SAP Ventures, the corporate venturing unit of Germany-based software company SAP, has set up a UK office after transferring Andreas Weiskam (pictured) from its US office.
Weiskam, a managing director at SAP Ventures’ California office, has moved to the UK for at least a temporary basis to provide better balance in personnel between Europe and the US and that London was the "natural choice to be based", he said. Although SAP has run a corporate venturing team since 1997, SAP set up a $350m fund at the start of the year and before the transfer of Weiskam only had Joerg Sievert based in Europe.
Weiskam by email added: "I think the main message/take away of me spending significant time in London going forward is SAP Ventures’ intention is to increase activity in Europe. I am joining Joerg who continues to be a part of SAP Ventures."
Earlier in the year, however, Sievert set up his own consultancy firm, Friday Ventures, but remains an adviser to SAP Ventures for its European and Israeli deals.
SAP Ventures has been one of the most successful corporate venturing units from its strategic and financial returns, which includes the recent flotation of business network LinkedIn. Weiskam said SAP Ventures was looking to stretch its deals from enterprise further towards some consumer-facing deals, including paying $7.5m for a 1.5% stake in India-based Just Dial, a search engine.