Funding opportunity
The Anglo/Dutch venture capital firm Prime Technology Ventures (PTV) has announced that it has reached its target fund size of €150 million and is approaching its hard cap despite the severe fund raising climate. This is a significant increase from its previous fund, and PTV has appointed two new partners, Jelto Kromwijk Smits, the former CEO of Philips Incubator, and Joost Holleman, formerly Principal Fund Investments at AlpInvest Partners.
“Our success in fundraising in these challenging times can be explained by two factors”, Sake Bosch, founder and managing partner, explains. “First of all, we are one of the few European VC funds who, post bubble, delivered cash returns to our investors.”
“Secondly, our strategic position has further improved because of our unique relationship with Philips.” In October 2008, PTV and Philips spun out five technology companies from the Philips Incubator venturing programme, and Philips is to become an investor in this latest fund. PTV will finalize its fundraising activities in the coming weeks when the last investors come on board.
“We are also excited by our latest additions to the team, Jelto Kromwijk Smits and Joost Holleman”, said Bosch. “Jelto founded the Philips Technology Incubator, which was set up to further institutionalise Philips’ efforts in creating high-potential technology ventures, with which Philips has been so successful in the past.”
Meanwhile, Holleman has a complete overview of, and an extensive network in the VC industry, that will help us in further building our organisation,” said Bosch.
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