CR&T progresses with second tech fund

The Swedish venture capitalist is approaching a E30m first closing for a new fund to be invested in Scandinavian high technology companies.

CR&T Ventures, the Swedish venture capitalist, has secured around E25m in commitments for its second high-tech fund. The fund, CR&T Ventures Fund II, will focus on technology companies operating throughout Scandinavia.

CR&T is looking to raise a total of E40m, a target which general partner Staffan Hillberg is confident the firm will hit within the next 12 months. He expects to announce a first closing of E30m sometime at the beginning of next year.

“At the moment it looks like the fund will be oversubscribed. I believe this is because CR&T Ventures knows technology companies and how best to invest in them,” said Hillberg. The company has around 50 consultants working for it, evaluating the intellectual property underlying of early-stage technology companies, he said.

“We have all been entrepreneurs ourselves and have had to raise capital. We have been through that process which gives us an advantage,” he said.

The new fund has already invested E5m in four companies. CR&T Ventures Fund I, a E10m vehicle, is invested a number of Swedish companies including Appgate, which Hillberg himself founded.