FINLAND - Korona closes EUR 53m maiden venture fund

The fund will focus solely on investments in the social and health care industries, targeting companies with revenues of EUR 4-50m.

Korona will aim to back 15 companies via the new vehicle. Today, Korona's portfolio consists of 12 portfolio companies, and the GP has also made seven follow-on investments. Furthermore, it has completed two exits, generating 2x money.

Terveysrahasto was launched in September 2006 and held a second close on EUR 41m two years later, in 2008. On closing, it had secured commitments from nine socially responsible foundations and funds, SITRA - The Finnish Innovation Fund, and four insurance companies.

The vehicle has a nine year life span and is structured as a limited company. PricewaterhouseCoopers and Roschier advised Korona on the fundraising.

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