VersoVentures holds €50m close for second spin-off fund

The fund has a target of €75m, and the GP expects to hold a final close in mid-2015.

VersoVentures managing partner Anssi Kariola said the GP has contacted more than 70 Finnish technology companies and found possible spinout opportunities in most of them.

The GP specialises in backing corporate spinouts – investments made through its first fund included Nokia Siemens Networks spinout Cumulocity in 2013. It currently has five portfolio companies: Boftel, Dedicated Network Partners, CloudStreet, Atrinet and Cumulocity.

Investors
LPs in Verso Fund II include the European Investment Fund (EIF), Finnish Industry Investment's fund-of-funds FoF Growth II, Ilmarinen Mutual Pension Insurance Company, Finnish Industry Investment and Al-Partners.

Investments
The new vehicle will invest in businesses carved out of larger parents, with revenues between €1-30m, across a broad range of industrial segments.

According to VersoVentures, targets can include non-core businesses, companies that reuse corporate technology in new customer segments, or businesses that may be unwanted by buyers in larger M&A deals.

People
Anssi Kariola is the managing partner of VersoVentures.

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