Alliander, a Netherlands-based energy network company, has joined its former parent in backing Locamation, a local developer and supplier of smart grid technology.

Locamation raised €5m ($7m) in its second financing round with Alliander joining existing investors Yellow&Blue Investment Management and the portfolio company’s management, both of which have increased their stake in this round.

Last year, Yellow&Blue transferred one of its managers, Pascal Bleeker, to Locamation as chief operations officer.

Dutch utility Nuon had founded Yellow&Blue as an independent venture capital firm with a €40m fund in 2008 before investing "millions of euros" in Locamation in its first deal in January 2009. Alliander subsequently spun out of Nuon.

Albert Fischer, managing director of Yellow&Blue, said: "Our first investment enabled Locamation to launch their smart grid technology into the market. We are very pleased to see that a lead customer is now confirming the potential for their products."

He…

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