InnovationsKapital's new fund is oversubscribed as it closes at SEK 1.2 billion (Euro 132m)

InnovationsKapital's new fund is oversubscribed as it closes at SEK 1.2 billion (Euro 132m) Swedish and international institutions have subscribed Euro 132 million for InnovationsKapital's new fund, InnKap 3, which exceeds the original target of Euro 120 million. "I am pleased that InnKap 3 has succeeded in attracting so many respected international investors in a tough venture capital market. We were only happy to raise the ceiling for the fund," says Staffan Ingeborn, CEO at InnovationsKapital Nordic Advisors AB. InnKap 3 will be investing in technology and research-based Nordic start- up and early stage companies active in the Information & Communication Technology (ICT) and Healthcare & Life Sciences market sectors, following the same strategy as similarly to the two previous InnKap funds. The launch of InnKap 3 is an important step in InnovationsKapital's bid to become one of the Nordic region's leading early stage venture capital players. Over the next few years the company will actively seek investments in Sweden, Denmark and Finland. "We are widening our network and we will be more able to help our portfolio company expand in the global market," says Staffan Ingeborn. Previous investors in InnovationsKapital have subscribed for just over half of the new fund and in doing so increase their involvement by investing more than was invested in total in the two previous funds. Among the larger investors are Bure Equity, European Investment Fund, Merita and SEB. In addition, several major international investors have participated and the majority of investments come from international fund managers. InnovationsKapital has had a close co-operation with the academic world since it started and investors in the new fund also include the Chalmers University of Technology, who have been investors in all of the funds to date, and University of Oxford. "We want to be the natural choice for technology and research-based Nordic start-up and early stage companies. With our experience from previous funds, coupled with our close co-operation with portfolio companies, we want to be the leading venture capital investor for the best entrepreneurs," concludes Staffan Ingeborn. With just over SEK 1.7 billion under management, InnovationsKapital is one of the largest early stage venture capitalists in the Nordic area. Last year holdings in Altitun and Formex were successfully sold, giving investors a return of SEK 1.3 billion and several of InnovationsKapital's portfolio companies are currently planning for an IPO, including Bioinvent International, Sweden, Kreatel Communications, Sweden, and Spotfire of Boston, USA. Gothenburg 18 May 2001 InnovationsKapital For further information please contact Staffan Ingeborn on: +46 (0)31 60 91 91 or +46 (0)705 83 14 34 or staffan.ingeborn@innkap.se InnovationsKapital was founded in 1994 and is today one of Sweden's leading early stage venture capital firms for innovative growth companies. The business, carried out from offices in Gothenburg and Stockholm, is focused on investments within ICT and HealthCare & Life Sciences - dynamic sectors that are rapidly expanding and where Nordic research plays a leading role Further information about InnovationsKapital can be found at www.innkap.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/18/20010516BIT01310/bit0001.doc http://www.bit.se/bitonline/2001/05/18/20010516BIT01310/bit0001.pdf