A venture capital expert has claimed it is a good time to invest in IT startups and has pledged to pump more funds into the troubled sector.
London-based venture fund Frog Capital is searching for new investments in the IT sector after increasing its funds from €60m (£56m) to €100m, the Financial Times reports. Mike Reid, a former director of technology, media and telecoms investment at 3i, has been appointed to run the fund.
Reid said there is a shortage of capital going into technology businesses because a lot of funds are “tapped out”.
However, he said Frog would buck the trend by actively searching for IT and digital media deals of between €2m and €20m.
“The next two or three years are a great time to invest,” he said.
There are 1,100 venture capital-backed firms in the UK. Four fifths are still making a loss and a quarter have no revenue.
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