Nordic Eye News

Two new Annex Funds

Despite a very hectic first part of 2020, we are very proud to announce that the Nordic Eye team has raised 33M EUR in two Annex Funds to support our Fund I.

  • October 8, 2020

The funds are backed by a large Swiss asset management company and two family offices. This means we now have a total of almost 85M EUR under management almost doubling the total commitment from the 50M EUR raised in Fund I. This raise is bringing Nordic Eye to a different level as a venture capital fund, and the fact that we now have a grand institutionel investor as LP is a giant step for us and the future.

As of today, according to the LPA, Fund I cannot do any more finance rounds and our cash available for follow-up investments are also very limited. This could be a potential problem for maintaining and developing the value in the fund, especially because COVID-19 demands investors with deep pockets to support their investments, and if not they risk getting heavily diluted. The Annex Funds have now helped us to secure our values in Fund I.

The three Annex Funds have leading investment rounds in Bellabeat and BOR. In BOR we have now taken the lead with an investment of 10M EUR in the recent round of almost 1,1B DKK (more on this below). In Bellabeat we also invested 12,5M EUR in a bridge round to support their growth. Despite any money invested, our ownership in Bellabeat for Fund I in 2020 has gone up from 9,6% to 12,9%. This is being secured through the investment from our Annex Funds and our very close relationship with Bellabeat. In both BOR and Bellabeat, Nordic Eye, including our Annex Funds, are now the biggest investors in each company. In BOR we hold around 23% of the company and in Bellabeat approximately 19% in total.

We strongly believe these two companies to have Unicorn potential, and we hope in the next 6 months to see a great value lift in both of them.