btov’s Industrial Tech Fund closes at €100m fundraising target

Munich, October 30th, 2019

 

btov announces the final closing of its Industrial Technologies Fund at its target size of €100m, making it one of the largest European early stage VC funds dedicated to industrial deeptech investments. The Fund is led by Partners Robert Gallenberger, Benedikt Kronberger, Christian Reitberger and Christian Schütz. It benefits from a broad LP base comprised of entrepreneurs, family offices, endowments, cor-porate investors, banking institutions as well as public investors EIF, LfA and NRW Bank. The LP base covers multiple European countries including Germany, Switzerland, Austria, Denmark. Luxembourg, France and Turkey.

 

“We are very grateful for the trust of so many European institutions, leading industrial corporates and individuals who have come on board as LPs of the Industrial Tech Fund in the last few months” comments Dr. Christian Reitberger. “It underlines our goal to serve the whole European industrial startup community, capitalizing on our strong roots in the DACH region”.

The Fund has already executed five investments since its inception last year. Two portfolio companies, DyeMansion and Cybus, represent the Factories of the Future focus area of the Fund. Synfioo represents the Enterprise Process Automation field, RetinAI is a Healthcare Data Analytics company and the recently announced fifth Fund investment in HQS Quantum Simulations falls into the Quantum Tech-nologies focus area of the Fund.”The investment team is facing a very strong deal flow from across Europe. “We continue to pursue the areas mentioned above, but will also aim at adding portfolio companies in our other search areas Design & Development Tools, Electronics & Photonics, Advanced Mobility as well as New Energy Technologies”.

 

A recent btov analysis of close to 190 individual exits (trade sales as well as IPOs) of European startups in the relevant technology fields over the last decade shows that total exit volumes have more than doubled from ca. €4bn in the first half of the period, 2010-2014, to ca. €10bn in the secondhalf, 2015-2019. Robert Gallenberger states “Corporate buyers from Europe and abroad recognize the increasing technological substance, market opportunities and strategic value of European Industrial Tech startups which manifests itself in increasing transaction volumes (in EUR amounts) over time. Whilst we cannot precisely target M&A activity swings, the overall doubling of realized value is an encouraging signal for the future”.

Executing an early stage investment strategy, it will be critical for the team to develop even more and earlier buy-in from the European growth investor ecosystem. Benedikt Kronberger, adds “We are very happy to see large international funds slowly entering the industrial deeptech field in Europe. We are committed to building evenstronger ties with the growth investor community to develop an ongoing and sufficiently detailed dialogue between early and late stage investors. We can build very big com-panies in our sector, but it requires sufficient follow-on financing and adapted KPIs as well as mile-stones to properly judge early achievements and traction in the context of industrial validation, certi-fication and sales cycles. Recognizing early signs of success at the right point in time will offer massive scale up opportunities in what we consider the industrial core of our European economy”.

“There still seems to be many prejudices in the market as to the capital efficiency of industrial startups” observes Dr. Christian Schütz.

“Our companies will often take more capital before they can ramp to-wards double digit million revenue numbers, if compared to B2C companies. However, overall capital efficiency can be much better, as industrial companies most of the time need to invest significantly less in brand building and achieve higher customer retention rates.

About btov Partners

btov Partners, founded in 2000, is a European venture capital firm with offices in Berlin, Munich, St. Gallen and Luxembourg. The investment focus is on digital and industrial technology companies. btov manages its own institutional funds, partner funds, and offers private investors and family offices access to direct investments. The company manages assets of EUR 450million through its three divisions and examines over 3,000 investment opportunities annually. Past investments include Blacklane, Data Artisans, DeepL, Dyemansion, Effect Photonics, Electrochaea, Finanzcheck, NVision, ORCAM, Quanta, Raisin, SumUp, Volocopter and XING. More information at www.btov.vc/industrial-technologies/

The btov Industrial Tech Fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

FURTHER INFORMATION and Image: https://btov.vc

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