Finnish technology venture capital firm, EQVITEC Partners Oy has announced the first closing of its EQVITEC Technology Fund II at A132.5 million, exceeding its original target of A125 million. A final close is anticipated mid-year at around A170 million.
The fund has been oversubscribed due to significant investor interest and has received commitments from a large number of Finnish investors from EQVITEC’s first fund. Investors in the round include the insurance companies Ponjola and Tapiola, Ilmarinen pension fund and life insurance company Merita Life.
EQVITEC Technology Fund II will target mobility enabling investments in Finland, Scandinavia and the rest of Europe. The company is looking to make around 30 investments. Average deal size will be between A1 million and A15 million in minority stakes of technology companies poised for rapid growth.
Matti Turunen, managing partner said that EQVITEC already has a good knowledge of the local markets, Finland and Sweden and is expanding into the rest of Scandinavia. He added that the company is very keen to syndicate with other partners and has its eye on a number of players in both the Scandinavian and European markets.
During 2000, EQVITEC made nine new investments and has recently made second round investments in Springtoys, a leading Finnish first-wave creator and enabler of interactive games and entertainment content for mobile, wireless platforms; Digia, a wireless software company and Finansium, a financial information services company. The company has also had several exits for its first fund, including Eimo, a mobile phone manufacturer; Iobox, a mobile portal, sold to Spanish group Terra Mobile and Infosto Mediat, an online advertising company.