New Technology Investor And Seed-Stage Venture Capital Fund Established In Finland

Conor Venture Partners Oy, a new Finland based venture capital firm, announced the formation of a new venture capital fund for early stage technology companies. At first closing, the Conor Technology Fund I Ky totals 16 million euros. The founding

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Conor Venture Partners Oy, a new Finland-based venture capital firm, announced the formation of a new venture capital fund for early-stage technology companies. At first closing, the Conor Technology Fund I Ky totals 16 million euros.

The founding limited partners of the fund are Finnish Industry Investment Ltd, a government-owned investment company; Etera Mutual Pension Insurance Company; and industrial holding company Atine Group with its affiliates. The final closing of the fund will take place during 2006, with a target size of 50 million euros.

The new fund will begin operations immediately and make venture capital investments in early-stage technology companies in Finland, Sweden and the Baltics. Typical first investments will range from 0.5 to 1 million euros. Conor will focus on information and communications technology, embedded systems, semiconductor technology, electronics, new materials and optics.

The Conor partners are Pekka Roine, Juha Ruohonen, Manu Mkel and Sami Ahvenniemi, with Atine Group as a founding minority shareholder. The partners have a solid venture capital background and a deep understanding of technology entrepreneurship. The team has technology vision, and broad experience in structuring, strategy, internationalization, and networking.

Roine will serve as Conor’s Managing Partner. The Conor team is supported by the Conor Senior Advisor network of experienced executives as well as the ConorCompetencePool network of specialized advisors for high-growth companies.

“To date, early-stage venture capital has not been particularly profitable in Europe, while in Silicon Valley the highest returns come from seed stage investments. The major factor accounting for this difference is that US-based VCs invest much more time and hands-on work into developing their portfolio companies,” said Roine. “Conor is now introducing this intense model of seed funding to Finland and the Baltic Sea area. We recognize the most promising start-ups and forge winners out of them through close, effective collaboration.”

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