Vodafone Group Plc (Vodafone) announces today the creation of a global venture fund to invest in wireless and internet opportunities. The initial fund will be capitalised at £100 million and the average size of investment will range between £2 million and £10 million, targeted primarily at first and second stage investment opportunities. The fund, which will be managed by a wholly owned subsidiary of Vodafone, called "Vodafone Ventures" will be the principal channel for Vodafone's private equity investments.
Vodafone Ventures will be governed by a Board of Directors, who will be responsible for making investment decisions in line with Vodafone's strategy. The fund will enable Vodafone to become a financial, technical and commercial partner to entrepreneurs with promising ideas, and hence facilitate the provision of advanced wireless and internet technologies and services to Vodafone's customers around the world.
Goldman Sachs, the global investment bank, has agreed to assist Vodafone Ventures in its investments. Goldman Sachs will also have the right to co-invest with Vodafone on a selective basis.
Chris Gent, Chief Executive of Vodafone commented: "We view the creation of Vodafone Ventures as providing an important vehicle for investing in an area of great strategic significance for Vodafone. We are determined to maintain our position as the global leader in wireless communication and to lead the way in wireless internet service development. The creation of this fund is a critical step in this direction."
NOTES TO EDITORS:
All enquiries concerning the investment objectives of the fund should be e-mailed to vodafone.ventures@vodafone.com
For further information contact:
Vodafone Group Plc
Mike Caldwell, Corporate Communications Director
Terry Barwick, Director of Corporate Affairs
Tim Brown, Investor Relations Director
Melissa Stimpson, Senior Investor Relations Manager
Telephone: +44 (0) 1635 33251
Tavistock Communications
Lulu Bridges
Telephone: +44 (0) 20 7600 2288
press.office@vodafone.com