congatec AG receives one million Euros to promote further growth
Deggendorf, Germany, 23 July 2009 * * * congatec AG announces that Technofonds Bayern (The Bavarian Technology Fund) of Bayern Kapital GmbH (Bavaria Capital) intends to increase its holding in the company by injecting a further one million Euros, together with a group of lead investors. Their total share holding will thereby increase to 11.1 %.
congatec will utilise these funds for the continued expansion of its development activities, particularly in the field of energy-saving computer modules for mobile applications. A sizeable portion of the funds will also be allocated to financing the further growth of the business.
Gerhard Edi, Managing Director of congatec AG, comments: “Since the business was founded four years ago, we have been able to significantly increase its turnover every year to the current annual level of 27 million Euros in 2008. We have set equally ambitious goals for the future and our continued growth will be partly financed by the Technofonds Bayern stake in the business.” Edi believes that one of the reasons for the success of congatec AG is its clear focus on the modules sector, in which the company has established a significant market share within a very short space of time.
Technofonds Bayern, which is managed by Bayern Kapital, provides venture capital to upcoming Bavarian technology companies in order to help finance investments and operational resources in various business phases. It does this in cooperation with other investors, known as “lead investors”.
The group of lead investors, all of which invested in congatec AG at a very early stage, have many years of experience in the embedded computer technology sector. In addition to the clear product focus of the company, crucial factors in attracting the investment included the innovative team of employees at the company as well as the generally positive business and market development in the sector during recent years.