SNÖ Ventures announced a first closing of a new $100 million Nordic venture fund backed by Peter Thiel

SNÖ Ventures, an Oslo, Norway-based investment company, announced that it launched SNÖ Fund II, its second fund, targeting $100M.

The fund will be targeting Seed and Series A rounds as it aims to invest in early stage, high-growth Nordic tech companies with the potential to disrupt, create or capture large markets through transformative technology or solutions.

The company says that the first closing of SNÖ Fund II has already been held, with investments from a group of international limited partners who bring unique experience and networks to the fund, including Peter Thiel, Karl Christian Agerup (co-founder of Northzone), Eilert Hanoa (CEO of Kahoot!), KLP (Norway’s largest pension company), Investinor and others from throughout Europe and the US.

In connection with the new fund, SNÖ plans to expand the organization into Sweden and Denmark. Peter Thiel has also joined SNÖ as an investor and Strategic Partner and is accompanied by an international group of advisors to the SNÖ team, including the former Executive Director of the Presidential Innovation Fellows Program under President Obama, and a diverse group of seasoned founders, investors and startup advisors.

SNÖ Ventures was founded in 2015 and is led by Magne Uppman, Teodor Bjerrang, Max Samuel and Kremena Tosheva. Previous investments include PortalOne, alongside Founders Fund, Coatue, Seedcamp, TQ Ventures, and more; Kitemaker, alongside Y Combinator and EQT Ventures; and Confrere, with co-investors Point Nine and Nordic Makers.