EIF supports Sweden based HI-TECHNOLOGY Venture Capital Fund

The European Investment Fund (EIF) has signed a commitment to invest EUR 15 million in "InnKap 3 Partners", a new fund belonging to Sweden based InnovationsKapital. The original target size of the fund was EUR 120 million, however the ceiling for the fund was raised to 132 million after substantial interest was shown from investors. InnKap 3 will support young companies (start-up, early stage) involved in the most advanced fields of science and IT, cooperating closely with the key universities in the area. As such, it will contribute towards furthering European competitiveness in new technologies. InnKap 3 will be headquartered in Gothenburg (Sweden) with an investment strategy that also covers Denmark and Finland.

Bure Equity, Volvo Technology, SEBanken Group, Merita Bank Group, SITRA, Chalmerinvest are some of the co-investors supporting InnKap 3.

The EIF, within the EIB Group, is the specialized financial institution for the provision of venture capital and guarantees in favour of SMEs. Based in Luxembourg, it was established in 1994 as a joint venture between the European Investment Bank (EIB), the European Commission and several banks or financial institutions. The EIB has recently become the majority shareholder of the EIF; with an investment potential of over EUR 3 billion until 2003, it is now a major player in the European venture capital market. Its investment strategy focuses on the promotion of European technology.