Danish venture fund SEED Capital has raised DKK 435m (USD 80m) for new investments in promising technology companies, reports Computerworld. The Danish Labour Market Supplementary Pension Fund and the Danish state investment fund, Vækstfonden, are the primary investors.
The money has not yet been earmarked for any specific projects, but according to Ulla Brockenhuus-Schack, managing partner of SEED Capital, the IT industry is a specific focus area.
"We are taking a close look at software-as-a-service (SaaS). Are there some software concepts that can help customers and which can relatively quickly get onto the market?", she said, adding that communities, location based services and mobile telephony also are areas in which the venture fund has a special interest.
"We don't think we have exploited mobile phones and mobility sufficiently yet, and there are many capable entrepreneurs in Denmark in this area," Brockenhuus-Schack commented.
SEED Capital made eight new investments in IT last year, and despite the financial crisis, the venture fund continues to get many contacts from entrepreneurs who are seeking capital.
"We have quite a few "bubblers". In total, we receive about 400 enquiries annually, and the majority of them are IT related projects. And that has actually not decreased," she said.
SEED Capital is the largest venture fund in Denmark in the pre-seed and seed segment. It was founded in 2004 in collaboration with DTU Innovation, Symbion Management and a number of private and public sector investors.