Teknoinvest launches eighth fund

The Norwegian venture capital firm has held a first closing of its latest fund targeting technology and life sciences investments in the US and Scandinavia.

Teknoinvest, the Scandinavian life sciences and technology venture capital investor based in Norway, has raised E60m at the first closing of its latest fund, Teknoinvest VIII. The fund will pursue its established strategy of investing in life science and technology investments across Scandinavia and the US.

Investors in the fund to date, which is looking to raise a total of E100m, include Norwegian investment firm Argentum Fondsinvesteringer as well as a number of other institutions and private investors within Norway.

Bjørn Bjorå, general manager and partner at Teknoinvest, said the first closing had seen the firm receive strong interest in Norway and that he was hoping to achieve similar results when the firm looked to raise a further E40m from outside of Norway. “We have had a good reaction from fund-of-funds managers in Norway. We are confident of success in Western Europe although nothing will be taken for granted.”

The firm is looking to invest between E650,000 to E6.5m in early-stage firms developing innovative technologies. The firm has yet to make any investments from the fund, although Bjorå said that the firm had already identified a number of opportunities both in Norway and further afield.

Bjorå added that the fund was likely to hold a final closing in the autumn, but that a fixed date had not been set. DnB Markets and Danske Securities are acting as placement agents for the firm. SJ Berwin and Wikborg & Rein are the firm’s legal advisors.