Nexit Ventures holds second close at EUR75m

01 January 2009

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Fund

Nexit Ventures has held a second close of Nexit Infocom II at EUR75m. The fund expects to hold a final close early 2009, targeting EUR100m. The hard-cap is EUR150m and the vehicle has a 10+1+1 lifespan, with standard terms and conditions. Nexit did not use a placement agent, but legal advice was provided by Borenius & Kemppinen.

Investors

A total of about five investors have made commitments to the fund, including Nokia Ventures and Tapiola Group, a Finnish insurance and finance group. The majority of sponsors were from the Nordic region, particularly Finland. Minimum contributions were in the region of EUR4-5m.

Investments

The fund will invest in early- and growth-stage wireless and mobile technology companies in the Nordic region and the US. Investments are usually in the EUR1-5m range, with opportunities to deploy up to EUR10m in a company over the holding period. Nexit usually acquires an equity stake of 20% or more. To date the fund has made four investments - Axel Technologies, Ekahau, Funambol and Conformiq.The preferred exit strategy is M&A.

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

Closed on: EUR75m

Focus: Early-stage, growth, wireless and mobile technology companies

Contact: Michel Wendell

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

Tel: +1 408 725 8400.