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Peter Thiel backs Norway’s SNÖ Ventures as firm eyes $100m for Fund II raise

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Norway’s SNÖ Ventures has picked up backing from billionaire entrepreneur Peter Thiel for its $100m-targeting second fundraise.

Norwegian pension fund KLP, Investinor and Northzone co-founder Karl Christian Agerup are also committed to SNÖ Fund I, which has held its first close.

The firm, which targets seed and Series A companies, said it planned to expand into the Swedish and Danish markets.

SNÖ partner Max Samuel, who recently joined the firm from Thiel Capital, said, “The unique cultural, economic and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem.

“We aim to enhance this ecosystem by facilitating the sharing of resources, talent, ideas and experience throughout the Nordic region, and by leveraging our international networks to support Nordic companies in their global expansion.”

Thiel will also join the firm as a strategic partner in addition to his investment.

SNÖ, which was founded in 2015, has recently invested in companies including PortalOne alongside Theil’s Founders Fund, Seedcamp and Kitemaker.

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/peter-thiel-backs-norways-sno-ventures-as-firm-eyes-100m-for-fund-ii-raise.html

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