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Cleantech magazine, a Cleantech Investor publication

Fund News: Earlybird

Earlybird holds first close of its fourth vehicle

First published in Cleantech magazine, June/July 2007. Copyright Cleantech Investor Ltd, 2007

Fund & Investors

Venture house Earlybird has held the first closing of its fourth fund at EUR 65m. The new vehicle, which is said to have started marketing in Q4 06, has received commitments from existing and new institutional LPs from Germany, the US and Middle East. The firm is said to have set a target of EUR 200m, following the closing of the first two funds at EUR 60m and the third having rounded off at EUR 165m. No placement agents are being used in the process. Christian Nagel of Earlybird is coordinating the team’s fundraising effort.

Investments

The fund will invest in first or second financing rounds for Europe-based businesses. It will aim to invest in market segments such as cleantech, medtech and healthcare-related technologies. The fund will also look into investing in companies developing convergent multi-technology, including embedded software, communication technology components and internet services. In terms of exit strategy, the public markets seem to be Earlybird’s preferred marketplace: it sold six out of seven companies via IPOs across Europe in the past two years.