STING closes early-stage fund on SEK 85m

01 March 2008

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STING Capital has held a second and final close on SEK 85m for a new early-stage fund. In the final round which closed in January, SEK 45m was attracted. STING was looking to raise approximately SEK 80m, so it exceeded its target. The fund has 8+1+1 lifespan and is based in Sweden. The minimum subscription differed between the types of investors, but the minimum ticket for business angels was SEK 1m. Vistrand provided legal advice.

STING Capital was established two years ago and is a fund with both public investors (35%) and private investors (65%) which only invest in seed and early-stage investments. The fund is closely connected to the incubator Stockholm Innovation & Growth which also acts as the management company for the fund.

Investors

Commitments were secured from Innovationsbron, Peder Sager Wallenberg Charitable Trust, The Jensen family, the Ljungberg family, Lansforsakringar Stockholm and business angels. Previous backers of the fund include: Pod Venture Partners, Folksam, Ostersjostiftelsen, ALMi Stockholm, TageHus Forvaltning, KHT Holding and business angels from the STING Business Angels network.

Investments

The vehicle is looking to invest in early-stage, seed and pre-seed stage companies concentrated around the larger Stockholm area. It will invest maximum SEK 4m per company and is looking to make eight to 10 investments per year. The fund has already invested SEK 15m in 12 companies.

People

STING Capital CEO Par Hedberg and investment manager Martin Gemvik will be responsible for managing the fund.

Name: STING Capital

Target: >SEK 80m

Closed on: SEK 85m

Focus: Swedish seed and early-stage

Contact: Par Hedberg

Address: STING Capital, Electrumhuset, Isafjordsgatan 22, 164 40 Kista, Sweden. Tel: +46 8 500 050 90

Adviser: Vistrand (Legal).