VENTURE capitalists are finally getting their act together in Britain and elsewhere in Europe but the sector still lags far behind its American counterpart, an expert has told an international conference.

Tim Cruttenden, director of fund investments at Oxford-based VenCap International, told the Venture Capital Conference in Melbourne, Australia, there were "positive trends" in Europe.

He said: "Over the next five or ten years we will see some great technology companies coming through in Europe."

But US venture capitalists had always had more of a "home run" mentality, seeking to create large companies, he noted.