Mike Reid, who left listed private equity firm 3i Group in June last year, has resurfaced as managing partner of Frog Capital, a family office-backed European venture capital firm.
Reid spent 12 years in 3i’s growth capital team latterly as a director of the its technology, media and telecoms investments. 3i is currently in the process of withdrawing from the venture capital market to focus on larger deals and chief executive Michael Queen recently told reporters he expected the firm’s venture capital portfolio to be fully divested within the next 12 months.
Having taken five months off, Reid joined Frog Capital towards the end of last year. Frog, which is backed by the family office of the German Engelhorn family, focuses on investments in the cleantech and information technology sectors throughout Europe.
From its base in London, Frog focusses on deals of between €2 million and €20 million for expansion capital and acquisition finance through to minority and majority buyouts. “We also work with smaller quoted companies,” Reid told PEO.
The firm, which was formerly named Foursome Investments after the four daughters of the Engelhorn family, recently saw its funding increase from €60 million to €100 million. It has an existing portfolio of six cleantech companies.
“We’re hiring some great new people and we’re optimistic about the future. We have a strong backer in the family that has financed us, with a long-term vision that we all share,” said Reid.
In related news, another ex-3i executive, Laurence Garrett, has set up a technology and healthcare-focused venture capital firm, Ethean Capital, with three other partners based in Cambridge, UK.