Adara Ventures holds final closing at €50m
[Luxembourg]. Adara Ventures SICAR, a Venture Capital investment vehicle,constituted in Luxembourg in June 2005, has held a final closing bringing commitments to it’s maximum level of €50m. Created to provide backing to innovative, technology-related early-stage ventures primarily based in Spain or with significant operations in Spain, Adara has completed four investments to date.
Leading investors in Adara Ventures include the European Investment Fund, through the European Communities Growth and Employment Initiative, MAP-ETF Start Up Facility; Fonditel, Telefónica’s pension fund; Energias de Portugal, also through its pension fund; and Banistmo, a leading Latin American bank. New investors in Adara’s final closing include several successful entrepreneurs in the international technology arena, as well as a leading European family office. Overall, 63% of the committed funds come from institutional investors and 37% come from private investors. Spanish investors represent 45% of commitments; other European investors, 30%; and North & South American investors, 25%.
Commenting on Adara’s investing effort to date, a team source indicates “we have been positively surprised by the quality and abundance of attractive investment opportunities we have seen so far – our deal flow has been even better than we expected”. Investments to date have taken place in telematics, micro-imaging, mobile peer-to-peer services, and business process management software. The launch of Adara Ventures was prompted by the recognition that in recent years a large number of high potential, early-stage companies in Spain requiring risk capital financing, have found a void in terms of available sources of capital. Importantly, the entrepreneurs driving these ventures also need and look for hands-on company building support. Adara Ventures places particular emphasis in the areas of product strategy, organization development, financial management, go-to-market and sales plans & execution.
Adara Ventures’ team is one of only a handful of “first-time” teams to become operational in European VC since 2000; similarly Adara still represents one of even fewer VC efforts pursuing early-stage technology opportunities in Spain.
Adara Ventures’ Custodian and Administrative Agent is Banque Privée Edmond de Rothschild Europe. For further information on please see www.adaraventures.lu or contact Christoph Lanz at +352 24 88 22 56 / c.lanz@lcf-rothschild.lu.