Verdane launches €300 million growth impact fund
Copenhagen / Berlin — Verdane, a European private equity firm specializing in growth capital, today announced the final closing of the Verdane Idun I Fund (“Idun” or “the Fund”) at the hard cap of €300 million. The fund is thus above the original target fund volume of 225 million euros. Idun is an impact fund compliant with Article 9 of the EU Disclosure Regulation that invests in technology-based companies in Europe. With the launch of Idun, Verdane underpins its ambitions in the field of sustainability and aims to achieve positive sustainable effects through its investments in fast-growing companies.
The fund has already made three investments: in Auntie (www.auntie.io), a digital provider of workplace mental wellbeing services, in Spond (www.spond.com), a digital platform for grassroots sports and physical health promotion, and in a third company to be announced at a later date.
Bjarne Kveim Lie (Photo © Verdane), Co-Founder and Managing Partner of Verdane.We would like to thank both our existing and new investors for the trust they have placed in us. Their encouragement of Idun reinforces our approach of focusing on technology as a key driver of more sustainable development. We believe that investors like Verdane should take a leading role in this development and support founders and management teams in integrating sustainability into their business models, thereby creating value with a positive impact. The success of Idun’s fundraising also reflects the continued development of our company and we look forward to investing the committed capital in a way that makes a positive contribution to the world we live in.”
Investors in the fund include leading institutions such as Nysnø, the Norwegian sovereign wealth fund for investments to address climate change, and AP3, one of Sweden’s largest public pension funds.
As with Verdane’s previous investments, Idun will focus on technology-based solutions in the core areas of energy transition, sustainable consumption, and resilient societies. Verdane benefits from its many years of experience as a growth investor in sustainable business models.
All of Idun’s investments must meet both financial and tangible sustainability criteria. Verdane understands this to mean contributing to the implementation of at least one of the UN Sustainable Development Goals (SDGs), as well as qualifying investments according to an “Impact Framework” developed specifically by Verdane and based on the Impact Management Project. Each portfolio company of the Idun Fund will regularly report on defined sustainability metrics. Both the carried interest and the loan terms of the fund are linked to the achievement of the associated sustainability targets.
Idun has received strong support from existing investors, most of whom are institutional investors, including foundations, family offices and pension funds.
Idun’s management team has both significant entrepreneurial experience and extensive expertise in impact investing. The Idun team is part of the Verdane platform with its more than 90 investment experts, as well as the Verdane Elevate team, which consists of experts with particular operational know-how. With this approach, Verdane can optimally support companies in realizing their full value creation potential and making a positive contribution to a more sustainable world. The fund will be managed by partners Christian Jebsen and Erik Osmundsen, supported by directors Reed Snyder and Karin Kans and sustainability lead Axel Elmqvist.
Christian Jebsen, Partner at Verdane, said, “Coupled with the announcement of the Idun closing at the beginning of the year, we see a strong pipeline of potential investment opportunities across Northwest Europe, as evidenced by the fund’s first investments in three promising new portfolio companies. We believe that sustainability will play an increasingly important role as a dedicated strategy for growth and private equity investments. The entire industry is just evolving strongly towards a more sustainable and responsible mindset. As an established partner for growth in technology and sustainability, Verdane creates value and helps its portfolio companies scale their business models. We look forward to working with their management teams to make a positive impact.”
Verdane is one of the most active growth equity investors in Northwest Europe, having made 17 investments in 2021, including four portfolio transactions. Idun will complement the existing Capital and Edda fund strategies, adding an important investment area to Verdane. The fund aims to develop a framework and tools for impact investing that will set benchmarks and be available to the rest of the investment company’s teams as they refine and add value to their investment strategies.
Verdane is an investment company specializing in growth capital that supports companies with sustainable and technology-based business models in their international growth. Verdane participates as a minority or majority investor in individual companies or portfolios of companies, focusing on three core themes:
Digital Consumer, Software and Sustainable Society. Verdane’s funds have capital commitments of €3.6 billion. Since 2003, the company has invested in more than 135 fast-growing companies.
Verdane’s team of more than 90 employees, with offices in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is committed to being the best partner for growth capital in Europe.