Concentric announces first close of its venture capital partnership
20 July 2016
Concentric, the European technology venture partnership is happy to announce the first close of the ‘Concentric I’ fund.
Established in 2013 and with offices in London and Copenhagen, Concentric targets fast growing digital technology businesses across Europe, focusing on backing talented entrepreneurs building capital-efficient business models with the potential to establish global footprints. The Concentric portfolio currently comprises five investments: Pockit, PayasUgym, Neteven, Billetto and PrettySocial Media. Final close of the fund is expected during 2017.
Founding partners, Denis Shafranik and Kjartan Rist – formerly of Barclays and DN Capital respectively – have an established track record in investing, nurturing and exiting technology companies. They are joined by COO Mark McDonald, previously with DN Capital and TLcom.
Concentric’ key emphasis is on proactive collaboration with entrepreneurs and alignment of economic interests significantly favoring the fund’s capital partners – the latter goal illustrated by reduced management fees, a preferred return and carried interest structure which favor the capital parners, together with a substantial fund commitment Concentric’ management executed.
Capital alone is a commodity; the additional contributions offered by Concentric above and beyond pure capital are what differentiate it as a fund and enable its partners – whether entrepreneurs, founders or management teams – to benefit exponentially from advice and collaboration across business development, recruitment, marketing and product enhancement, strategy evolvement, follow-on funding and other key growth areas.
The European investment environment is developing fast. Concentric is building close partnerships with global family offices as principal capital partners and adopting a hands-on approach to investing and building companies, Concentric is looking to establish itself as a household name in the European venture marketplace.