By Axel Reiserer
Backed by the EBRD, a new venture capital fund from Revo Capital Management has overcome global market turbulence to raise funding for investments aimed at companies in Turkey and Central and South Eastern Europe.
Revo Capital Fund II has achieved a first closing with over €40 million(US$43,25million) in capital commitments. The Fund is targeting €60 million in commitments for investments in promising early stage technology companies. The EBRD is providing support with an investment of €12.5 million.
The Fund’s particular focus is on firms developing cloud-based enterprise solutions, fintech, digital market places, big data, artificial intelligence and technologies for the healthcare sector.
Also with support from the EBRD, an earlier Revo fund, Revo Capital Fund I, reached a capitalisation of $66 million and has now invested in 20 early-stage technology companies.
“We are excited to further develop our relationship with Revo. Our commitment will help to ensure that high potential early stage companies in the Bank’s region have access to venture capital financing and to expertise that can help them address international markets and become more competitive” said EBRD Director, Equity Funds, Anne Fossemalle.
“We are delighted to announce Revo Capital Fund II will continue to support start-ups with perseverance, confidence and optimism during these challenging times. We are committed to creating lasting value with Revo Capital Fund II alongside EBRD, our cornerstone investor in both Fund I and II.
We appreciate their support as a significant sign of their trust in both Revo Capital and the Turkish start-up ecosystem” said Founding Partner and Managing Director of Revo Capital Management, Cenk Bayrakdar.
The EBRD has been investing in private equity and venture capital funds since 1992 and has provided €4.4 billion in over 200 funds to date. Those funds have financed over 1,700 companies across the Bank’s countries of operations.
The EBRD’s participation in Revo Capital Fund II comes under the Bank’s Early-Stage Innovation Facility, a €100 million programme for investment in early stage venture capital funds.