Textiles retailer Varner and Gjensidigestiftelsen, the foundation that controls insurance provider Gjensidige, have contributed to the €100m ($119m) first fund for Norway-based, life sciences-focused venture capital firm Hadean Ventures.
Pension fund Oslo Pensjonsforsikring and SamInvest, a VC arm of Sweden state-owned investment fund Almi Företagspartner, also provided capital while growth equity firm Argentum invested approximately $19m in September this year.
The fund will focus on investing in life sciences technology developers located in areas of Europe underserved by venture capitalists, particularly the Nordic region.
Hadean was formed by Ingrid Teigland Akay, Walter Stockinger and Siro Perez, all of whom previously worked together at Inventages Venture Capital, a Switzerland-based venture capital firm backed by food and nutritional product supplier Nestlé.
Teigland Akay, managing partner of Hadean Ventures, said: “The Nordic region has outstanding scientists, a stable, business friendly environment and a vibrant startup community, yet very few life science specialist venture funds are on the ground. We see an exceptionally strong deal flow of high potential opportunities here.”