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Nexit Ventures has 75 million Euro second closing for wireless / mobile VC fund


Helsinki, Stockholm, Silicon Valley – November 17, 2008 – Nexit Ventures, a venture capital firm focused on wireless and mobile opportunities for global markets, today announced the second closing of its fund, Nexit Infocom II. Having reached the 75 million euro milestone in this second closing, Nexit is still targeting some additional commitments for this new fund, which will have its final closing in early 2009.

Some of the new investors in this closing include Nokia Corporation and the Tapiola Group, a Finnish insurance and finance group. The new fund is making equity investments in early and growth stage mobile and wireless technology and service companies, primarily in the Nordic countries and the United States. The initial investment typically ranges from one to five million euros, with up to ten million euros being deployed into one company over its lifetime. The fund has to date invested into four companies, namely Axel Technologies, Ekahau, Funambol and Conformiq.

“Nexit’s unique trans-Atlantic model appeals to us, as it gives us exposure to both European and US-based deals, and specifically the US based exit market,” said Esko Raunio, Director, Head of Alternative Investments at Tapiola Pension. ”Their focus on a specific high growth sector like mobile and wireless, combined with their solid domain experience, corresponds to our views of how successful venture capital will be done going forward.”

“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“ said Michel Wendell, General Partner of Nexit Ventures. “The innovation in wireless and mobility has a broadening impact and is leading to disruptive products and services in many new market segments like healthcare, manufacturing and retail, to mention a few. Our focus sector has a very strong outlook for the coming 5-10 years and beyond, but is of course not immune to the current economic down-turn.”

The Founders and General Partners of Nexit Ventures, Artturi Tarjanne and Michel Wendell, have brought in several seasoned mobile industry veterans over the past few years, in order to strengthen Nexit’s operations and extend its reach within the global mobile marketplace. Pekka Salonoja joined Nexit’s office in Helsinki, Finland, after over 20 years with Nokia. Michael Mandahl, based in Stockholm, Sweden, a serial entrepreneur with strong links with both Ericsson and the mobile start-up scene in Sweden and the United States. Patrice Peyret, based in Silicon Valley, is a serial entrepreneur with a strong track record of successfully growing businesses in the mobile market and then exiting them to industry leading companies. The most recent addition to the team is David Aslin, a former partner with 3i in the Silicon Valley and previously an executive in the communications and high tech business in the UK and the US.
For further information, please contact:

Michel Wendell, General Partner, Nexit Ventures
Tel. +1 408 725 8400
Email: michel.wendell at nexitventures.com

About Nexit Ventures

Nexit Ventures is a mobile venture capital firm focused on wireless technologies and services. Leveraging its extensive network in the global mobile marketplace, Nexit invests primarily in Nordic and US-based early-stage companies with products and services for a global market. For Nordic mobile companies, Nexit provides a bridge to Silicon Valley markets and exit opportunities. For US-based mobile companies, Nexit brings Nordic and European market insight, customer access, and technology resources. Nexit has helped several companies in either direction of its bridge, and has subsequently realized several successful exits of its portfolio companies in United States, the world’s leading M&A market for technology ventures. Nexit has offices in Helsinki, Stockholm and Silicon Valley. For further information, please visit www.nexitventures.com.


Publisher Contact Information:

Nexit Ventures Oy
+1 408 725 8400
michel.wendell@nexitventures.com

Company profile of Nexit Ventures Oy
Past press releases of Nexit Ventures Oy.

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