Germany-based venture capital firm Capnamic Ventures achieved a €115m ($130m) final close for its latest fund today, securing contributions from several corporate limited partners.
The LPs include networking equipment producer Cisco, insurance provider Axa Germany, media companies including Rheinische Post Media Group, and financial services group Sparkassen.
The fund also secured capital from wealth manager Formuesforvaltning, the multilateral European Investment Fund and development banks KfW and NRW.Bank.
Capnamic Ventures invests in business-to-business, digital infrastructure and digital transformation technology startups operating in German speaking regions.
The fund will provide between €500,000 and €3m per first investment, with extra capital reserved for follow-on rounds.
Jörg Binnenbrücker, general partner at Capnamic, said: “With our new fund, we are committing to supporting a whole new generation of promising tech startups in developing their businesses.
“We strongly believe that technology is the core driver of our economy, and we want to use our new fund to invest in the best teams in this sector and create long-term partnerships.”
Jon Koplin, managing director of Europe, Middle East, Africa and Russia for Cisco unit Cisco Investments, added: “Germany has one of the top VC ecosystems in Europe, and we continue to see it mature as illustrated by an increase in start-ups and investors with an enterprise technology focus and increasing relevance to Cisco.”
– Photo courtesy of Capnamic Ventures