IDG Ventures, the global venture capital firm, has hired Hitesh Mehta as a general partner on its London-based $100 million (€78 million) European fund. He joins general partners Chris Smart and Ajay Chowdhury in the London office.
Mehta was a partner at UK venture firm Amadeus Capital from 1998 to 2004. He was born in Uganda, and educated in Kenya and the UK, where he was an IBM scholar.
Since his time with the computer company, he has acted as CEO of various European IT companies including Merisel and Fayrewood plc. His range of experience also includes systems engineering, sales and marketing.
“I’ve known Chris and Ajay for many years and spent some time looking at IDG, and I think they’ve got a great story,” Mehta said in an interview with PEO. “All three [of us] general partners ran businesses before working in venture capital – nobody on our team is just a finance guy.”
He added that he had been impressed by IDG’s global platform. As well as venture capital funds in the US, Europe, China and Vietnam, the firm also operates an IT magazine publishing business and a research arm. “This gives our portfolio companies easy access to good advertising rates and analysts’ reports,” said Mehta.
IDG’s European fund was launched in 2001 and makes early stage technology investments in the IT sector. Its recent investments have included mobile music company Shazam, and semiconductor company Level 5.