Sunstone Reaches First Close for Third Tech Fund

Copenhagen, Denmark based early stage venture capital investor Sunstone Capital has completed a first closing of 85 million euros ($110.5 million) for its third Technology Ventures fund. The target is a 100 million euros final closing during 2012. Among the investors participating in the first closing are the European Investment Fund, Dansk Vaekstkapital, Industriens Pension and Vaekstfonden.

PRESS RELEASE

Sunstone Capital completes a first closing of 85 million euros ($110.5 million) for its third Technology Ventures fund. During the next five years the fund will invest in up to 25 technology companies that aspire to world dominance in their domains.

Sunstone Capital will continue investments in promising start-up companies within software, web services, e-commerce, gaming and mobile during the next five years. The target is a EUR 100 million final closing during 2012. Among the investors participating in the first closing are the European Investment Fund, Dansk Vaekstkapital, Industriens Pension and Vaekstfonden.
“There is no better time to build the future winners than in a time of crisis. The entrepreneurs that defy the current economic climate will be the main source of future economic growth. Annual fundraising for venture funds in Europe is now 75 pct. lower than in the pre-crisis period. With the new fund, Sunstone Technology Ventures is well positioned to help the most promising start-ups achieve their potential,” says Jimmy Fussing Nielsen, Managing Partner at Sunstone Technology Ventures.
Sunstone Technology Ventures focuses on early-stage technology companies in Denmark, the rest of the Nordic area, Central- and Eastern Europe. The target companies are driven by exceptionally creative and ambitious entrepreneurs who view the world as their playground. Today Sunstone Technology Ventures manages investments in 20 companies from two existing funds. The new fund expects to more than double the number of portfolio companies with investments in up to 25 additional companies during the next five years.
“We are delighted to participate in the Sunstone Technology Ventures Fund III. Although Sunstone Capital is a relative newcomer in the segment, the team’s investment strategy reflects insights only seen in firms with a much longer history. Our support to Sunstone Technology Ventures, a promising team in early stage technology venture capital in Europe, reflects EIF’s strategic commitment to European innovation and early stage technology”, says John Holloway, Director at the European Investment Fund in Luxembourg.
”We are extremely pleased that Sunstone Capital has made a significant first closing in Sunstone Technology Ventures Fund III. For us it has been a key criteria that our commitment was matched by other investors. The Sunstone Technology Ventures’ team has raised EUR 85 million in a first closing, which I consider quite an achievement in the current market”, says Lars Nørby Johansen, chairman of the board, Dansk Vaekstkapital in Copenhagen, Denmark.”
About Sunstone Capital:
100% owned by its partners, Sunstone Capital is a Copenhagen based early stage venture capital investor founded by an international team with a combined entrepreneurial, operational and financial experience. With approximately €580 million in funds under management invested in 49 companies, Sunstone Capital focuses on developing and expanding early stage technology and life science companies with strong potential to achieve global success in their markets.