MTI, the UK's veteran early-stage, hi-tech venture capital investor, has closed its fourth fund MTI4, with commitments totalling £104m (€165). It is one of the biggest funds raised with an exclusive focus on UK-based, early stage technology and outstrips by a margin the fund's original target of £75m.

Technology investors have been heavily hit by the burst of the dot-com bubble. Two US tech funds, Geocapital and Crosspoint, both cancelled their fund-raising at the end of last year, though both were significantly bigger funds than MTI4.