Framfab and Ikano Create Venture Capital Company
Framfab and Ikano Create Venture Capital Company Framfab and Ikano are joining forces in a joint venture, creating Framfab Ventures - a venture capital company focusing on the New Economy in Europe. Framfab Ventures plans to launch a pan-European Internet fund. Framfab Ventures will function as an advisor and a venture capital manager and will initially manage capital amounting to approximately SEK 400 million. The investment focus of the company will be TMT companies (Technology, Media, Telecom) within the New Economy in the development phases of start- up to pre-IPO. "By combining our competence as Internet entrepreneurs and our brand with Ikano's network and experience within the financial sector, considerable synergy effects are created. The ambition for next year is to build up a large Internet fund that will operate in full scale on a pan-European basis", says Jonas Birgersson, CEO Framfab. The Framfab veteran, Ken Ceder, has been appointed to lead the build-up of Framfab Ventures' operations in Europe. Ken Ceder is 39 years old and is currently a board member of several Internet companies, including Framtidsfabriken AB and Svenska Bredbandsbolaget AB. Framfab Ventures will be financed by dividend-related management fees from the fund. 75 per cent of the company is owned by Framtidsfabriken AB and 25 per cent is owned by Ikano B.V. Framfab will initially invest 75 MSEK in the company. For further information please contact: Ken Ceder, Framfab Ventures, +46 709 41 21 60, ken.ceder@framfab.se Jens Nordahl, President Ikano B.V, +31 20 5816 222, jens.nordahl@ikano.nl Ola Kallemur, Press Relations Manager Framfab, +46 8 545 258 06, +46 709 41 21 11, ola.kallemur@framfab.se, Framfab's business concept is to create new business for the network economy through strategic advice and digital services. Framfab today has 2,050 employees in 53 offices in Denmark, France, Italy, the Netherlands, Norway, Great Britain, Sweden, Germany and USA. Our clients include 3M, AstraZeneca, AXA, Bosch, Electrolux, Ericsson, Expressen, France Telecom, IKEA, International Red Cross, le Groupe Pernod Ricard, Nike Europe, SAAB Group, Tele Danmark, Vattenfall, Volvo Car Corporation and Volvo Group. Framfab is listed on the Stockholm OM Stock Exchange "O" list. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/05/15/20000515BIT00020/bit0001.doc http://www.bit.se/bitonline/2000/05/15/20000515BIT00020/bit0002.pdf