SNÖ Ventures launch new $100m Nordic venture fund backed by Peter Thiel

Oslo-based SNÖ Ventures has launched its second fund to  invest in visionary Nordic entrepreneurs and connect the Nordics  with the US and broader Europe. The new fund targets $100M to invest  in early stage, high-growth Nordic tech companies with the potential to disrupt,  create or capture large markets through transformative technology or  solutions. 

By Kremena Tosheva 

SNÖ Ventures is led by Magne Uppman, Teodor Bjerrang, Max Samuel and  Kremena Tosheva, an international team with expertise in founding, building, scaling and advising companies. In connection with the new fund,  SNÖ plans to expand the organization into Sweden and Denmark. Peter Thiel  has also joined SNÖ as an investor and Strategic Partner and is accompanied  by an international group of advisors to the SNÖ teams. SNÖ’s most recent investments include PortalOne, alongside Founders Fund,  Coatue, Seedcamp, TQ Ventures, and more; Kitemaker, alongside Y  Combinator and EQT Ventures; and Confrere, with co-investors Point Nine and  Nordic Makers. The new fund will be targeting Series Seed and Series A  companies throughout the Nordic region.

“The unique cultural, economic and geographic traits of the Nordics  contribute to the success of its thriving startup ecosystem. We aim to enhance this ecosystem by facilitating the  sharing of resources, talent, ideas and experience throughout the Nordic  region, and by leveraging our international networks to support Nordic companies in their global expansion.” said Max Samuel,  Partner of SNÖ. 

Unique partners

The first closing of SNÖ Fund II has already been held, with investments from a  group of international partners who bring unique experience and  networks to the fund, including Peter Thiel, Karl Christian Agerup (co-founder  of Northzone), Eilert Hanoa (CEO of Kahoot!), KLP (Norway’s largest pension  company), Investinor and others from throughout Europe and the US. 

“SNÖ Ventures fills an important role in the Nordic ecosystem for  building valuable international growth companies out of the Nordics. The  entrepreneurial background of the investment team, their proven ability to  build international networks and their active ownership approach towards their  portfolio companies makes them a valuable partner for any growth company  with international ambitions.” said Karl Christian Agerup, co-founder of  Northzone. 

Nordic venture capital

The launch of SNÖ Fund II follows a trend of increasing venture capital in the Nordics. According to a recent report by PitchBook  on European venture capital (VC), there has been an increase in VC capital deals in the Nordics compared to the rest of Europe. The strengthening of the Nordics VC comparative position comes while the has been a general decrease in VC, likely due to Covid-19.