MentorTech Ventures has held a $16 million first close for its second fund, which is targeting a total of $20 million. The Philadelphia-based firm invests in early-stage IT, e-commerce and medical technology companies spinning out of the
Fund II will follow an investment strategy similar to that of Fund I, which closed on $11.7 million in 2005. Its portfolio included Diapers.com, NeatReceipts and Yodle. As of December 31, 2007, the firm says that Fund I had generated a gross IRR of 53.6% and a 1.5x multiple of cost. 30% of committed capital has been returned to investors from a yet unannounced exit. Portfolio companies of Fund I have raised more than $60 million in additional investments, and collectively project revenue in excess of $100 million in 2008.