nCoTec Ventures has announced that NEC, the electronics and technology companies, has committed E8m to nCoTec I LP, its first venture capital fund.
With NEC’s commitment secured, the fund has now E53m in contributions. nCoTec is planning to close the fund later this year at around E100m.
NCoTec said in a statement that it was looking to leverage off the relationship with NEC to gain access to leading technology companies in the Far East, an important market for the firm and its portfolio companies.
Tsutomu Nakamura, executive general manager of NEC’s mobile terminals operations unit, will sit on nCoTec’s advisory board. Commenting on NEC’s decision to back nCoTec, Nakamura said: “NEC is very interested in the global development of the wireless sector. Europe has demonstrated a technology lead in several areas and having considered a number of investment opportunities, we believe that nCoTec is best placed to facilitate NEC in identifying and assisting with the development of European technology businesses that will drive our continued global growth.”
George MacRitchie, a partner in nCoTec, said investment prospects were good for the firm: “Despite current market conditions, we are seeing some very good revenue generating businesses at valuations a fraction of what they might have gone for twelve months ago. If you have the resources this is a good time to be investing.”
nCoTec was set up in May 2000. To date the firm has completed six investments in communications infrastructure and enabling technologies. It latest deal was an investment, alongside Royal Bank Ventures, in Elata, a developer of software for mobile operators.
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