Oslo-based Verdane, a European specialist growth investment firm, announced that it has closed Verdane Capital XI fund at its hard cap of €1.1B.
Also known as “Capital XI”, “Freya XI*”, or “the Fund”, it recorded almost double the size of its predecessor fund, which closed at €610M. The oversubscribed fund had a re-up rate of over 100 per cent with support from new and existing investors.
Verdane partners with tech-enabled and sustainable European businesses. The firm says the latest fundraiser will allow the firm to address the funding gap in the region.
The company’s most extensive portfolio companies have already created over 13,300 jobs, demonstrating the significant impact private capital can have on the European economy.
“We are grateful for the strong backing from our global investor base, which includes many long-term supporters. We look forward to nurturing these investor partnerships and delivering strong returns,” says Frida Einarson, partner and head of investor relations at Verdane.
The funding will also help Verdane continue investing in European growth companies leading the digitalisation and decarbonisation of the economy. It only backs companies that pass the “2040 test”, which assesses companies if they can thrive in a more sustainable future economy.
Moving forward, Verdane’s Capital funds will be renamed to Verdane Freya, after the Norse goddess of love and beauty. This change reflects Verdane’s Nordic roots and aligns naming across its funds.
How Verdane helps businesses thrive
Verdane has a local presence in key European markets that gives it access to the region’s top technology companies, thanks to its team of over 130 investment professionals and operational experts.
The firm has seven local offices to support its operations in Berlin and Munich (Germany), Copenhagen (Denmark), Helsinki (Finland), London (United Kingdom), Oslo (Norway), and Stockholm (Sweden). It is a certified B Corporation, the highest global standard for sustainability.
“At Verdane, we are on a quest to help sustain and accelerate the growth of ambitious companies that help digitalise and decarbonise Europe’s economy,” says Bjarne Kveim Lie, co-founder and managing partner of Verdane.
“We offer a unique value proposition to our companies through our in-house functional experts and ecosystem, and offer hands-on expertise to help companies to grow their organisations, create jobs and secure sustainable market leadership,” he adds.
Verdane can invest €20-150+ M in equity tickets in single companies or portfolios, taking majority or minority positions. Its investments have grown more than 20 per cent year-on-year on average, with realised gross returns of 3.8x and an IRR of 60 per cent across the Verdane platform (Edda, Idun, and Capital funds).
The firm has made over 300 investments in fast-growing businesses since 2003, with its funds holding over €6B in total commitments. It helps tech businesses “turn vision into reality”. Notable investments include Forsta, Momox, and Nomentia.
Verdane-backed companies benefit from deep sector expertise, a proven value-creation engine, and an unparalleled network of people and data to support scaling. They are also supported by Verdane’s Elevate team of operational experts, which covers data and technology, finance, and go-to-market strategy.
Aligning with its goal, Verdane also supports its portfolio companies in improving their Environmental, Social, and Governance (ESG) credentials. This way, businesses can become more sustainable than when the firm first invested.
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