FINLAND - Nexit Ventures holds third close on EUR 85m

The new commitments came from a newly established fund-of-funds managed by government-backed Finnish Industry Investments.

Nexit held a second close on EUR 75m in November last year, attracting commitments from about five investors, including Nokia Ventures and Tapiola Group, a Finnish insurance and finance group.

Nexit Infocom will invest in early- and growth-stage wireless and mobile technology companies in the Nordic region and the US. Investments are usually in the range of EUR 1-5m. To date four investments have been made from the fund: Axel Technologies, Ekahau, Funambol and Conformiq.

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