Netherlands-based phone operator KPN has cornerstoned the debut venture capital fund from three entrepreneurs having bought one of their start-ups.
KPN bought mobile company Blau Mobilfunk in 2008 from Dirk Freise, Thorsten Rehling and Martin Ostermayer (pictured, left to right) and the three have now decided to set up Fastlane Ventures in Germany.
Although the exact fund size is unknown, Fastlane – which is separate to a VC firm of the same name based in Russia – has reportedly raised “in the mid-double digit millions of euros” with KPN as the largest investor (called a limited partner).
Fastlane will invest in early and growth-stage internet and mobile start-ups with initial investments of between €500,000 and €2m ($2.5m). In subsequent rounds, the fund may increase its investment to up to €6m.
Ostermayer said: “Fastlane Ventures represents a new generation of venture capital investors who provide experience as well as money. We do not see ourselves as investors only, but aim to work with entrepreneurs to create a successful business.”