LONDON – New York-based venture capital group Incuvest has established a London office under the direction of Tim Duffy, the former group vice president of PictureTel.
Duffy will be supported by Associate Christopher P. O’Neill, who has a venture capital and finance background.
It has been one year since Incuvest began operations in New York with an investment fund of $100 million, and the group is again in fund-raising mode.
Incuvest was established both in New York and in Europe as a technology operating company seeking to partner with corporations, universities and others seeking to commercialize and profit from their proprietary technologies.
Incuvest’s European expansion, like the model already established out of New York, centers on developing enterprise factories, otherwise referred to as a network of serial entrepreneurs, who identify ground-breaking technologies, each within a specific domain, and take them from development to market. The enterprise factories aim to replicate those at Research Triangle Park, N.C.; Austin; and Sebastian, Fla.
Incuvest’s London office is shared with Bamboo Investments PLC, a recently formed early-stage venture capital firm, whose chairman, Michael Stoddart, was formerly chairman of Electra Investment Trust PLC. “There are substantial synergies between Bamboo and Incuvest, which will come to fruition over the coming years of our collaboration,” said Stoddart.
Incuvest also plans to pursue interests in the Asia-Pacific region and the Middle East.
Incuvest was co-founded by Richard Morgan who was also a co-founder of Amphion Capital Management in 1995. Prior to founding Amphion, Morgan was a managing general partner of Wolfensohn Partners, the predecessor to Amphion Ventures.