UK-based technology investor Kennet Partners has closed Kennet III, a €200 million fund investing in later-stage businesses that provide IT products and business services that leverage technology, focusing on technology segments software, IT services, semiconductors, and new media.
Kennet III has invested €7 million in Telemedicine Clinic, a Spanish teleradiology service provider and €22 million in NTRglobal, a Spain-based provider of on-demand systems management software, an investment backed by Atlas Venture, Debaque and Elaia Partners. The latest investment of Kennet’s previous funding round was €4.4 million into Dutch audio chip developer, STS.
Michael Elias, of Kennet UK, said: “High-growth European technology companies often need to succeed in the US to become global market leaders. Our fund structure and US team can be a significant competitive advantage for our portfolio companies,” said Michael Elias, Kennet’s managing director.
Javier Rojas, of Kennet in Silicon Valley, said: “Kennet’s growth equity strategy is well-timed for the US market, where bootstrapped, founder-led businesses are underserved, since the majority of investment capital is targeted at early-stage venture deals or large buyouts.”
Elias added: “We are delighted to be working with the quality of investors that have joined us in Kennet III. Technology growth equity was virtually unheard of in Europe when we started, and the support we have received from investors is a result of the recognition of the potential of this asset class.”
Investors in Kennet III include Access Capital Partners, Adveq, Alpha Associates, BNP Paribas Private Equity, Capital Dynamics, Crédit Agricole Asset Management Capital Investors, Credit Suisse, European Investment Fund, Finama, LGT Capital Partners and Siemens.