March 25 (SeeNews) - Dutch-registered Revo Capital Fund II, backed by the European Bank for Reconstruction and Development (EBRD), has recorded the first closing with over 40 million euro ($43.3 million) in capital commitments, aimed for companies in Turkey, Central and Southeastern Europe, EBRD said on Wednesday.
EBRD is assisting with a 12.5 million euro investment, as the fund's aim is to reach 60 million euro in commitments for investments in promising early-stage technology companies, the bank said in a press release.
"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,” EBRD director in charge of equity funds, Anne Fossemalle, said.
The fund focuses on cloud-based enterprise solutions, fintech, digital market places, big data, artificial intelligence and technologies for the healthcare sector.
Earlier Revo Capital Fund I, also backed by EBRD, has reached capitalisation of $66 million as it has now invested in 20 early-stage technology companies.
EBRD’s engagement in Revo Capital Fund II comes under the bank’s early-stage innovation facility, which is a 100 million euro programme for investment in early-stage venture capital funds.
The EBRD has provided 4.4 billion euro in over 200 funds as of 1992.
($ = 0.924653 euro)