SNÖ Ventures, a Norwegian venture capital firm, launched a new fund targeting $100 million 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.

Peter Thiel has also joined SNÖ as an investor and Strategic Partner and is accompanied by an international group of advisors to the SNÖ team. With the new fund, SNÖ said it plans to expand the organization into Sweden and Denmark as it targets seed and A series investments across Nordics.

«The unique cultural, economic and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem.»

Max Samuel, Partner of SNÖ, who recently joined SNÖ from Thiel Capital, Peter Thiel’s global investment office

«We invest in visionary entrepreneurs and we bring decades of experience in supporting them at every step of their global growth journey,» said Magne Uppman, co-founder and Managing Partner of SNÖ.

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 first closing of SNÖ Fund II has already been held, with investments from a group of international limited 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.

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