2M Invest and Growth.dk join forces

The Danish venture capitalists aim to jointly carry investment companies from early stage through to IPO.

Danish venture capitalists 2M Invest and Growth.dk have formed an alliance to enable them to invest across the lifespan of potential investment companies.

Traditionally Growth.dk has focused on seed capital investments, while 2M Invest has concentrated on post-early stage development to aid companies’ international expansion through its network of overseas sales offices and contacts.

The collaboration will see 2M Invest take over a portfolio company once Growth.dk has taken it to “a certain stage of its development”, said the group.

As part of the deal, 2M has secured an additional DKr33m (E4.4m) from a capital increase. The new investors include Lars Kolind, chairman of Growth.dk, who has invested DKr10m, and Edinburgh-based Martin Currie Investment Management. In the first half of 2002, 2M will acquire a significant chunk of shares in Growth.dk.

2M Invest, founded in 1992, looks after 55 portfolio companies, 38 of which it has a stake in. The other 17 are managed on behalf of Menire Corporation in Finland. The company invests in companies that operate in the enabling technology and services, business applications software, wireless and media markets.