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First closing for Norwegian venture firm Teknoinvest

Teknoinvest, the Norwegian venture firm, has announced the first closing of its eighth fund at E60m, well on its way to a final closing of around E100m by the end of the year.

The fund will target life sciences and IT opportunities in Scandinavia and the US.

A number of Nordic institutions have so far committed to the fund, including Norwegian investment firm Argentum Fondsinvesteringer.

The Nordic region has been hit heavily by fall-out from the collapse of the technology sector and the global economic downturn, but there has been a steady trickle of new fund launches over the past few weeks.

AP-Fonden 6, the Swedish pension fund, and Danske Bank have joined forces to create one of the largest life sciences vehicles in the Nordic region, and Euroventures has hit the fundraising trail with a E150m fund targeting mid-market buy-outs and later-stage expansion deals.

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