Danish Growth Fund ready to invest again in IT and telecom start ups  

2003.01.13
DKK 370 million investment fund has been formed for financing Nordic IT and telecom start ups

Financial daily paper Børsen reports that the Nordic venture company Northzone Ventures, with a DKK 75 million (USD 10.5 million) contribution from the Danish Growth Fund (Vækstfonden), has pooled DKK 370 million (USD 52 million) for investment in early stage IT and telecom companies. The ambition is to pump up the fund to around DKK 750 million (USD 105 million) in a year's time. Northzone estimates that roughly a third of this sum will be used to finance Danish start ups. Both Northzone and the Danish Growth Fund are convinced that now is the time to reinvest in IT sector companies, with a view to selling again in 4-6 years.

 

Northzone Ventures was established in 1996 and has offices in Oslo, Stockholm and Copenhagen. It is actively engaged in about 20 Scandinavian technology companies. Other investors involved in the new fund include Switzerland's LGT Capital Partners and Norway's Argentum Fondsforvaltning, Vesta Liv and Gjensidige Nord.

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