Cipio increases stake in data company

The direct secondaries firm has invested in a round of funding for Onzo, a company it acquired through a staple funding transaction in 2012.

Cipio Partners has invested in a £1.4 million round of funding for Onzo, a data company that produces software to analyse electric meter usage.

Cipio initially invested in Onzo through a staple funding transaction in 2012. The firm acquired some shares from UK energy company SSE in a secondary deal and committed some primary capital. The firm declined to disclose the total value of the transaction.

During the past two years, Cipio, which is Onzo’s largest shareholder, has invested in two rounds of funding. The most recent round raised £1.4 million, although not all of the capital raised came from the firm. Other investors include West Coast Capital, according to the statement.

Christoph Wedegaertner

“We see this as a hugely valuable space. In particular, the utility sector is under increasing pressure from climate change regulation, distributed generation and customer expectations,” Christoph Wedegaertner, a partner at Cipio said in the statement.

Cipio makes direct secondaries investments in technology companies with more than €10 million in revenue, in Europe, Israel and North America. The firm typically invests between €2 million and €6 million in minority stakes in each company, according to its website. Earlier this year, Cipio invested in online eyewear retailer MyOptique Group, according to the spokesperson.

Cipio closed its first blind-pool fund on €137 million at the end of 2010. Previously, the firm fundraised on a deal-by-deal basis; however, the blind-pool fund makes it easier for the firm to invest in single assets, rather than entire portfolios, the spokesperson explained. The firm has about €300 million of assets as of February 2014.