UK-based YFM Equity Partners has seen part of its team spin out to form a new firm in order to manage the South West Ventures Fund.
Technology Venture Partners has been launched by Peter Davies, pictured, Nick Simmonds and Julian Dennard, who will manage the fully-invested SWVF as it looks to make gains on its £500,000 of invested capital.
The fund has backed businesses including cloud-based mobile intelligence and messaging business Dynmark and microwave breast cancer screening businesses Micrima.
Davies said, “South West Ventures Fund has shown considerable revenue growth and we continue to see good opportunities to invest venture capital in the early stage UK technology sector.
“We intend to build on this experience, helping innovative and high growth technology businesses fulfil their growth potential”
YFM focuses on making private equity investments of up to £10m from its institutional and VCT funds.
It recently invested in the £10m management buyout of Intelligent Office, a business outsourcing specialist for the legal market, and made a two-times return on its exit from Fishawack, a medical communications company.
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