Alexander Schmidt founded the company in 1998 and has grown it to become the leader in the online tool market. Svh24 focuses on specialized shops, targeting the intensive B2B segment as well as the price sensitive B2C segment. Customers can choose from over 10.000 articles and have them delivered within 24 hours. svh24 fuels its growth by continuously developing its product offering to address customer needs and by concentrating on customer service as well as the usability of its web site. The company’s web site has been certified as a trusted shop and received multiple awards.

„It is great to have won over such a successful family office as new investor for svh24.de. Together with this strong partner we are optimistic to further strengthen our position as the market leader. In addition we will broaden our product portfolio and establish a special craftsmen portal site tailored to several specific crafts”, Alexander Schmidt says.

Paul-Josef Patt, CEO of eCAPITAL, adds: ”Despite many inquiries and offers we received from other family offices and big M&A advisories, we have chosen to work with this particular family office. Its profound entrepreneurial expertise, its strong network in the retail industry, and – last but not least –its capability to fill this round as a single investor have convinced us.”

For more information please visit www.svh24.de.

About eCAPITAL entrepreneurial Partners AG
eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Muenster, Germany. Since 1999, the company supports business people in promising industries. Investment focus is on innovative, high-growth companies in information technology/communications, new materials, optical technologies sectors, cleantech and innovative services.

eCAPITAL currently manages five funds totalling 120 million Euros. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

For more information please visit www.ecapital.de

Legal Advisors of this financing round:

Tobias Rodehau:                  ARQIS Rechtsanwälte, Munich
Dr. Mirjam Boche:                  ARQIS Rechtsanwälte, Munich

Contact:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Alexander Schmidt
svh24.de GmbH
Unterste-Wilms-Str. 53
44143 Dortmund
Germany
Phone.: + 49 231 3368 - 0
Fax :     + 49 231 3368 - 1000
Email: info@svh24.de
Internet:  www.svh24.de

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Samsung invests into Novaled
Seoul, Korea / Dresden, Germany, 28th September 2011, Samsung Venture Investment Corporation becomes a shareholder in Novaled AG, a world leading company in the OLED field specialized in high efficiency long lifetime OLED structures and an expert in synthetic and analytical chemistry.

Samsung Ventures Investment Corporation, Seoul, Korea (SVIC), and Novaled AG, Dresden, Germany, an eCAPITAL portfolio company, announced that SVIC has become a shareholder of Novaled.Novaled is a key player in OLED technology and organic materials surrounding the emitting materials. The Novaled PIN OLED® technology aims at reducing the energy consumption while offering longer lifetimes.

“Our investment in Novaled is consistent with our strategy to work closely with established market leaders.” says Michael Pachos, Senior Investment Manager at SVIC. “Novaled is a technology leader and has built a significant business in the OLED space. The company has demonstrated both a technical and business vision in driving adoption of OLED displays and lighting and we look forward to contributing to the progress of Novaled.”

“SVIC’s investment confirms the importance of our technology and our specific materials for the OLED industry. Samsung’s shareholding will reinforce our leading position and help serve all our customers better.” says Gildas Sorin, Novaled Chief Executive Officer.
„eCAPITAL as Novaled's main shareholder welcomes Samsung. Samsung has a great reputation on the OLED sector, is a premium player in the market and important partner for Novaled. The engagement of Samsung into Novaled demonstrates the great potential of Novaled and shows the capacity of a successful German high-tech company.” states Dr. Paul-Josef Patt, Managing Partner of eCAPITAL. The details of the deal have not been communicated.

About SVIC
Samsung Venture Investment Corporation is the Venture Capital arm of the Samsung Group with offices in Seoul, Silicon Valley, London and Tokyo.

About Novaled
Novaled AG is a world leader in the OLED (Organic Light Emitting Diode) field and specializes in high efficiency long lifetime OLED structures and is an expert in organic electronics. The company is known for its Novaled PIN OLED® technology, its proprietary OLED materials and customized OLED products and services. Novaled has developed long term partnerships with major OLED producers in display and lighting throughout the world. Based on more than 400 patents granted or pending, Novaled has a strong IP position in the field of OLED technology, and was named No. 1 in a list of ‘up and coming’ world market leaders by the German newspapers Handelsblatt and Wirtschaftswoche. The company’s founder team is nominated for the very prestigious price ‘Deutsche Zukunftspreis’ by the German Federal President Christian Wulff. Novaleds main investors include eCAPITAL, Crédit Agricole Private Equity, TechnoStart, TechFund and CDC Innovation. For further details please visit www.novaled.com.

About OLEDs
OLEDs (organic light-emitting diode) are semiconductors made of thin organic material layers of only a few nanometers thickness. They emit light in a diffuse way to form an area light source. In a fast growing display market OLEDs are key part of a revolution: the dream of paper-thin, highly efficient displays with brilliant colors and great flexibility in design. OLEDs represent the future of a vast array of completely new lighting applications. By combining color with shape, organic LEDs will create a new way of decorating and personalizing personal surroundings with light.

About eCAPITAL entrepreneurial Partners AG

The eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Muenster, Germany. Since 1999, the company supports business people in promising industries. Investment focus is on innovative, high-growth companies in cleantech, new materials, optical technologies sectors, information technology/communications, and innovative services.

eCAPITAL currently manages five funds totalling 120 million Euros. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

For more information please visit www.ecapital.de

Contact:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Anke Lemke
Novaled AG
Am Tatzberg 49
01307 Dresden
Phone:  +49 351 7965819
Fax:   +49 351 7965829
Email: info@novaled.com
Internet: www.novaled.com

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4Jet wins German Founder Award “Deutscher Gründerpreis“
Berlin, Münster den 30th June 2011. 4Jet Sales + Service, a portfolio company of eCAPITAL, won the most important German founder award “Deutscher Gründerpreis”! The jury chose this young engineering company for the Gründerpreis at its 10th anniversary. Jörg Jetter, founder and CEO of 4Jet remarks happily: „Being nominated was a great honour. Actually winning is the icing on the cake.“  

4Jet won in the category „Climber“, which honours companies not older than 7 years showing extraordinary growth. Three companies, out of several hundred propositions, were nominated for the award, presented by Germany’s minister for economy and technology Philipp Rösler in Berlin on June 28th. All three nominees will get a professional coaching from Porsche Consulting, as well as media training and exclusive access to the alumni-database. Furthermore, each nominee will have two entrepreneurs from the board of trustees by his side, who will support the nominee with know-how and their extensive network.

The “Deutscher Gründerpreis” jury compliments: “The Company combines laser technology, optical design, construction and software to innovative system solutions. Moreover it demonstrates a keen sense for growing markets. 4Jet is a pioneer on its market and has the potential to expand enormously. “

When the question arose how to finance 4Jet’s steep growth, founder Jörg Jetter turned to eCAPITAL entrepreneurial Partners AG in Münster, which recognized the potential of product and entrepreneur. Since 2008, eCAPITAL is invested in 4Jet. Since then, despite a small bump during the economic crisis, the company reached market leadership in its market segments and is striving to access further market niches. “We are happy that eCAPITAL was able to back this company with a venture capital financing round to enable its promising growth path“, states Paul-Josef Patt, CEO of eCAPITAL.
The founder adds: “Our extensive growth would have been impossible without a venture capital partner. During our second financing round the entrepreneurial approach of eCAPITAL convinced us. Today, we acknowledge this investment as “smart money” – not just a financing tool, but a source of valuable advice and important feedback on strategic questions.”

For more information please visit www.4jet.de

About the Deutsche Gründerpreis
The „Deutsche Gründerpreis“ is the most important award for outstanding entrepreneurs in Germany. The initiative aims to generate a positive founding climate and, thus, encourage German founders. The prize is awarded annually in the categories “Startup”, “Climber” and “Lifetime Achievement”. Exceptional achievements may be acknowledged with a special award. The Deutsche Gründerpreis partners stern, Sparkassen, ZDF, and Porsche offer this reward. They have been supporting entrepreneurship and founders since 1997. Furthermore a top-class board of trustees supports the Gründerpreis by helping nominees and winners. Sponsors of the Deutsche Gründerpreis are Bertelsmann AG, Gruner + Jahr AG, Süddeutsche Zeitung, and the Sparkassen insurance companies. Cooperation partner is the Federal Ministry for Economy and Technology.

eCAPITAL currently manages five funds totalling 120 million Euros. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

For more information please visit www.ecapital.de

Contact:
Dr. Michael Lübbehusen
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Jörg Jetter
4Jet GmbH
Konrad-Zuse-Straße 1
52477 Alsdorf
Phone: +49 2404 55230-0
Fax: +49 2404 55230-11
Email: info@4jet.de
Internet: www.4jet.de

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Successful Final Closing eCAPITAL III Cleantech Fund
Muenster, 31 March 2011. eCAPITAL closed its Cleantech fund successfully. Albeit the tough fundraising environment in Germany, eCAPITAL was able to acquire € 50 m, thus, achieving its fund target volume. Besides Cornerstone investor Paul Grunow, co-founder of Solon AG and Q.Cells AG, several German family offices as well as German institutional investors decided to invest. The insurance company LVM Versicherungen invested with two funds. Thus, eCAPITAL is now managing five funds with a total fund volume of € 120 m and belongs to the leading, independent German Venture Capital companies.  

eCAPITAL’s entrepreneurial approach and technological know-how is convincing. The fund already invested in five promising companies. One thereof is Novaled, the World technology leader for doping materials for OLED technology. eZelleron, developer and producer of SOFC fuel cells was included into the portfolio as a syndicated investment, amongst others with Fraunhofer Venture. Heliatek is currently building its production line for novel organic solar cells, while Feranova develops and builds large scale solar thermal power plants using its patented CSP-mirrors. In addition to the existing portfolio, the eCAPITAL team aims for 15 investments in Cleantech sectors such as water, energy, new materials and transport during the investment period. The fund invests in later and early stage companies, in a first step with an average investment volume of € 0.5 m - € 2.5 m. It invests preferably in Germany, Austria and Switzerland. Investments in other countries are also possible.  

The eCAPITAL management team is happy about the successful fund. Dr. Paul-Josef Patt, Managing Partner of eCAPITAL states: „Closing a venture fund that successfully during the current fundraising recession is truly remarkable. The outcome speaks for the distinct investment focus, the team’s and venture partners’ track record as well as the established portfolio.”

About eCAPITAL entrepreneurial Partners AG
The eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Muenster, Germany. Since 1999, the company supports business people in promising industries. Investment focus is on innovative, high-growth companies in cleantech, new materials, optical technologies sectors, information technology/communications, and innovative services.

eCAPITAL currently manages five funds totalling 120 million Euros. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

For more information please visit www.ecapital.de

Contact
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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 eCAPITAL and High-Tech-Gruenderfonds finance high-end raw materials recycling
Muenster/Bielefeld/Bonn, January 2011. saperatec, an independent recycling specialist for high tech products receives € 1 m seed capital from the seed funds „Gruenderfonds Bielefeld-Ostwestfalen“ managed by eCAPITAL and the High-Tech Gruenderfonds (HTGF), Bonn. Saperatec will use these funds to build up the production in Bielefeld, Germany.

The high tech industry relies on sufficient availability of high tech materials, such as rare earth and noble metals. These metals are used in the electronics industry, for example for TVs, smartphones, and computers. But also the photovoltaic industry needs noble and earth metals for its modules. While there are electronic waste recycling cycles, the strongly growing PV-industry waste recycling is still in its infancy.  “We have backed Saperatec’s team and technology because there a increasing incentives for recycling of “strategic metals” in Europe as one of the largest consumers of those”, says Andreas Quauke, Senior Investment Manager with HTGF."Particularly regarding prevailing shortage of these resources through China as major producer let this issue become more and more relevant", Quauke continues. Thus, with its ecologic though simple procedure, saperatec will focus on the photovoltaic industry to recover nobel and earth metals like indium, selen, tellur, and other valuable metals from photovoltaic production waste or end-of-life modules. The technique works at room temperature and has the potential to outperform known methods which use high temperatures and aggressive chemicals. Thus, the technology does not only close the product life cylce of photovoltaic products but enables the efficient and economic retrieving of rare metals.
                                                                                                                              
Dr. Sebastian Kernbaum, co-founder and managing director of saperatec, looks forward to working with High-Tech Gruenderfonds and eCAPITAL: “The market for photovoltaic recycling is bound to grow extensively over the next years and so will saperatec. We are happy to have found investors who are able to support us sustainably with their business network and industry know how. “

Dr. Michael Luebbehusen, fund manager of eCAPITAL’s seed fund „Gruenderfonds Bielefeld-Ostwestfalen“, adds: „The elegant, eco-friendly technology and the experienced management team convinced us at once. We are pleased to support such a trend setting company right from the start.”

For more information please visit www.saperatec.de

For more information please visit www.high-tech-gruenderfonds.de

Contact
Andreas Quauke
High-Tech Gruenderfonds Management GmbH
Ludwig-Erhard-Allee 2
53175 Bonn
Phone: +49 228 823001-00
Fax: +49 228 823000-50
Email: a.quauke@htgf.de 
Internet: www.high-tech-gruenderfonds.de

About Gruenderfonds Bielefeld-Ostwestfalen
Seedfund Bielefeld- Ostwestfalen is a 10 million Euro-VC-fund, managed by eCAPITAL AG and targeting technology startups with high growth potential. The fund teams experienced investors with successful entrepreneurs for first round financings of young companies. Investments can total up to 500,000 Euros and focus on the segments Bio-/Nanotechnology, Life Science, Process enginnering, MedTech, New Materials and ICT. Seedfund Bielefeld-Ostwestfalen was initialised by eCAPITAL. Fund investors are NRW.Bank, Sparkasse Bielefeld, Detmold and Herford and many notable entrepreneurs, who additionally support the fund with their social networks and business contacts.

For more information please visit www.gruenderfonds-msl.de (German only)

About eCAPITAL entrepreneurial Partners AG
The eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Muenster, Germany. Since 1999, the company supports business people in promising industries. Investment focus is on innovative, high-growth companies in information technology/communications, new materials, optical technologies sectors, cleantech and innovative services.

eCAPITAL currently manages five funds totalling 120 million Euros. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

For more information please visit www.ecapital.de

Consultants of financing round

Tobias Krier            - KrierHeß GmbH, Berlin
Michael Wiehl          - Roedl&Partner, Nuremberg

Contact
Dr. Michael Lübbehusen
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Dr. Sebastian Kernbaum
Saperatec GmbH
Ernst-Graebe-Str. 10
33611 Bielefeld
Phone: +49 521 5240-325
Fax:  +49 521 5240-381
Internet: www.saperatec.de
email:  skernbaum@saperatec.de

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Serkan Kadi founded Feranova. Because of his years of experience with General Electric, Kadi brings in extensive industry background. In the early years the company planed, built and sold turn-key photovoltaic facilities. In addition, the team developed an innovative aluminium module which is used in CSP (concentrated solar power) facilities. This module is close to marketability and its main characteristics are the light weight and the modular, highly flexible and sturdy construction as well as the innovative surface technology.

Concentrated Solar Power (CSP) is currently the most effective technology for the utilization of solar energy. It provides an independent source of energy that is available upon demand. Special mirrors bundle sun light on a heat transfer medium with ninetyfold concentration. The derived thermal energy can be used to produce steam, heat or electricity. CSP is best used in areas with high direct sun radiation, like southern Europe, North Africa, parts of India and China as well as the southern states of the U.S. and also Australia.

Serkan Kadi, founder and CEO of Feranova, is happy to have finalised the first financing round: “Due to the necessary integration of existing energy infrastructures, solar thermal power plants are not yet widely spread, especially when compared with the worldwide installed PV-capacities. Nevertheless, they show huge market potential. I am very happy that I was able to win the Gruenderfonds Muensterland and eCAPITAL AG as valuable partners who are able to support the company with its upcoming market entry and business development. Together we want to unlock the market potential.“

Dr. Paul-Josef Patt, CEO of eCAPITAL, adds: “Feranova is an extremely fascinating company with an innovative product and led by a very experienced CEO. The mirror’s USPs are evident, e.g. regarding quality and long life cycle. Besides the new application and its many possibilities, the mirror can also be used as spare part for existing CSP facilities, replacing the more sensitive mirrors. Furthermore, we see a promising current project pipeline which will encourage a fast market entry. The eCAPITAL team will accompany the entrepreneur and the company during this exciting business development process and also act as a sparring partner for its management team.“

About  Feranova GmbH
Feranova is a product manufacturer and service provider for the solar industry. It realises PV and CSP projects, from planning to implementation, in-house. After the successful development of an innovative CSP- aluminium mirror, Feranova is now focusing on the planning and commercialisation of solar thermal equipment in Germany and abroad, as well as on building turn-key solar thermal facilities for thermal solar power plants.

Please find more information on www.feranova.com

Please find more information on  www.gruenderfonds-msl.de (German only)

eCAPITAL currently manages five funds totalling €120 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

Please find more information on  http://www.ecapital.de

Consultants of financing round

Tobias Rodehau     - Arqis Rechtsanwaelte, Muenchen
Benedikt Geise       - WP Dr. Beermann & Partner, Muenster 

Contact
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Serkan Kadi
Feranova GmbH
Carl-Wintzer-Strasse 19
49124 Georgsmarienhuette
Phone: +49 5401 3658840
Fax: +49 5401 3658864
Email: serkan.kadi@feranova.com
Internet: www.feranova.com

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The so-called "p-i-n Tandem Cell Technology" developed and patented by the partners forms the basis for this success. It is based on a combination of two technologies: doped organic materials ("p-i-n technology") and the stacking of solar cells ("tandem cells"). The record-breaking cell uses organic colouring agents specially optimised for use in solar cells, whereby one agent absorbs the short-wave portion of sunlight (blue and green light) while the other absorbs the long-wave portion (red and near-infrared light). The absorbers were developed by Heliatek and its investor, BASF (Ludwigshafen). Doped organic materials, which form the basis of the pin technology, were developed by Novaled AG (Dresden) primarily for use in organic light-emitting diodes (OLED). Heliatek, thus, creates synergies with the OLED technology, which has already established itself with various products on the screen display market.

Heliatek's technology is based on the thermal depositing of organic molecules within a vacuum. Production processes using vacuums are used in the semi-conductor industry and have established themselves as very stable and cost-efficient. However, the use of vacuum depositing within the organic photovoltaic industry represents an innovation: international competitors in the area of organic solar cells use solvent-based printing processes for polymers, as these have hitherto often provided better efficiency levels and been considered cheap to manufacture. With the new value achieved by the organic solar cells consisting of "small molecules", Heliatek has achieved a performance level which goes beyond that of polymer printing technology. Owing to more stable production processes, vacuum depositing has already won out on the global market over polymer printing in the area of organic light-emitting diodes (OLED).

Following the successful completion of a financing round to the sum of €18 million at the end of 2009, Heliatek is set to begin pilot production for the roll-to-roll manufacturing of organic solar cells. Introductory products are to hit the market at the end of 2011.

Together with its strategic partners BASF and Bosch, Heliatek aims to increase the components' efficiency to >10%, and to establish technology for mass production. Heliatek's activities are linked to various R & D projects in which the IAPP, the University of Ulm, Novaled AG and Fraunhofer IPMS (Dresden) are also involved. Heliatek receives public funding for these projects from the German Federal Ministry for Education and Research (BMBF) as well as from the Sächsische Aufbaubank ('Saxony Start-up Bank', SAB), using funds from the Free State of Saxony and the EU. The collaboration between Heliatek and the IAPP, which has resulted in the development of the certified components, is based on the BMBF-sponsored "Organic p-i-n Components" InnoProfile group and the research and technology platform developed therein.

eCAPITAL currently manages five funds totaling more than - 85 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

The mission of Dresden-based Heliatek GmbH is to develop a mature technology of organic vacuum-deposited solar cells and introduce it into the market. The technology development comprises tailored organic absorber materials, device integration, and production processes.

Contact: Dr. Martin Pfeiffer, CTO (martin.pfeiffer@heliatek.com), Dr. Andreas Rückemann, CEO (andreas.rueckemann@heliatek.com )

More information is available at: www.heliatek.com

Contact: Dr. Moritz Riede (moritz.riede@iapp.de), Prof. Dr. Karl Leo (karl.leo@iapp.de)

More information is available at: www.iapp.de

Contact:
Dr. Michael Lübbehusen
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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Gollmann Kommissioniersysteme nominated for Germany's most important founder award
Münster/Halle, 18. June 2010. eCAPITAL's investment Gollmann Kommissioniersysteme received another outstanding commendation. The 'Deutsche Gründerpreis' (German award for the most successful founders of the year) nominated Gollmann for this years 'climber' award.

This category honors those companies that are not older than 7 years and already stand out due to their immense growth. Three companies, out of over 200 applications, can hope to be awarded by Germany's president in Berlin on September 14th. All three nominees will get a professional coaching from Porsche Consulting, as well as media training and exclusive access to the alumni-database. Furthermore, each nominee will have two entrepreneurs from the board of trustees by their side, who will support the nominees with know-how and their extensive network.

The 'Deutscher Gründerpreis' jury compliments: "The company stands for an unequalled success of German engineering: a backyard startup which became a medium-sized company with 70 employees within three years. Gollmann combines high-end engineering with classic storage systems. The fully automated dispensing systems for pharmacies and industries save time, money, and space."

Dr. Paul-Josef Patt from eCAPITAL adds: 'We are happy for the company and that our assessment was correct when we supported the entrepreneur in the economically tough year 2009 with an expansion investment.'

Daniel Gollmann, founder and director of Gollmann Kommissioniersysteme GmbH, is excited about the noination: 'This nomination for the German founder award is priceess.'

David Gollmann founded the company in 2006 and now employs more than 70 employees. Although still young, the company received many prices and accreditations, e.g. for being the strongest founder 'KfW Gründer-Champion' in Sachsen Anhalt (being the third in Germany in this categ"ry), and the title 'Mutmacher der Nation' (encourager of the nation) in Sachsen Anhalt, for bringing back faith in German companies.

About the Deutsche Gründerpreis
The 'Deutsche Gründerpreis' is the most important award for outstanding entrepreneurs in Germany. The initiative aims to generate a positive founding climate and, thus, encourage German founders. The prize is awarded annually in the categories 'Startup', 'climber' and 'lifetime achievement'. Exceptional achievements may be acknowledged with a special award. The Deutsche Gründerpreis partners stern, Sparkassen, ZDF, and Porsche offer this reward. They have been supporting entrepreneurship and founders since 1997. Furthermore a top-class board of trustees supports the Gründerpreis by helping nominees and winners. Sponsors of the Deutsche Gründerpreis are Bertelsmann AG, Gruner + Jahr AG, Süddeutsche Zeitung, and the Sparkassen insurance companies. Cooperation partner is the Federal Ministry for Economy and Technology.

About eCAPITAL
The eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Münster, Germany. Since 1999, the company supports business people in promising industries. The investment focus is on innovative, high-growth companies in information technology/communications, new materials, optical technologies sectors, cleantech and innovative services.

eCAPITAL currently manages five funds totaling more than - 85 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

Contact:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Daniel Gollmann
Gollmann Kommissioniersysteme GmbH
Edmund-von-Lippmann-Str. 13-15
06112 Halle (Saale)
Phone: +49 345 131 84-0
Fax: +49 345 131 84-199
Email: info@gollmann.com
Internet: www.gollmann.com

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e-Commerce tools specialist svh24.de receives €4 m to finance expansionMünster/Dortmund, 11 June 2010. svh24.de Gmbh, a successful e-commerce company specialized in tools, receives €4 m from eCAPITAL. The company will use these new funds to finance its ambitious expansion plans. Today, the online tool shop is already one of Germany*s market leaders in its core competency.

Alexander Schmidt founded this medium-sized company in 1998 which has continued to grow fast. Due to his expertise in the tool selling business, he was able to position svh24.de in the B2B sector, with its high advisory requirements, as well as in the price sensitive B2C sector. Via the website the customer is able to choose between over 10,000 items in stock. The focus remains on improvement and extension of the product line, as well as customer service and usability, all in all providing a great growth opportunity. The company already holds several awards for its professional internet performance and is continuing to upgrade its page in alliance with customer suggestions.

Alexander Schmidt, founder and director of svh24.de, is happy with the closing: 'We found the perfect partner in eCAPITAL to expand our business. The financial and also entrepreneurial support of eCAPITAL enables us to use the immense growth potential given in our market. I am looking forward to our professional relationship.'

Dr. Paul-Josef Patt, CEO of eCAPITAL AG adds: 'The svh24.de GmbH is a well-established medium-sized company with the potential to expand its already leading position in the dynamic e-commerce market.'

About svh24.de
In 1998, Alexander Schmidt founded the forerunner of svh24.de Gmbh. Commitment to his customers is the basis for the steady growth. svh customers can choose between over 10,000 items in stock, with a 24 hours delivery guaranteed. Furthermore, the extensive customer service tops svh's concept off.

eCAPITAL currently manages five funds totaling more than - 85 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

Contact:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Alexander Schmidt
svh24.de GmbH
Unterste-Wilms-Str. 53
44143 Dortmund
Phone. : + 49 231/3368 - 0
Fax : + 49 231/3368 - 1000
Email: info@svh24.de
Internet: www.svh24.de

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Together with some 40 other young and promising technology companies from four different continents Novaled has been pre selected to present in front of more than 250 investment and cleantech specialists as well as politicians and journalists. By introducin' Novaled's business field, a convincing company concept and an outstanding revenue potential Novaled succeeded and won the award for Excellence in the Field of Environmental Technology Development.

'We are proud to be recognized for the successful development of our Novaled 'PIN OLED' technology and the continuous growth of the company', says Harry Boehme, CFO Novaled AG. 'Our efforts for developing highly efficient and long living solutions for the next generation display and lighting products are supported a lot by receiving the cleantech award. At the same time the award emphasizes the excellent reputation Novaled has earned among cleantech companies and investors.'

Beside Novaled there are winners in two other categories. The award for Excellence in the Field of Environmental Technology Research went to Sun Catalytix (USA). The award for Excellence in the Field of Environmental Technology Commercialization went to Oxford Catalysts.

eCAPITAL currently manages five funds totaling more than - 85 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.

More information is available at: www.novaled.com.

Contact:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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Seedfund 'Münsterland' realises first investment with Variowell Development GmbH
Münster, 23rd December 2009. The Seedfund 'Gründerfonds Münsterland' has made its first engagement with Variowell Development GmbH, a developer and producer of intelligent foams that excel through variable and adjustable degrees of hardness. Being sole investor of the closed financing round, Seedfund Münsterland provides a six-digit amount for further company growth.

Variowell pursues a patented technology that allows to flexibly regulating the elasticity of PU-foams via temperature control. This novel approach adds a new dimension to existing products, which is to dynamically and individually change the degree of hardness. The means of the financing round will be used for the market launch of the first product: the mattress 'Geneva NG', which will be presented on the international furniture exhibition 'imm cologne' in January 2010. The mattress is adjustable in 48 different degrees of hardness in four time periods. Further fields of applications of the proposed technology are currently in the development phase and also close to marketability.

Individualised products

During the past 50 years, solid foams more and more got an integral part in today's furniture and can since then be found in products like mattresses and ergonomic seats. As a result, alternative materials like spring core have merely been erased completely from the market. Yet, the foams currently available suffer from a fundamental disadvantage, which is to be fixed in their hardness: once integrated into a product, the degree of hardness cannot be altered anymore. Variowell overcomes this drawback through its internationally patented technology and opens entirely novel prospects for existing products. To the best of our knowledge, Variowell is the first company worldwide developing dynamic foams.

'We are glad to have Seedfund Münsterland with us and that with eCapital AG, we can rely on a strong partner having the necessary entrepreneurial mind-set', states Tobias Kirchhoff, managing Partner of Variowell.

'Tobias Kirchhoff is an experienced entrepreneur, having many years of substantial know-how in this particular industrial sector and is bringing in a considerable social network' commented Dr. Paul-Josef Patt, CEO of eCAPITAL.

More detailed information can be found at www.variowell-development.com

More detailed information can be found at www.gruenderfonds-msl.de

More detailed information can be found at www.ecapital.de.

Consultants of this financing round
Tobias Rodehau - Arqis Rechtsanwälte, München
Benedikt Geise - WP Dr. Beermann & Partner, Münster

Contact Persons:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Tobias Kirchhoff
Variowell Development GmbH
Max-Winkelmann Str. 19a
48165 Münster
Tel.: +49 2501 29294
Fax: +49 2501 29295
Email: tk@variowell-development.com
Internet: www.variowell-development.com

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eZelleron GmbH develops and markets units of mobile power supplies based on fuel cell technology. The units can be integrated into electronic systems or can alternatively serve as grid-independent external charging devices. Thanks to eZelleron's vastly patented fuel cell technology, customers profit from highly efficient, long-life and mobile energy sources. Using low-weight cartridges (e. g. lighters), portable electronic devices such as notebooks become completely grid-independent and remain operational for much longer time periods.

Initially and in cooperation with Fraunhofer Institute for Ceramic Technologies and Systems (IKTS), eZelleron will develop systems in the power range up to 100W. Fraunhofer IKTS has extensive know-how in the field of fuel cell technology and is an ideal partner through complementary expertise.

In contrary to rechargeable batteries that need to be plugged to the power grid for recharge on a regular basis, eZelleron's fuel cell technology has the potential to provide electrical energy completely independent from the power grid. Furthermore it is mobile, eco-friendly and more efficient than other fuel cell technologies.

In comparison to its competitors, eZelleron's USP is to provide a fuel cell technology that clears access to a fuel infrastructure that is already available worldwide. In addition to fuels like hydrogen or methanol, the technology allows to convert virtually any other gas fuel such as lighter fluid, propane, butane, LPG or camping gas. Into the bargain, the products obviate the need for noble metals and yield high efficiencies at lower costs. Compared to e. g. batteries, eZelleron's fuel cell products have the convincing advantage to show substantially lower weights.

The benefit to the consumer of having a self sustaining energy source is that the dependency on power plugs for recharging is eradicated and the necessity of using extra devices such as spare batteries, plug adapters or power converters becomes obsolete.

In addition to the above mentioned market of mobile energy sources, a multitude of other potential markets are on the horizon: e. g. power tools, electric vehicles as well as outdoor/camping/caravanning. With the funds available, the company will invest in further development of market-ready products and will further extend the current power ranges.

Dr. Sascha Kühn, founder, CEO and shareholder of eZelleron happily commented: 'Having eCAPITAL, Technologiegründerfonds Sachsen and Fraunhofer Venture on board, we are glad to have found three partners with entrepreneurial foresight and that support us in developing our products to market successfully.' Dr. Paul-Josef Patt, CEO of eCAPITAL explained: 'The exceptional technical competence of eZelleron and the current market landscape provide an excellent basis for further development and growth.' Matthias Keckl, Fraunhofer Venture resumed: 'Through this first financing round eZelleron is able to unlock the emerging market opportunities and to further strengthen its technological head start.' Thomas Schäfer, Technologiegründerfonds Sachsen, said: 'We are happy to support the team together with eCAPITAL und Fraunhofer Venture and hence to participate in the next years of the company's development.'

More detailed information can be found at www.eZelleron.de

About eCAPITAL entrepreneurial Partners AG
eCAPITAL AG is a venture capital company that is managed by entrepreneurs and is based in Münster, Germany. Since 1999, the company has actively been investing in innovative entrepreneurs in seminal industries. The investment focus is on rapidly growing companies in the segments of information technology/communications, process technology/new materials, optical technologies, Cleantech and innovative services.
eCAPITAL currently manages five funds totalling more than - 85m. The funds invest in companies that are in the early stage and later stage phase, as well as in small and medium-sized companies throughout Germany.

More detailed information can be found at www.ecapital.de.

About Technologiegründerfonds Sachsen (TGFS)
TGFS is a - 60m-VC-fund that targets technology start-ups with high growth potential and the opportunity to become the market leader in their industry. The fund is managed by an experienced team with a track record of 14 years being as highly engaged and committed as the entrepreneurs they support. Fund investors are the State of Saxony, financially supported by the European Regional Development Fund (ERDF), three major local saving banks and LBBW.

More detailed information can be found at www.tgfs.de

More detailed information can be found at www.fraunhoferventure.de

Consultants of this financing round
24IP LAW GROUP, Munich, Dr. Robert Harrison

ARQIS Rechtsanwälte, Munich, Tobias Rodehau, LL.M.

Böhret - Lindstedt Partnerschaft, Dresden, Corinna Höna, Michael Böhret

Zentrum für Sonnenenergie- und Wasserstoff-Forschung (ZSW), Baden-Württemberg, Dr. Ludwig Jörissen

HSH Köln, Rechtsanwälte & Steuerberater, Köln, RA Thomas Noack

ACT Audit GmbH, Cologne, Dr. Heribert Warken

Contact Persons:
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Dr. Christian Sternitzke
Technologiegründerfonds Sachsen
Löhrstraße 16
04105 Leipzig
Tel. :+49 341 220388-32
Fax :+49 341 220388-09
Email:info@tgfs.de
Internet:www.tgfs.de

Matthias Keckl
Fraunhofer Venture
Hansastraße 27c
80686 München
Tel. :+49 89 1205-4501
Fax :+49 89 1205-7552
Emai:venture-gruppe@fraunhoferventure.de
Internet:www.fraunhoferventure.de

Dr.-Ing. Sascha Kühn
eZelleron GmbH
Collenbuschstr. 22
01324 Dresden
Tel. :+49 228 2869826-0
Fax :+49 228 2869826-9
Email:info@eZelleron.de
Internet:www.eZelleron.de

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Heliatek receives US$ 27 million to continue development of organic solar cells

• Wellington Partners leads second round of financing
• New funding earmarked for building an initial production facility in Dresden
• Production of efficient, flexible and extremely lightweight PV modules on film

Münster/Dresden, 26th November 2009. Heliatek GmbH, a pioneer in the field of organic solar cells, is receiving US$ 27 million (€ 18 million) in a second round of financing under the lead of the pan-European venture capital firm Wellington Partners. Also participating in this round are the industrial investor Bosch and the corporate venture capital investors RWE Innogy Ventures and BASF Venture Capital, the High-Tech-Gründerfonds, eCAPITAL entrepreneurial Partners AG, the Technologiegründerfonds Sachsen Start-up GmbH & Co. KG and GP Bullhound Sidecar. Heliatek will be utilizing the new funding primarily to build an initial production facility in Dresden. In this step and right through to mass production, the company will be using its proprietary tandem technology to efficiently produce, flexible and very lightweight PV modules on a film substrate. Their weight will be merely 500 grams per square meter, instead of today's customary 20 kilograms per square meter. This will open up a forward-looking market for mobile applications, for architectural solutions and for independently supplying regions with weak infrastructures.

'We believe that truly break-through 3rd generation technologies that bring PV well beyond grid parity will be the success stories of the future, and we think Heliatek is excellently positioned to capture that opportunity," explained Bart Markus, General Partner of Wellington Partners.

This is affirmed by Crispin Leick, Executive Director of RWE Innogy Ventures: 'We want to help to commercialize this innovative technology through our venture capital investment in Heliatek. Organic photovoltaics has the potential to deliver considerable cost savings given the low amount of energy used and the unlimited availability of the raw materials."

Speaking on behalf of the other investors, Dr. Alexander Flaig, Vice President Corporate Research at Robert Bosch notes: 'Over the course of the past two years, Heliatek has made impressive progress in terms of the efficiency and service life of its organic solar cells. The time has now come to also show just how cost-efficiently these cells can be manufactured under industrial conditions. This round of financing will enable the company to execute this important step - from the research laboratory to an initial production facility.'

Heliatek CEO Dr. Andreas Rückemann explains: 'With this new round of financing, we have now created an opportunity to take advantage of our technology edge in this forward-looking market in order to be one of the first suppliers to ramp up a production operation. We are very proud that we have been able to receive the support of the industrial company Bosch and the venture capital investors RWE Innogy Ventures, BASF Venture Capital, Wellington Partners, eCAPITAL and Technologiegründerfonds Sachsen.'

Heliatek was advised on this round of financing by the leading European investment bank for technology companies GP Bullhound.

About Heliatek
Formed in 2006 as a spin-off from the Universities of Dresden and Ulm, Heliatek GmbH develops organic solar cells incorporating its proprietary tandem technology from so-called 'small molecules', organic dyes that are chemically synthesized from hydrocarbons. In August 2009, the Fraunhofer Institute for Solar Energy Systems (ISE) certified a power conversion efficiency of 6.1% for a solar cell of this type from Heliatek. These rapid advances in efficiency and the outstanding life time of the solar cells are based predominantly upon newly developed organic molecules from the laboratories of Heliatek and BASF.
Heliatek employs a total workforce of 30 people at its locations in Dresden and Ulm. Two strategic investors, BASF and Bosch, participated in an initial round of financing in June 2007; additionally participating was the pan-European venture capital firm Wellington Partners. Further information is available at www.heliatek.com.

About BASF Venture Capital
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF Future Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investment in start-up companies and funds. BASF Venture Capital GmbH's financial commitment per company is in the range of one to five million euros, with active support provided for young start-ups. BASF Venture Capital GmbH selects businesses for investment whose success factors include innovative chemistry-based solutions and which are of strategic interest for BASF. More information about BASF Venture Capital GmbH is available on the internet at www.basf-vc.de.

About Bosch
The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 280,000 associates generated sales of 45.1 billion euros in the 2008 fiscal year. The Bosch Group comprises Robert Bosch GmbH and its more than 300 subsidiaries and regional companies in over 60 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. Each year, Bosch spends more than 3.5 billion euros, or eight percent of its sales revenue, on research and development, and applies for over 3,000 patents worldwide. With all its products and services, Bosch enhances people's quality of life by providing solutions which are both innovative and beneficial. Additional information can be accessed at www.bosch.com.

About RWE Innogy
RWE Innogy GmbH is the company responsible for renewable energies within the RWE Group. The company invests through its venture capital activities in the development and commercialisation of forward-looking renewable energy technologies. Being a driver for innovative technologies RWE Innogy intends to continue growing its portfolio in the future. Investments in the triple-digit millions are planned for the years ahead. Currently the venture capital portfolio comprises investments in 7 companies active in the sector of wind, hydro and solar power, biomassand energy storage.
In the focus are promising companies throughout Europe which have developed a technology in the area of renewable energies that allow resource-conserving and carbon-neutral energy generation. More information can be found at www.rweinnogy.com.

About Wellington Partners

Wellington Partners is one of the most successful pan-European venture capital firms. With some - 800 million under management and offices in London, Munich, Palo Alto and Zurich, Wellington invests in companies throughout Europe that have the potential to become global leaders, in particular in the areas of digital media, Cleantech, electronics, software and life sciences.
Since 1998, Wellington Partners has invested in more than 100 companies in Europe and Israel, including now publicly traded firms like Actelion and XING and successful privately held companies like Alando (acquired by eBay), Ciao (acquired by Microsoft) and ImmobilienScout24 (acquired by Deutsche Telekom). For more information please visit www.wellington-partners.com.

About eCAPITAL entrepreneurial Partners
eCAPITAL is a venture capital company which is managed by entrepreneurs and is based in Münster, Germany. Since 1999, the company has actively been investing in innovative entrepreneurs in seminal industries. The investment focus is on rapidly growing companies in the segments of information technology/communications, process technology/new materials, optical technologies, Cleantech and innovative services.
eCAPITAL currently manages five funds totalling more than - 85 million. The funds invest in companies which are in the early stage and later stage phase, as well as in small and medium-sized companies throughout Germany. More detailed information can be found at www.ecapital.de.

About Technologiegründerfonds Sachsen (TGFS)
TGFS is a 60Mio €-VC-fund that targets technology start-ups with high growth potential and the opportunity to become market leader in their industry. The fund is managed by an experienced team with a track record of 14 years as highly engaged and committed as the entrepreneurs they support. Fund investors are the State of Saxony, financially supported by the European Regional Development Fund (ERDF), three major local saving banks and LBBW. www.tgfs.de

Contact:
Dr. Michael Lübbehusen
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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Successful Round of Funding for Jedox, Leading Supplier of Open Source Business Intelligence Software
03.06 2008, Muenster/Freiburg. eCAPITAL has successfully closed a future-oriented round of funding with the Freiburg based Jedox AG, one of the world’s leading suppliers of Open Source based planning, analysis and reporting solutions. The existing investor, Klaus Wecken, co-founder and former CEO of the KHK Software AG Frankfurt, also participated in this round. The investments provide a financial basis that opens up new perspectives to Jedox‘s enormous potential of growth on the global IT market.

Kristian Raue, CEO of Jedox AG, comments on the latest development: „We are extremely pleased with the successful closing of the latest round of funding. With eCAPITAL and Klaus Wecken, an experienced investor in our field who we got on board in January, we have two strong partners that support Jedox in expanding our international presence and our customer service infrastructure. We look forward to working with our investors and accelerate the company’s success for the benefit of all involved: our customers, our business partners and our employees.”

At this year’s CeBIT in Hannover, Jedox was acknowledged for its innovative technology when Quelle GmbH received the “Best Practice Award Business Intelligence”, selected by a prestigious expert jury for its Reporting Portal that is based on Jedox technology. The jury was comprised of high-ranking science and industry experts.

Already 20% of the companies registered in the DAX 30 index use Jedox software. Frank Hölzle, Managing Partner of eCAPITAL is convinced: “The Open Source platform of Palo will take hold as an international standard in the area of Business Intelligence and it is going to revolutionize the industry”.

About eCAPITAL
eCAPITAL is a venture capital company managed by entrepreneurs located in Münster. Since 1999 it actively supports entrepreneurs in future-orientated fields. The company concentrates on fast growing companies in the fields of information technology / communications / chemical engineering / new materials and optical technologies.
eCAPITAL currently manages three funds totalling more than € 60 million and invests nationally in Early and Later Stage companies as well as SMEs.

About Jedox AG
Jedox is one of the world’s leading suppliers of Open Source based planning, analysis and reporting solutions. With their Palo Server (Open Source) as well as their Worksheet Server, which is based on Open Source technologies, Jedox provides a solution for so-called Enterprise Spreadsheets. Enterprise Spreadsheets convert Excel applications into corporate-wide Business Intelligence solutions and they ensure a consistent data model for all spreadsheets throughout a corporation. Their core product Palo is available free of charge at www.palo.net.

40 employees are currently working for Jedox in Freiburg, Germany, and due to the recent developments, the staff count will continue to be increased substantially.

More information can be found at www.jedox.com.

Contact
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

Kristian Raue
Jedox AG
Bismarckallee 7a
D-79098 Freiburg im Breisgau
Tel: +49 (761) 15147-0
Fax: +49 (761) 15147-10
Internet: www.jedox.com
Email: info@jedox.com

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eCAPITAL portfolio company Novaled selected for Red Herring Top 100 Europe
18.04.2008, Münster, Germany. The recognised global media company Red Herring has selected the eCAPITAL portfolio company Novaled as one of Europe’s 100 most promising companies – driving the future of technology. Besides the OLED-specialist from Dresden only 11 other German companies have been honoured this year. Red Herring based its decision on a careful analysis of more than 700 privately held companies. The global media company analysed aspects such as financial data and management skills, as well as business strategy and R&D activities of the companies.

Harry Boehme, CFO of Novaled, was highly pleased to see Novaled in line with companies like Google, eBay or Skype which Red Herring also discovered at an early stage. “The Red Herring Award demonstrates that Novaled is rightly counted among the leading technology companies”, he summarized. Dr. Paul-Josef Patt, Managing Partner of eCAPITAL, commented, ”together with the Novaled Management we are very pleased about the selection by Red Herring and take pride in the appreciation associated with such an award. Novaled offers outstanding technology and is under highly skilled management. The company’s future growth will outperform all of the high expectations.”

Every year Red Herring publishes a list of the top performing companies that will change the way we live and work. In order to honour the Red Herring 100 Europe companies, Red Herring has invited all CEOs to present their companies at the Red Herring Europe 2008 event in Malta.

About eCAPITAL
eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and is located in Münster. Since 1999 the company supports innovative businesspeople in promising industries. The investment focus is on innovative high-growth companies in the information echnology/communications, new materials and optical technologies sectors. Currently, eCAPITAL manages three funds with a total volume of more than € 60 Mio. The capital is invested in innovative and technology-based companies as well as small and medium-sized companies throughout Germany.

About Red Herring
Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy.

More information about Red Herring is available at www.redherring.com

About Novaled
Novaled AG is a world leading company in the OLED (organic light-emitting diode) field specialized in high efficiency long lifetime OLED structures and an expert in synthetic and analytical chemistry. The company offers complete solutions to the organic electronic markets, commercializing its Novaled PIN OLEDTM technology along with its proprietary OLED materials. Novaled has developed long term partnerships with major OLED players worldwide. Based on more than 340 patents granted or pending, Novaled has a strong IP position in OLED technology.

More information about Novaled is available at www.novaled.com

Contact
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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Lumics raises additional €5.5 million
16.12.2005, Berlin, Germany. Lumics a leading manufacturer of laser modules announced that it has successfully completed a round of funding for €5.5 million ($6.6m). The round was lead by a consortium of investors: Falk Strascheg Holding GmbH, eCAPITAL Technologies Fonds II GmbH & Co. KG, MAZ Seed Invest GmbH and VC Fonds Berlin GmbH. The new shareholders joined the first round investor Earlybird who co-invested in this financing round. The proceeds from this financing will enable Lumics to increase production capacity, further develop its innovative laser diode technology, and expand its sales activities and international market base.

Lumics is changing the economics for laser diodes by dramatically reducing the operating costs associated with the deployment of high power diode lasers due to a patented manufacturing process for highly reliable components. The Lumics solution has been globally adopted as it provides outstanding characteristics of diode laser technology. The unique combination of laser chip expertise and high quality module manufacturing strategy allows the creation and rapid deployment of a full range of laser components for communication networks, analytical instruments and industrial laser applications. During the past year, Lumics grew its customer base with the addition of several new sales partners and end customers including internationally renown telecom equipment supplier and industrial laser manufacturers.

All Lumics investors have a long, successful history investing in fast growing high technology companies. They will provide additional expertise in general management and financial planning.

"We are delighted that Strascheg Holding, eCAPITAL, MAZ Seed Invest GmbH and VC Fonds Berlin have joined our trusted investor at this exciting time in the company's history" said Karl Eberl, CEO of Lumics "This round of funding marks a major milestone for Lumics as we experience an impressive success rate in a market poised for a rising growth and demand."

About Lumics
Lumics GmbH, based in Berlin, Germany is specialized in laser module components. The product range includes laser diodes and fiber coupled devices in various designs for the use in optical communication networks, analytical instruments and industrial laser applications. The company is specialized in development and production of laser devices in the range from 800nm to 1080nm wavelength.

For more information please visit our web site at www.lumics.com.

Contact
Lumics GmbH
Carl-Scheele-Str. 16
12489 Berlin (Germany)
Tel: +49 30 6780676 - 0
Fax: +49 30 6780676 - 26
E-mail : investors@lumics.com

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Novaled GmbH secured €15 Million - Conversion to AG prepared
NOVALED GMBH RAISED €15 MILLION IN ITS 2ND ROUND OF FINANCING TO COMMERCIALIZE ITS PROPRIETARY PIN OLED TECHNOLOGY AND MATERIAL AND TO EXTEND ITS WORLD LEADING POSITION IN DEVELOPING HIGHLY POWER EFFICIENT AND LONG LIFETIME OLEDS.

30.11.2005, Dresden, Germany. Novaled GmbH has closed the round with an international investment syndicate lead by the venture branch of Credit Agricole Private Equity, Paris, completed by venture funds of Caisse des Dépôts et Consignations (CDC Entreprises Innovation), Paris, KfW Bankengruppe, Bonn, eCapital New Technologies Fonds AG, Muenster, and a German private investor. ”We believe that OLED will become in the near term a widespread technology. We have been strongly impressed by the management team, by the disruptive IP and the technology from Novaled. We are pleased to support Novaled in becoming a world leader in the OLED industry.” says Guillaume Dupont, Associate at Crédit Agricole Private Equity.

In addition, Novaled appreciated the financial support by its current shareholders TechnoStart, TechFund Capital Europe, FCPI 123MultiNova and Dresden Fonds GmbH contributing to the investment consortium. “Since our first investment in March 2003, the management team has done a great job in turning the company from a laboratory into a real leading edge tech company. As a result it has gathered interest from top tier players, not only in display technologies” says Jean-Michel Barbier, Managing Partner at TechFund Capital Europe. Michael Mayer, Managing Partner at TechnoStart, adds “Tapping €15 Million in its second round from the capital market is one of the biggest venture deals for a technology company in Germany in 2005.”

“Securing this significant amount of cash is a major achievement in the development of Novaled.” said Gildas Sorin, CEO of Novaled. “These resources enable us to further develop the prosperous future of the company. The financial backing by institutional investors will secure our growth to sustainable profitability and it will strengthen our credibility in front of our customers, which are the top tier display and lighting makers.”
In the course of this capital increase the shareholders also agreed upon the conversion of Novaled GmbH into Novaled AG (stock cooperation).
As a technology provider and material supplier Novaled will use the proceeds of this financing round to further drive Marketing & Sales and to enhance customer support and its R&D operations. Main focus of the company remains the implementation of its world leading technology into the technology roadmaps of its customers.

About OLED
OLEDs (Organic light emitting diodes) are organic semiconductors made of a few nanometer-thin organic material layers which emit light used in ultra-thin displays and large area lighting. OLED displays are already available for consumer products. Both, display and lighting will boost to multibillion $ markets in the coming years. The breakthrough of Novaled leads to a drastic reduction of power losses in the device and thus will position Novaled to capitalize from its technology. Novaled is the recognized world leader in OLED power efficiency.

About Novaled
Novaled is engaged in the research, development and marketing of organic light-emitting diode (OLED) technologies. The company is a spin-off of IAPP at the Dresden University and IPMS at the Fraunhofer Society’s, founded in 2001 and started operations in March 2003. Novaled experienced a rapid growth in developing and commercializing its proprietary technology maturing into a world-class technology provider. Novaled markets its advanced PIN OLED technology together with its proprietary OLED materials to display makers and lighting companies preparing their entry into this promising new field. The company has a strong IP position manifesting in more than 130 patents granted and filed.

For more information, please visit: www.novaled.com

About Crédit Agricole Private Equity
Crédit Agricole Private Equity is the asset management company of Crédit Agricole S.A., dedicated to private equity investments in unlisted companies. 30 professionals specialised in four activity segments (Expansion Capital & LBO, Venture Capital, Secondary Market, Mezzanine) manage €1.4 billion under French private equity mutual funds (FCPR and FCPI) and private equity companies (SCR). Crédit Agricole Private Equity advises business managers on their growth plans. The transaction has been lead by Michel de Lempdes, Investment Manager and Guillaume Dupont, Investment Associate on behalf of Credit Agricole.

For more information, please visit: www.privatequity.creditlyonnais.com

About CDC Entreprises Innovation
CDC Entreprises Innovation (“CDC EI”), a subsidiary of CDC Entreprises, invests in high tech businesses with strong growth perspectives primarily in three sectors: information and communication technologies, life sciences and biotechnologies, and semi-conductor industries. The company has over € 425 million under management served by 10 professional investors. CDC EI has made numerous investments in the semiconductor sector.

For more information, please visit: www.cdcentreprises.fr

About KfW
KfW mobilizes equity for young, innovative, technology-based firms with assistance from the German Federal Ministry for Economics and Labor (BMWA) and the ERP Start Fund. The previous program of KfW and tbg were combined and overlaps eliminated. For new business, now only KfW is present in the market. The ERP Start Fund constitutes the core of our range of products in the area of early-stage financing. Together with private Investors it offers equity finance to young technology firms. The participation by KfW and the equity investor are subject to the same economic conditions.

For more information please visit: www.kfw-mittelstandsbank.de

About eCapital
eCapital is a German, entrepreneurially driven venture capital fund based in Muenster with experienced private investors. The focus of the second fund is innovative, German based, high-growth companies in the information technology/communications, new materials and optical technologies sectors. The fund is targeted at a fund volume of € 50 million.

For more information visit: www.ecapital.de

About TechnoStart
Since 1991 TechnoStart invests into start-up companies aiming at the commercialization of technology platforms, usually originated from academic research labs in physics, life science, and chemistry. TechnoStart has € 80 million under management.

For more information visit: www.technostart.com

About TechFund Capital Europe
TechFund Capital Europe is a venture capital firm focusing on early stage technology companies in Europe. TechFund invests in core and enabling digital media, communications, and energy technologies. TechFund leverages its network of strategic partners including Thomson, Thales Group, EDF, and TechFund Capital, its California sister fund, to proactively assist its portfolio companies in their development. TechFund Capital Europe is headquartered in Paris and invests primarily in France and Germany.

For more information visit: www.techfundcapitaleurope.com

About 123MultiNova and 123MultiNova II
123MultiNova is the first multi-managers fund. Created in 2002 by French management company 123Venture, it gives a unique access to five seasoned managers (TechFund Capital Europe, ACE Management, S&BD, La Financière de l’Echiquier and Ofivalmo) instead of one for most of FCPI. Created in 2003, 123MultiNova II follows the same guidelines by syndicating the expertise of six managers (TechFund Capital Europe, Seeft Management, S&BD, La Financière de l’Echiquier, Carmignac Gestion and Ixis Asset Management).

For more information visit: www.123venture.com

About Dresden Fonds
The Dresden Fonds GmbH is a Venture Capital fonds jointly funded by the local savings bank in Dresden (Ostsächsische Sparkasse Dresden) and the State Bank of Saxony (Sachsen LB). It is managed by their subsidiaries SIB Innovations- und Beteiligungsgesellschaft mbH (SIB), Dresden, and CFH GmbH (CFH), Leipzig. The Dresden Fonds targets at companies in the region of Dresden with competent forward looking management teams and leading edge technology. SIB and CFH offer management support and access to their networks. CFH is a German Private Equity company with a portfolio of 42 companies and €150 million under management.

For more information visit: www.sib-dresden.de / www.cfh.de

Legal Advisors
Dechert LL.P, Munich (Mr. Rodehau, Dr. Bruckner) for Novaled GmbH
Haarmann Hemmelrath LL.M. Cologne (Dr. Sickinger, Dr. Kuthe) for Credit Agricole Private Equity

For further information, please contact:
Anke Lemke
Novaled GmbH
Tel: +49 351 796 5819
Email: anke.lemke@novaled.com

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The COMCO company (PLC) in Dortmund successfully concludes its financing round in order to expand
12.07.2005, Frankfurt / Münster, Germany.The eCAPITAL AG, as the lead investor, invests together with the S-VentureCapital Dortmund GmbH (SVC-Dortmund) a seven figure sum to finance the European expansion of the IT security specialist from Dortmund.

COMCO is an IT services firm with 25 employees. It is a successful producer of software in the IT security sector. Since 1998 the company has been able gain large international conglomerates and medium-sized companies as steady customers. In 2002 they began to develop their unique security management software, J.u.d.a.s. PROTECTOR. Since the end of 2004, this software has been distributed by Fujitsu Siemens Computers (FSC) via an extensive licensing agreement.

The COMCO security system detects and eliminates internal attacks on company networks that had previously gone undiscovered because suitable protective mechanisms were unavailable. The latest research shows that almost 80% of all attacks on IT systems are internal in nature. The potential damages can endanger the continued existence and success of a company. Furthermore if data concerning customers fall into the wrong hands, this will as a rule damage a company’s reputation.

As most companies do not have the necessary security systems, it is very simple for dissatisfied employees and uninvited guests: with hacker programs that are readily available in the internet and simple to use, they can read the internal data traffic and thus also discover passwords. If the hacker then logs on to the network with a stolen password and a fake identity, he has access to confidential data which he can then steal unnoticed, manipulate or even delete.

COMCO’s security system closes this security gap. This unique and highly specialised management software protects entire companies from internal attacks without affecting the network’s structure or performance. As no personal data is gathered, the use of this software does not lead to conflicts with the data protection officer or the works council.

Fujitsu Siemens Computers recognised the enormous potential and signed a licensing agreement in 2004 with COMCO for Germany, Austria and Switzerland.

Together with FSC COMCO developed the security appliance IntraPROTECTOR:

Renowned customers such as RTL Television, twenty4help and other corporations and mid-sized companies are already using IntraPROTECTOR to protect their internal IT infrastructure. “Very good access to customers and the enormous potential in the IT security sector together with experienced management are combined in COMCO’s business model. This focus on internal security with the possibility of offering an extensive IT security management platform on short notice creates very good opportunities for domestic and international growth,” notes Frank Hölzle, board member of eCAPITAL in Münster.

“As an investment company operating regionally, we support companies located in the greater Dortmund area which have the potential for growth at an international level. COMCO (PLC) is resident in the IT capital of North Rhine Westphalia and, with its stable customer base and unique technology, has a chance to become a player in the international market,” says Gerhard Steinkamp, manager of the S-Venture Capital Dortmund GmbH (Ltd).

“We are pleased that we have been able to gain two experienced investors to implement our growth strategy. With the combination of entrepreneurial venture capital and regional support, we are looking forward to a successful collaboration and the input from two complementary networks,” says Udo Kalinna, chairman of the board of COMCO (PLC).

Mr. Uwe Wortmann and Mr. Jörn Ligges of the Wertpapierhandelsbank AG (security trading bank) in Dortmund acted as advisors in this transaction. Dr. Jörg of the Fünten , partner of the law firm Haarmann, Hemmelrath and partners in Cologne, advised the investors in this transaction.

About eCAPITAL
The eCAPITAL New Technologies Fonds AG is a venture capital company managed by entrepreneurs and is located in Münster. The company supports innovative businesspeople in promising industries. eCAPITAL started successfully in 2004 with the eCAPITAL Technologies Fonds II with a target volume of 50 million euros. It invests in technology companies and small medium-sized companies.

About SVC-Dortmund
The SVC-Dortmund is a subsidiary of the Sparkasse Dortmund (savings bank) which provides equity capital and similar funds for innovative companies in the greater Dortmund area. By offering equity capital to the capital intensive technology sector, the Sparkasse Dortmund’s high level of commitment in the field of classic business financing is rounded off.

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eCAPITAL’s shares in Appcon GmbH in Frankfurt sold successfully via an asset sale finvision AG
03.05.2005, Frankfurt / Münster, Germany.eCAPITAL, an independent, entrepreneurially managed venture capital company from Münster has invested together with the tbg in Bonn and private investors in the Appcon GmbH in Frankfurt since 2000. Appcon GmbH (Ltd), together with its exclusive subsidiary finvsion AG (PLC), is one of the leading suppliers of high quality IT solutions for the electronic fixed-income trading in various markets.

In order to take full advantage of Appcon and finvision’s software internationally, the world-wide market leader in this field, ION Trading Ltd. In Dublin, with branches in London, Tokyo, New York and elsewhere, has taken over finvision. The world market leader was founded in 1999 and was financed in the course of an international expansion strategy in 2004 by TA Associates, USA and Kairos Partners, Italy. All parties agreed not to disclose the sale price.

With the sale of all of Appcon’s assets, a large percentage of the sale price will go to the investors.

About eCAPITAL
eCAPITAL New Technologies Fonds II gmbH & Co. KG is a venture capital company managed by entrepreneurs located in Münster. Since 1999 it actively supports entrepreneurs in future-orientated fields. The company concentrates on fast growing companies in the fields of information technology / communications / chemical engineering / new materials and optical technologies. eCAPITAL started successfully in 2004 with a target volume of 50 million euros.

Contact
Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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eCAPITAL member of BVK e.V.
03.05.2005, Münster, Germany.Planning to set up its 2nd fund, eCAPITAL decided to join the Federal Association of German Investment Companies (BVK e.V.). Upon the recommendations of VC partners, eCAPITAL was accepted on May 1st as a member by the BVK. In this way eCAPITAL continues to expand its network and will concentrate especially on the Early Stage segment in the BVK.

The Federal Association of German Investment Companies is the main organisation for German investment companies and the representatives of foreign investment companies that are active in Germany.

The BVK was founded on 29 January, 1988 in Berlin. On December 8th, 1989 it merged with the Deutsche Venture Capital Verband DVCA (the German Venture Capital Association). There are 174 regular members and 68 associate members in the BVK.

The BVK’s duties and responsibilities:

Furtherance of the public’s understanding of the activities of investment companies

• Supporting the member companies in describing their tasks
• Advancing co-operation among the different members
• Co-operation with institutes and associations at domestic and international levels.

The BVK’s aims:

• Creating the best possible framework for equity capital in Germany. This includes, among other things:
• Reduction of tax and corporate law obstructions to equity capital in Germany
• Simplifying the acquisition of equity capital for those in need of capital
• Market observation and analysis of market developments
• Advancement of the exchange of experience among the members
• Publication of literature about equity capital in Germany.

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Thomas Merten appointed CFO by eCAPITAL
03.01.2005, Münster, Germany.eCAPITAL expands its executive board. Thomas is appointed by the supervisory board as CFO from January 1st, 2005. Thus eCAPITAL is primed to set up its second fund with a target volume of € 50 million. In the summer of 2004 a first closing for the second fund was carried out.

Thomas Merten is an industrial business manager and a bachelor of business administration with a degree from the university in Münster. Mr. Merten began his career following countless internships in Germany and abroad at Deloitte & Touche in the field of corporate finance. Thereafter he worked for four years for the TFG Venture Capital in Frankfurt and Marl and, as the authorised signatory and financial director, was responsible for financial and investment controlling. From the summer of 2003 until the end of 2004 Thomas Merten was the business manager of the successful special mail order company Manufactum in Waltrop.

We welcome Mr. Merten to the team at eCAPITAL and look forward to working with him.

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Relocation and bundling of eCAPITAL’s resources to Münster completed.
15.11.2004, Münster, Germany. eCAPITAL closes its location in Rheinbach and moves to its premises at the centrally located “KreativKai” in Münster on 15.11.2004. This shows that eCAPITAL is committed to the location in Münster. Because of our economic and research network contacts here and the proximity to our investments, Münster offers eCAPITAL excellent conditions.

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Walter Auel, tbg Bonn, new member of the supervisory board and Dr. Paul Bösken-Diebels new chairman of the supervisory board of eCAPITAL.
01.09.2004, Münster, Germany. The shareholders at the Annual General Meeting elected a new supervisory board after the first term had ended. The executive board was able gain the managing director of the “tbg Technologie-Beteiligungs-Gesellschaft mbH”, Walter Auel, as a new member of the supervisory board.

Dr. Paul Bösken-Diebels, former managing partner of the private Diebels brewery in Issum and Michael Stammler, spokesman for the management board of the FERI Wealth Management Gmbh (Ltd) in Bad Homburg are re-elected to the supervisory board. The executive board thanks Dr. Bösken-Diebels and Mr. Stammler for their commitment and looks forward to working with the new supervisory board.

The supervisory board elected Dr. Paul Bösken-Diebels new chairman of the supervisory board at their first meeting. Michael Stammler is deputy chairman of the supervisory board.

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eCAPITAL sells Omnitron AG to the Pepperl +Fuchs Group
01.07.2004, Mannheim, Münster, Germany. The Pepperl + Fuchs Gmbh in Mannheim as of June 1st, 2004 bought 100% of the shares of Omnitron AG in Griesheim from the investors eCAPITAL and TFG Capital and the company founders. All parties involved agreed to maintain silence regarding the price. In 2003 the Pepperl + Fuchs Group, with over 2,600 employees, had a world-wide turnover of € 250 million. They are suppliers of components for factory and process automation, such as inductive and optical sensors, identification systems, fieldbus technology and interface technology .

The Omnitron AG (plc), founded in 1997, is a pioneer of optical identification with the Data Matrix code. At the present the innovative equipment are mainly used in the fields of pharmaceutical packaging, lettershop and printed circuit boards. A newly developed field for the application of the equipment is the tracking of surgical instruments. On the one hand, the technology is distributed as an OEM product through partners such as Böwe or Oce. Large direct customers are, for example, Aventis, Siemens VDO, Vodafone or Alcatel.

Within the Pepperl + Fuchs Group, the international marketing of this innovative identification technology can be advanced forcefully. For this purpose the distribution of the equipment will in future be handled by Pepperl + Fuch’s distribution organisation in the factory automation division.

In order to keep pace with the quick innovation cycle in the market for Data Matrix reading, Omnitron’s research and application department in Griesheim will be expanded. Thus the company will ensure that their devices are the right choice for their customers. To do this the contact to customers in target industries will be increased. This will ensure that the customers receive maximum benefits from the products.

The eCAPITAL New Technologies Fonds AG was the lead investor for omnitron. eCAPITAL is an independent venture capital company located in Münster and Rheinbach. It was founded in 1999 and has invested more than € 20 million in a portfolio of 9 investments in the fields of innovative materials, software/IT and medicine/electrical engineering. The eCAPITAL team has years of experience in the VC sector and is supported by a large circle of active private investors in the first and second fund. At present eCAPITAL is busy fundraising for the second fund.

Along with eCAPITAL, TFG Capital AG invested in omnitron. Both companies’ shares were sold to Pepperl + Fuchs.

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Move to the new premises in Münster
01.03.2003, Münster, Germany. At the beginning of March, we moved into our office in Münster at the centrally located “KreativKai”. Please note the change in address. Naturally our telephone and fax numbers remain the same:

Dr. Paul-Josef Patt
eCAPITAL entrepreneurial Partners AG
Hafenweg 24
48155 Münster
Tel. : +49 251 703767-0
Fax : +49 251 703767-22
Internet: http://www.ecapital.de

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eCAPITAL executive board takes over shares of the TFG and gains a strong private investor as a partner
08.01.2003, Münster, Germany. We would like to inform you about the changes in the shareholders of eCAPITAL New Technologies Fonds AG. The executive board of the public limited company, which at the same time holds a majority of the shares in the management company, has been striving for a time to restructure the circle of shareholders. At the end of last year, TFG announced its decision to pull out of the venture capital business. eCAPITAL’s board took this opportunity to offer to buy the shares from TFG which had been a strategic partner and a shareholder from the time eCAPITAL started. The TFG owned 30.5% of the shares of eCAPITAL NTF AG. The TFG has accepted eCAPITAL’s offer. As of December 31st, 2002, the board bought up all of TFG’s shares.

At the same time an offer was made to a shareholder who is not in the management team. As of January 8th, 2003 this offer was accepted.

The reorganisation of the shareholders has allowed the board to gain new, financially sound partners for eCAPITAL. We are pleased to inform you that Dr. Paul Bösken-Diebels is the first new partner to join the company as a shareholder. Dr. Bösken-Diebels was a partner in the Diebels private brewery and had managed the company as the managing director of marketing/distribution until he left the brewery after it was sold to the Belgian Interbrew group last summer. Dr. Bösken-Diebels has taken a seat in the eCAPITAL’s supervisory board after F. Michael Stallmann stepped down voluntarily.

We welcome Dr. Bösken-Diebels to our circle of shareholders and look forward to working with him.
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eCAPITAL becomes the new co-organiser of the VC regulars’ table in Düsseldorf
01.01.2003, Düsseldorf, Germany. A new group of organisers has taken over the Venture Capital Regulars’ Table in Düsseldorf. The organisers are eCAPITAL, the Tigges law firm and Warth & Klein, a chartered accountancy firm. On every last Tuesday of the month, we regularly offer entrepreneurs and investors a platform to get information and exchange ideas about current economic developments and trends. You will find further information in the column VC Stammtisch Düsseldorf.

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eCAPITAL listed third in the influential Finance rating
01.02.2002, Münster, Germany. Naturally we were very proud when we learned that we were ranked third among VC companies with up to 20 investments by the trade magazine FINANCE. The aim of the ranking is to get an evaluation of the VC companies from the viewpoint of their associated companies. This was the second time this survey has been carried out (see also: VC News).
Over 1,700 companies that are financed by VC companies were asked in writing to evaluate their VC. Enough answers were received about 57 VC companies that they were listed in the ranking.

Extract from FINANCE: “The board of the eCAPITAL Unternehmensbeteiligung AG is happy about their “super results.” Dr. Paul-Josef Patt. “Last time you didn’t even sight us on your radar screen.” He was even more excited by their average evaluation of “A minus.” “Next time we want to try to be a little better.” The desire to be better does credit to the both of them. It is not hard to see why they have been successful so far. eCAPITAL fits the definition of a VC. Through their proximity, their personal commitment, their entrepreneurial experience and the investment also of their own money, they have their finger directly on the pulse of the portfolio companies.”

eCAPITAL is particularly pleased with its average mark of 1.36, especially since it represents the evaluations by 11 portfolio companies. Only about a dozen of the VC companies received more than 9 evaluations. Not one of these companies received a higher ranking than eCAPITAL! And in answer to the question “Does your VC treat you fairly?” eCAPITAL received 100% affirmation. Moreover their crisis management was rated by all partner companies as good. This resulted in eCAPITAL’s first place ranking above all other venture capital companies in this category. The company’s entrepreneurial experience seems to be paying off and eCAPITAL’s high standards (see: Philosophy) can be seen in the daily work of the company.

We know that a good rating does not prove the quality of a fund. What counts is the success of the exits. But: high acceptance among entrepreneurs and founders leads to an attractive deal flow which leads to an attractive investment portfolio with high exit potential. We intend to continue on our chosen path with commitment.

(Source: Finance Magazin, February 2002)

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