Nexit Ventures holds third close on EUR85m

Fund

Nexit Ventures has raised a further EUR10m for its mobile and wireless venture fund, Nexit Infocom II, bringing total commitments to EUR85m. The fund targets EUR100m, and is expected to close in the first half of 2009. The hard-cap is set at EUR150m, and the vehicle has 10+1+1 lifespan. Legal advice was provided by Borenius & Kemppinen and Nexit did not use a placement agent.

Investors

The new commitments came from a newly-established venture fund-of-funds managed by government-backed Finnish Industry Investments. Nexit held a second close on EUR75m in November last year, attracting commitments from about five investors, including Nokia Ventures and Tapiola Group, a Finnish insurance and finance group.

Investments

Nexit Infocom II will invest in early- and growth-stage wireless and mobile technology companies in the Nordic region and the US. Investments will usually be in the range of EUR1-5m. To date, four investments have been made from the fund: Axel Technologies, Ekahau, Funambol and Conformiq.

People

Nexit founders and general partners Artturi Tarjanne and Michel Wendell manage the fund, together with Pekka Salonja from Nokia and serial entrepreneur Michael Mandahl. The firm has offices in Silicon Valley, Helsinki and Stockholm.

Name: Nexit Infocom II

Target: EUR100m

Focus: Early- and growth stage wireless and technology

Contact: Michel Wendell

Address: Nexit Ventures LLC, 12930 Saratoga Avenue, Suite B-9, Saratoga, CA 95070, US

Tel: +1 408 725 8400

Advisers

Borenius & Kemppinen.

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