London-based debt fund Atempo Growth has launched its inaugural fund with a first close at €175 million. Spanish multinational financial services provider Santander is anchoring the fund with a 30% stake, with the European Investment Bank also providing support.
The new venture debt fund is aimed primarily at sector agnostic, high growth UK and continental Europe-based companies. With a typical ticket size ranging between €3 million and €10 million, Atempo is looking to get in on investments in Series A through IPO-stage rounds.
Led by former Kreos Capital general partner Luca Colciago, who brings more than 20 years of experience in venture debt, having financed more than 100 European technology companies, Jack Diamond, also former Kreo, and Matteo Avramov Giulivi, you guessed it, ex-Kreo, Atempo (or, musically: in time) is building on the ever-increasing venture debt option for fledgling companies in need of capital.
According to a City A.M. report, this first close saw an oversubscribed investor base, and the firm intends to complete a second raise in the first half of this year.