Conor to raise third technology fund

The final target size of Conor Technology Fund III is €80-100m, around double the amount raised by its predecessor, Conor Technology Fund II. The firm's second tech fund held a final close on €50m in December 2010.

An increased target reflects the aim of the new fund, which will have an enlarged geographic focus, Conor's Jari Mieskonen told unquote".

Around two thirds of portfolio companies in the current fund are based in Finland, with Sweden, Norway and the Baltic countries hosting the remainder of the portfolio companies.

However, the ratio of capital deployed is closer to 50/50 between Finland and other countries in Conor's portfolio. Conor attributes this to investment opportunities in companies at a more mature stage in their growth phase outside of Finland, which requires a higher equity ticket.

Strategic plans for the VC firm include establishing a larger presence in Sweden, along with acquiring more companies in Norway and the Baltic countries.

The recent hire of Niklas Savander in November 2017 will be followed with two more hires in Stockholm closer to the fundraising stage in spring, according to Mieskonen. 

Established in 2005, Conor Venture Partners invests €500,000-1.5m in early-stage companies, with €5-7m in funding rounds for growth-phase companies operating in the information, communication, technology, electronics, embedded systems, new materials and optics sectors.

Based in Espoo, Finland, the firm has additional offices in Stockholm and London.

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