Opening Keynote at Nordic Venture Forum
Christian Motzfeldt, CEO of Vaekstfonden opened the day with a positive speech on the Nordics and how the region is in the top six of venture funding and Sweden and Denmark in top 3. Nordics attract the most capital and places Denmark as the number one Europe. But all this funding doesn’t seem to be trending towards ending in an IPO (the US in particular was the worst in history in 2008). But the M & A activity still seems to be going strong.
But, all this translates into longer exit horizons for the first funding period. from four years at the beginning in 2000 to close seven to eight ears. This will leave the early stage market in an uncertain place for the moment.
The summary? Longer exit horizons = difficult to establish track record = longer fund raising cycles = smaller funds = lps (even domestic are hesitant to commint funds = bleak future.
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