Danske Venture Partners attracts EIB investment

The Nordic IT VC fund has received a DKr100m investment from the European Investment Fund as well as DKr25m from US life insurer Phoenix.

Danske Venture Partners (formerly Danske eVentures), part of Danske Private Equity, has seen two new investors join its recently closed DKr1.5bn (E201.5m) fund focused on IT sector start-ups in the Nordic region.

The European Investment Fund [EIF], which has E3bn investment capital, has invested DKr100m. The EIF was set up in 1994 as a joint venture between the European Investment Bank, the European Commission, various European banks and other financial institutions. Its mandate has been to provide venture funding and guarantees to small and medium size enterprises in Europe.

“The EIF’s investment in Danske Venture Partners exemplifies our desire to help support the market for early-stage ventures in Denmark and the Nordic region as a whole,” says Kim Kreilgaard, the EIF’s Head of Venture Capital, Division II.

Besides the EIF, Danske Venture Partners' fund received a DKr25m commitment from US headquartered life insurance and investment company Phoenix.

In a separate announcement Danske Private Equity confirmed that Leif Helth Jensen has been appointed managing director of Danske Private Equity’s new life sciences fund, Danske Life Science. The fund has a first close target of E100m and will be a traditional venture fund focusing on life sciences and biotechnology in the Nordic region. It plans to launch by mid-2002.

Danske Private Equity, which has total investment capital of more than DKr6bn, is a subsidiary in the Danske Bank Group. Besides its venture and life science funds, it manages Danske Private Equity Partners, a DKr4.1bn fund-of-funds that invests globally in venture and buyout funds.