Nordic venture capital firm Incitia Ventures has decided to shut itself down after 13 years in the business after its cornerstone LPs decided not to commit to its third fund.
The firm said that it will discontinue its activities effective today.
Since its launch in 2011 Incitia has raised two funds and backed 18 early growth and venture capital companies in the Nordic technology sector including Algeta, Easy Park, Falanx, Sense EDM and T-VIPS.
The first fund achieved a gross multiple of 2.5 times and an IRR if 20 per cent. The exit from video networking company T-VIPS generated a return of 2.25 times.
Incitia initially planned to launch a third fund, but its cornerstone investor Selvaag Invest decided not to continue its involvement with venture capital.
Contango Kapital will now assume the management of the remaining four portfolio companies in the second fund.
Copyright © 2014 AltAssets