Nordic venture capitalist firm Nexit Ventures has announced the second closing of its Infocom II fund at €75 million (£63 million).

Nordic venture capitalist firm Nexit Ventures has announced the second closing of its Infocom II fund at €75 million (£63 million).

The fund, which invests in mobile and wireless technology companies in the Nordic countries and the US, is seeking further cash in advance of its final closing early next year.

New investors in this closing include mobile phone giant Nokia and Finnish insurance and finance group Tapiola.

Michel Wendell, general partner at Nexit, comments, ‘The innovation in wireless and mobility has a broadening impact and is leading to disruptive products and services in many new market segments like healthcare, manufacturing and retail.

‘Our focus sector has a very strong outlook for the coming five to ten years and beyond, but is of course not immune to the current economic downturn.’

Nexit Infocom II has invested in four companies to date. Its typical initial investment is between €1 million and €5 million, with up to €10 million being deployed into each portfolio company over the lifetime of the investment.