The new seed funds are set up as previous funds with a 50/50 distribution between private investors and the state. The state will provide 150 million NOK to each of the funds, while the rest will be obtained from private investors. Overall, this will add up to 300 million NOK.
– Young, innovative companies in Norway needs capital and expertise to succeed and to contribute to the restructuring of our trade and industry, says Monica Mæland (H), Minister of Trade and Industry.
The funds will be managed from Bergen and from the northern Norway.
– I am glad that one of the funds will be managed from Bergen. The city has a very good environment for research and development, but it needs money to make ideas marketable. Now, we also follow up the goal of facilitating new seed funds in university towns, Mæland concludes.
The press release issued by the Ministry of Trade, Industry and Fisheries, states that the funds should be nationwide, but that all experience says that funds have the greatest significance for the region they are located in. This is good news for the Bergen area.
– We welcome the government’s decision to establish the new seed funds and we are pleased that one of the funds will be managed from Bergen. We look forward to the selection process, and know that the Sarsia Seed Management will be a strong candidate – their commercial insight in the early phase life science sector is second to none here in Norway. BTO and partners have a strong pipeline of investment ready prospects for the new fund, says Anders Haugland, Managing Director of BTO.
– We are convinced that it is important to use such governmental tools to activate private capital to invest in value creation from the significant investments already made in Public Research and Development. The seed fund expansion together with the proposal from FIN/ABELIA related to a pre-seed initiative will serve this purpose, Haugland finishes.
Innovation Norway administers the state’s interests in the funds. They will now select managers for the funds through an open competition. It will take about one year before the funds start investing.
Main picture: Monica Mæland, Minister of Trade and Industry and Elisabeth Aspaker, Minister of Fisheries (Photo: Ministry of Trade , Industry and Fisheries)