GED Iberian Private Equity SA SGEIC held a first close for its maiden venture capital fund with commitments of nearly €20 million.
Conexo Ventures, which is targeting a minimum of €40 million, will invest in about 20 Iberian startups that develop software for cybersecurity, payments and marketplaces, finance and insurance, legal and administration as well as travel and accommodation sectors. Of the 20 investments, around half will be follow-up investments.
To date, it has invested in three businesses. These are financial, insurance and travel-related product marketplace BNext, cybersecurity and anti-fraud solutions developer Buguroo Offensive Security SL, and payment platform Kushki SA.
The fund focuses on series A rounds of financing and targets firms whose teams are "exportable" to the U.S. to achieve subsequent rounds of financing and an eventual exit.
GED is a lower midmarket investor managing private equity, infrastructure and venture capital funds.
