UK high-tech venture capital investment in the third quarter painted a bleak picture.
“September had the lowest number of completions on Ascendant’s records,” said Stuart McKnight, managing director of Ascendant, the technology-focused corporate finance advisers.
In Q3 2005, over £76m was invested in 23 deals (each worth over £500,000) by 42 investors. The aggregate value was down 30 per cent compared to Q3 2004, and the aggregate volume of deals was down by 21 per cent, said Ascendant.
The biggest deals were Midasplayer at £23m; Cognima at £7m; Global Silicon at £5.4m; Pelikon at £5m and Nujira at £4.4m.
The biggest investors were Foresight, Albany, Porton and Quester. Gaming firms have regained investors’ favour, said Ascendant, while the geographical spread of investments widened with half of the deals for firms situated outside London, Cambridge, Oxford, Scotland and Ireland.
Wireless applications (including Midasplayer) represented almost 50 per cent of the funds invested.
www.ascendant.ltd.uk