Venture capital firm VNT Management has held a second closing for its Power Fund III vehicle on €72m.
Power Fund III held a first close on €42m in November 2011. VNT is planning to close the fund in Q4 2012.
Finnish Industry Investment, FoF Growth, Finnish pension fund Varma and private investors made commitments to the fund. The European Investment Fund and other Finnish institutional investors came in at the second close.
Power Fund III focuses on growth- and early-stage technology companies primarily in the Nordic and DACH regions. The fund invests in new energy technology and focuses on power electronic applications in particular.
The vehicle will seek to invest in approximately 15 companies initially, preferably businesses that have the potential to succeed on a global scale. Investments will be carried out as minority positions.
VNT managing partner Jussi Palmroth is responsible for the fund.
Company has raised €20m so far over two funding rounds
HV Holtzbrinck and Lakestar also participate in the round for the dental technology startup
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