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Nexit holds €75m second closing on wireless venture capital fund Nexit holds €75m second closing on wireless venture capital fund

17 Nov 2008. Source: AltAssets.
Wireless and mobile technology venture capital firm Nexit Ventures has held a second closing on its second fund, Nexit Infocom II. The new fund has raised €75m. The firm plans to close the fund on €100m in early 2009.

The fund's first closing took place in March of this year, on €50m.

Investors include Nokia, the Tapiola Group (a Finnish insurance and financial company), Finnish Industry Investment, Sampo Life (Finland), CIR Group (Italy) and a number of private investors.

The fund seeks to invest in early and growth stage mobile and wireless technology and service companies, mostly in the Nordic countries and the US. The initial investment typically ranges from €1-5m, and up to €10m can be invested per company.

To date, the fund has invested in four companies: Axel Technologies, Ekahau, Funambol and Conformiq.

Michel Wendell, general partner of Nexit, said, 'The global mobile and wireless market is continuing to develop rapidly. New technologies and applications are turning the mobile phone into a personal computing and entertainment device. People are using their mobile phones to surf online, chat, blog or watch video clips, rather than just call or send SMS messages.'

Nexit primarily invests in Nordic and US-based early stage mobile and wireless companies with products and services for a global market. The firm has offices in Helsinki, Stockholm and Silicon Valley.

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