MCI opens Prague office in bid to become a regional fund

MCI Management, one of the largest national venture capital funds, plan to launch a new venture early next year which will specialize in investments in the Central European region. In order to do this the company has already opened a subsidiary in Prague. "The Czech Republic and Slovakia are natural directions for expansion for Polish funds. I am surprised that none of them had completed any projects in this region," said Michael Rostock, the head of the office in Prague. Company representatives announced a readiness to invest around EUR 300,000 in each of three planned projects by 2005. An eventual withdrawal from investments will take place through the sale of shares to a strategic investor or listing shares on domestic stock exchanges. MCI plans to concentrate on its core line of business which is the IT, Internet and mobile technology sectors. (Parkiet, p. 3) A.K.