First closing has been completed with pledges from among others ATP, Dansk Vækstkapital, The Danish Growth Fund and Augustinus Fonden. Several successful exits have attracted new capital to the Danish venture fund and SEED Capital has received positive feedback from other investors, who wish to participate in the second closing.
Today SEED Capital announces the establishment of their third venture fund, which has DKK half a billion committed from established, Danish investors ATP, Dansk Vækstkapital, The Danish Growth Fund and Augustinus Fonden. The objective is to increase the fund to DKK 750 million to be invested in winning high-tech companies within IT and Medtech. SEED Capital’s first fund had a first closing of DKK 309 million closing at DKK 531 million while the second fund had a first closing of DKK 433 million closing at DKK 682 million. Managing Partner Ulla Brockenhuus-Schack says:
“We are very happy and proud to be able to establish a new fund This has been made possible because our investors believe in our strategic course and approve the results that we have achieved. Moreover, we are very happy that so many talented entrepreneurs choose us as their investor and partner – a prerequisite for us to be able to attract funds is that we have the best entrepreneurs, with whom we can build great companies and generate return for our investors. Our strategy is working, which is stressed by a solid performance in Fund 2,”.
“SEED Capital has many years of experience with investing in Danish companies and good ties to the Danish startup community,” says Lars Nørby Johansen, Chairman of the Board of Dansk Vækstkapital “That is a great starting point for establishing a strong portfolio in the new fund. Fund 2 looks very reasonable and as a large investor we look forward to following the development of Fund 3 in the years to come,”.
During the last year SEED Capital has exited Contera Pharma, Sense, EpiTherapeutics, Libratone and Endomondo while Windar Photonics was admitted to trading on AIM. Last year also resulted in an agreement between Galecto Biotech and Bristol-Myers Squibb for a potential amount of USD 444 million. Trustpilot has also had a good year attracting USD 73,5 million in investment from UK-based Vitruvian Partners and all existing investors. SEED Capital was the first institutional investor in Trustpilot and remains the largest shareholder.
SEED Capital was established in 2004 and has to date raised a total of DKK 1,7 billion in three funds. SEED Capital invests in high-tech entrepreneurs with the aim of creating the winning companies of the future.
Trustpilot, Vivino, Mofibo, Observe Medical, Blueprinter, Reapplix and Abeo are some of the companies in the current portfolio.