ICFM is a Latvian based seed technology venture capital firm in which Imprimatur Capital has a 60% shareholding. It is managed by a local team of 4 investment professionals in Riga headed by Toby Moore (Managing Partner) and Janis Janevics (Partner). Core investment themes include: big data SaaS, electronics & sensors, clean tech and biotech.
ICFM manages a seed/venture technology fund launched in 2010 and which had total capital of approximately €16 million (£12 million). The seed allocation of the fund invests up to approximately €200,000 per company with expected milestones during a 6 to 12 month proof of concept phase. The venture allocation of the fund invests up to approximately €1,000,000 per company with expected initial commercialisation over a period of 12 to 24 months after which other larger investors are attracted to accelerate international growth.
ICFM is an active investor and typically takes a seat on the investee companies’ boards and provides guidance on business development strategy and corporate governance. The ICFM’s investment horizon is four to six years. The ICFM’s is fully invested and has 21 companies in the portfolio at present with an estimated fair value of £7.6 million. ICFM as a limited partner has a 4.5% stake in the fund, has rights to a 20% carry above a 6% hurdle rate on portfolio companies’ exits and takes a 3% annual management charge. ICFM has registered with The Financial and Capital Market Commission in Latvia as an alternative investment fund manager.
Included within the ICFM’s portfolio is Zoomcharts.com, which was named recently by business news provider, Business Insider as the number one fastest growing business to business software start up still under the radar. The Fund’s portfolio includes several other high growth start-ups that the directors believe are capable of generating substantial returns for the Fund during the coming 2 to 3 years.