Key Takeaways
- • SNÖ Ventures, an Oslo-based venture capital firm, launched a $100 million second fund (SNÖ Fund II) targeting early-stage, high-growth Nordic tech companies with transformative technology potential across seed and Series A investments.
- • Peter Thiel joined SNÖ as an investor and Strategic Partner, bringing institutional credibility and global networks to the fund alongside an international group of advisors; Max Samuel, a partner who recently joined from Thiel Capital, reinforces the connection.
- • The first closing has been achieved with limited partner commitments from high-profile backers including Karl Christian Agerup (co-founder of Northzone), Eilert Hanoa (CEO of Kahoot!), KLP (Norway's largest pension company), Investinor, and international investors across Europe and the US.
- • SNÖ is expanding geographically into Sweden and Denmark, positioning itself as a cross-Nordic platform connecting early-stage companies with US and European growth ecosystems.
- • Recent portfolio investments include PortalOne (alongside Founders Fund and Coatue), Kitemaker (with Y Combinator and EQT Ventures), and Confrere (with Point Nine and Nordic Makers), demonstrating syndication capacity with tier-one venture firms.
Summary
SNÖ Ventures has announced the launch of SNÖ Fund II, a $100 million vehicle targeting early-stage Nordic technology companies with the potential to disrupt or capture large markets through transformative solutions. The new fund represents a significant expansion of the Oslo-based firm's investment capacity and geographic footprint, with plans to extend operations into Sweden and Denmark beyond its Norwegian base.
The fund's first closing has already been completed, securing commitments from a distinguished group of limited partners that reflects both Scandinavian institutional capital and prominent international investors. The investor base includes Karl Christian Agerup, a co-founder of venture firm Northzone; Eilert Hanoa, CEO of educational technology company Kahoot!; KLP, Norway's largest pension company; Investinor, the Norwegian state-owned investment company; and international investors from across Europe and the US. Most notably, billionaire Peter Thiel has joined SNÖ as both an investor and Strategic Partner, lending significant credibility to the fund's strategy and network access.
The Thiel connection is operationalized through Max Samuel, who recently joined SNÖ as a Partner from Thiel Capital, Peter Thiel's global investment office. Samuel has highlighted the firm's thesis that "the unique cultural, economic and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem." SNÖ's co-founder and Managing Partner, Magne Uppman, emphasized the firm's value proposition: "We invest in visionary entrepreneurs and we bring decades of experience in supporting them at every step of their global growth journey."
SNÖ's existing portfolio demonstrates strong syndication relationships with top-tier venture capital firms. Recent investments include PortalOne (co-invested with Founders Fund, Coatue, Seedcamp, and TQ Ventures); Kitemaker (alongside Y Combinator and EQT Ventures); and Confrere (with Point Nine and Nordic Makers). This track record of partnership with established venture firms positions SNÖ Fund II to attract quality deal flow and provide portfolio companies with multi-geography exit pathways to the US and continental European markets.
The fund's first closing has already been completed, securing commitments from a distinguished group of limited partners that reflects both Scandinavian institutional capital and prominent international investors. The investor base includes Karl Christian Agerup, a co-founder of venture firm Northzone; Eilert Hanoa, CEO of educational technology company Kahoot!; KLP, Norway's largest pension company; Investinor, the Norwegian state-owned investment company; and international investors from across Europe and the US. Most notably, billionaire Peter Thiel has joined SNÖ as both an investor and Strategic Partner, lending significant credibility to the fund's strategy and network access.
The Thiel connection is operationalized through Max Samuel, who recently joined SNÖ as a Partner from Thiel Capital, Peter Thiel's global investment office. Samuel has highlighted the firm's thesis that "the unique cultural, economic and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem." SNÖ's co-founder and Managing Partner, Magne Uppman, emphasized the firm's value proposition: "We invest in visionary entrepreneurs and we bring decades of experience in supporting them at every step of their global growth journey."
SNÖ's existing portfolio demonstrates strong syndication relationships with top-tier venture capital firms. Recent investments include PortalOne (co-invested with Founders Fund, Coatue, Seedcamp, and TQ Ventures); Kitemaker (alongside Y Combinator and EQT Ventures); and Confrere (with Point Nine and Nordic Makers). This track record of partnership with established venture firms positions SNÖ Fund II to attract quality deal flow and provide portfolio companies with multi-geography exit pathways to the US and continental European markets.
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