September 7, 2001
Amadeus Capital Partners, the technology investor, has had a First Closing on a seed fund for corporate investors, the Amadeus Mobile Seed Fund, which will invest in very early stage wireless businesses based in and around Cambridge, UK. The Fund, which is targeting £10 million, has raised £3 million from international corporations including Lucent Venture Partners, Lucent Technologies’ venture arm, and TTP Communications plc.
The Fund will invest in five to eight seed and start-up technology and service businesses, with the aim of identifying and creating tomorrow’s leading mobile companies, focusing on core technology and sustainable competitive advantage. Amadeus II, the firm’s £235 million venture capital fund raised in 2000, will invest alongside the Mobile Seed Fund, matching the capital raised from corporate investors. A small number of ‘exploratory’ investments of some £50,000 will also be made, to stimulate quality seed projects for the Fund.
Corporate investors will benefit from early access to innovation in the mobile sector together with relationships with very young companies. These relationships, in turn, offer to the portfolio companies the support of a group of experienced businesses in the sector, access to global, industrial networks and enhanced commercial opportunities. Portfolio companies will be able to call upon the Amadeus team and portfolio companies for advice at any time.
Europe, with its common standards for GPRS, EDGE, UMTS and WAP, offers exceptional opportunities for developers of wireless technologies and services, particularly in the 3G/UMTS area. European corporations, such as Nokia, Ericsson and ARM, have built dominant positions in mobile markets and are driving standards, equipment development and service deployment.
Amadeus has recruited Laurence John to be CEO of the Amadeus Mobile Seed Fund. A graduate of Imperial College, London, Mr. John worked for some years for Smiths Industries before joining Motorola, where latterly he was global Director of mCommerce within the software-solutions group.
Commenting on the Mobile Seed Fund, Amadeus’ CEO, Anne Glover says: “This fund will allow Amadeus to source exceptional opportunities at the earliest stages of their development. We have deliberately sought relationships with corporate investors in order to offer the kind of ‘connected capital’ that young, high-potential companies need.”