Seed Capital III holds DKK 500m first close

Seed Capital III has a target of DKK 750m – when asked about a hard-cap, the VC told unquote" it does not wish to raise a fund that is significantly above its target.

The fund announcement comes five years after Seed Capital II was launched, and follows a string of strong exits for the VC.

In the past year, Seed Capital scored its largest-ever exit with the sale of fitness tracker Endomondo to Under Armour for $87.5m; the £38.2m listing of Windar Photonics; the £65m exit of EpiTherapeutics; and the exit of Galecto Biotech to Bristol-Myers Squibb, which could potentially be worth as much as $444m, among others.

Likewise, the Lyngby-based investor is the largest shareholder in business reviews company Trustpilot, which recently raised $73.5m from Vitruvian Partners, bringing the company closer to a potential $1bn valuation.

The fund will follow the same model as previous vehicles, with a 10-year lifespan extendable by an additional three years, and an investment horizon of four years plus one potential extension year.

Seed Capital's previous funds raised DKK 531m and DKK 682m, respectively.

Investors
Seed Capital III has so far received commitments from Danish pension fund ATP, government growth fund Vækstfonden, private foundation Augustinus Fonden, and a DKK 150m commitment from Dansk Vækstkapital.

Investments
The fund will follow the same strategy as the VC's previous vehicles, making early-stage investments in Danish IT and medtech startups.

People
Ulla Brockenhuus-Schack is the managing partner of Seed Capital.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Nordics
• Venture
• Fundraising
• SEED Capital
• Denmark
• Venture