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Vækstfonden – the Danish Growth Fund

Vækstfonden – the Danish Growth Fund – is a sovereign fund owned by the Danish state. The fund provides finance for Danish companies by investing in venture and small cap-buyout funds as well as directly in companies and by granting loans and guarantees in cooperation with banks and other private capital providers. Vækstfonden yearly provides finance to around 800 companies for a total of appr. 2.5 billion Danish Kroner (336 million Euros). By the end of 2017, total assets under management amounted to appr. 20 billion Danish Kroner (2,7 billion Euros).

History

Founded in 1992 by the Danish government, Vækstfonden finance innovation and growth in Danish companies. Originally, the fund provided soft loans to high-risk projects. In 2001, the strategy shifted towards making venture capital investments and providing guarantees for loans on a market-oriented basis. Since 2009, the fund has also offered direct loans. In 2011, Vækstfonden established a separate fund-of-funds, Dansk Vækstkapital – Danish Growth Capital – in a joint venture with Danish pension funds. The objective was to allocate more risk capital from pension funds to small and medium-sized companies through investments in venture funds and small and mid-cap funds. In 2015, a second and similar joint venture, Dansk Vækstkapital II, was established with a broader range of institutional investors. Vækstfonden serves as investor and manager for both funds. In 2016, Vækstfonden founded Dansk Landbrugskapital in collaboration with Danish pension funds. Dansk Landbrugskapital is a loan fund facilitating subordinated loans to the agricultural industry. In 2016, Vækstfonden and The European Investment Fund launched a Business Angel matching fund. The fund matches investments from Danish business angels and is expected to co-invest in 100-150 Danish companies.

Vækstfonden also serves as manager for Danmarks Grønne Investeringsfond – The Danish Green Investment Fund – and is a founding member of the public-private non-profit initiative DenmarkBridge. DenmarkBridge brings Danish companies closer to the technological know-how and development that characterizes Silicon Valley by facilitating collaboration with Silicon Valley-based companies and investors.

Investments

Vækstfonden provides loans and guarantees as well as equity to companies in a wide range of industries, including companies from Greenland and the Faroe Islands. Venture investments primarily focus on technology-driven sectors such as biotech, medtech, edtech, it and robotics. Investments through small and mid-cap funds target a broader range of industries.

Executive directors

Christian Madsen Motzfeldt, 2001-

Bent Kimer, 1992-2000

Chairmen

Claus Gregersen, 2018-

Carsten Koch, 2011-2018

Walther Thygesen, 2007-2010

Michael Fiorini, 2000-2006

Svend E. Bruun, 1998-2000

Erik K. Rauff, 1995-1998

Ove Ravn, 1992-1995

Portfolio - selected companies that Vækstfonden – the Danish Growth Fund – has invested in or provided loans to

Direct investments:

Universal Robots, direct investment

Area9 Lyceum, direct investment

Muuto, direct investment

Through fund-of-funds:

Forward Pharma, through Nordic Biotech

Asetek, through Sunstone Capital

Vivino, through Seed Capital

Trustpilot, through Seed Capital

Loans:

Labster

Joe & the Juice

GoMore

Mille Foods

Agillic

Fiberline