Incitia Ventures shuts down

Incitia launched its third fund last year; however, cornerstone investor Selvaag Invest has pulled out of venture investing.

Following the decision, Contango Kapital will take over Incitia's four remaining portfolio companies from its second fund. The fund will be renamed Contango Ventures II.

Incitia's management will pursue new projects. Jens Petter Falck, founding partner of Incitia, has decided to take a break and will then return to Nordic venture capital through Incitia or another vehicle. Erik Sandersen will become investment director in Norfund, the Norwegian government's Investment Fund for Developing Countries, where he will work with banks and microfinance institutions in Africa, south-east Asia and Central America.

Incitia was founded in 2001 and has since invested in 18 early-stage companies within the Nordic technology sector. Its first fund generated 2.5x return and an IRR of 20%.

Incitia closed its second fund in 2007, raising NOK 190m from investors including Selvaag Invest, KLP Kapitalforvaltning and DnB Nor. That vehicle has since invested in High Density Device, Biowater Technology and Campadre Scandinavia.

One of Incitia's most successful exits was its sale of Oslo-based biotech company Algeta, which generated an 8x return. The $2.9m transaction represents one of the three largest venture exits in the Nordic region over the last 10 years.

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• Topics
• Nordics
• LPs
• Venture
• Norway