 15-20 investments across its lifetime, and will earmark capital to further support its portfolio companies. The fund has made one investment so far, taking part in a £6.3m round for UK-based Secret Sales in January 2012.

People
Connect Ventures' team consists of founders Pietro Bezza and Bill Earner, who might hire extra staff down the line if the need arises.

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