Volpi Capital Announces the Close of Volpi Capital Investments Conti LP

London, UK, 28 June 2023: Volpi Capital LLP (“Volpi”) announces the close of Volpi Capital Investments Conti LP, a new vehicle (“Continuation Fund”) which has acquired the remaining interests held by Volpi Capital Investments L.P. (“Fund I” or “the Fund”)in Cyclomedia and Digital Barriers. This transaction represents a major milestone for Volpi, allowing for the full realisation of Fund I, following the exits of investments in Version 1 and Medinet, and delivering top 5% fund returns to our investors.

The Continuation Fund has been capitalised by Schroders Capital as lead investor and it attracted strong support from existing investors alongside several new institutional investors and the Volpi team. Cyclomedia’s management team, in addition to Volpi Capital Investments III (“Fund III”) will co-invest alongside the Continuation Fund in its investment in Cyclomedia.

Cyclomedia is a leading international provider of intelligent street-level geospatial data and information solutions. It specialises in the capture and processing of large-scale systematic visualisations of physical environments using specialised technology to collect 360˚ spherical imagery. Headquartered in the Netherlands, the company employs over 250 FTEs and operates across Europe and North America.

Since Volpi’s acquisition in 2018, the business has tripled in size, transitioning from a Dutch-focused provider of Geographic Information Systems (“GIS”) solutions to an international player of scale, with significant revenue exposure in the US and new European markets. Drivers of this growth have been Volpi’s expansion of Cyclomedia’s technology capabilities, the transition to cloud native architecture, and the addition of an innovative objection recognition suite to the proposition. This has allowed the business to exploit additional use cases and enter new industry verticals. Alongside these initiatives, Volpi significantly built-out the senior team to drive further expansion.

With additional capital and extended time to drive further value creation, Cyclomedia is ideally positioned for the next phase of our growth plan as it continues to cement its position as the market-leading street-level end-to-end GIS solutions provider. This will be achieved with the roll-out of new product initiatives that are already well-invested while leveraging of Cyclomedia’s proven GTM strategy, as well as through selective strategic bolt-on acquisitions.

Commenting, Crevan O'Grady of Volpi Capital, said “Volpi is delighted to continue our partnership with the Cyclomedia team. We are proud of the successful execution of our growth acceleration strategy to-date and are excited to build on this solid foundation through the next phase of our value creation ambitions.”

Christiaan van der Kam, Head of Secondary Investments at Schroders Capital, said “We are excited to continue our partnerships with Volpi and the management teams of Cyclomedia and Digital Barriers in their next chapters of growth.”

Rede Partners assisted with the private offering, with Stephenson Harwood serving as legal advisor to Schroders Capital and Allen & Overy and Macfarlanes serving as joint legal advisors to Volpi.

About Volpi Capital

Volpi Capital is a specialist European lower mid-market private equity firm seeking ambitious businesses that use technology to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its second fund (Volpi Capital Fund II) in December 2020 with €323 million of commitments.

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