Attica Ventures

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About

Attica Ventures is No Longer Investing. It is a venture capital arm of Attica Bank S.A. specializing in start-up, early stage, expansion capital, development capital, and later stage investments. It seeks to invest through its Zaitech Fund. The firm invests in small and medium sized enterprises. It seeks to invest in any business sector with a focus on telecommunications; information technology; information technology applications including e-commerce, Internet; energy; biotechnology; and new materials sectors. The firm also invests in companies either existing or under establishment, having a competitive advantage through the use of technology, innovation, and scientific research. It invests in companies based in Greece, but can consider investments elsewhere in Europe through companies with legal seat in Greece, which have an export orientation. The firm is also interested in opportunities which have the prospect of becoming attractive takeover targets for international companies seeking to expand their activities into Southeastern Europe. It seeks to invest €1 million ($1.35 million) per financing round, with consecutive rounds spaced no less than six months from each other. The firm invests in total up to €4.5 million ($6.1 million) in start up or early stage investments and up to €3 million ($4.07 million) for later stage investments. It may also co-invest with other funds or private investors. The firm seeks to acquire stake in companies through a share capital increase, not by buying shares from existing shareholders. It also invests through convertible bonds. The firm prefers to hold a minority stake between 10 percent and 49 percent in its portfolio companies, while in the case of a majority stake it will seek to transfer it back to existing management. It seeks to exit its investments between three years and five years through an IPO, trade sale, management buy-back, and sale to other venture capital fund. The firm does not invest in companies whose securities are publicly traded. It will not consider investments in shipbuilding, ship repair industry, coal and steel industry as well as in composite fibers, the car and car parts industry, in real estate or in the gambling industry. Attica Ventures was founded in September 2003 and is based in Athens, Greece.

Investment Criteria