High-Tech Gründerfonds, a Germany state- and corporate-backed venture fund, and other investors have helped Avandeo, a local designer of furniture and home accessories, raise a sum in “the high single-digit millions”. Other investors in the round on 18 October were Germany-based bank KfW Bankengruppe and LBBW Venture Capital, a corporate venturing unit of the eponymous Germany-based bank, as well as venture firms Partech International, the lead investor in Avandeo, and Mountain Super Angel. Roman Loch, investment manager at LBBW Venture Capital, said: “The dual leadership of the company lies at the heart of this investment. Brothers Ulrich and Burkhard Gersch form a thoroughly professional management team, where complementary skill sets are brought to bear. Their sense of trends, combined with analysis and creativity, will decisively secure the future of Avandeo.” Romy Schnelle, senior investment manager at High-Tech Gründerfonds, added: “With our continued commitment to Avandeo we aim to focus on the internationalization of the company. We are confident Avandeo’s clear positioning has great growth potential.” Avandeo was founded in 2009 and High-Tech Gründerfonds has been involved with the company since its inception.
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Investors take seat at Avandeo table
Nov 7, 2012 • Toby Lewis
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