Avangate
3TS Cisco Growth Fund
3TS Capital Partners

Avangate raises €4 million, helps software makers sell products online

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Avangate, an Amsterdam, The Netherlands-based company that enables software makers to sell their products online as well as to manage a solid distribution network, has raised €4 million euros in funding.

Eastern European venture capitalist 3TS Capital Partners has acquired a minority stake in Avangate, out of what it is informally known as the 3TS Cisco Growth Fund.

Founded in 2005, Avangate offers a combination of an eCommerce platform, a partner management system and a worldwide affiliate network. The solution is designed to help software vendors, specifically, increase product visibility on the Internet, maximize access to additional selling channels and improve overall software revenue.

The company says the new capital, which will be provided by the investor over the next 6 months, will be used to expand its operations in North America and Europe.

The 3TS Fund, established in November 2007, is a venture capital fund in which Cisco invested as the anchor investor (other backers include 3i, Sitra and KfW). The Fund primarily targets growth capital investments in technology, media and communications companies across Central and Eastern Europe.