Silicon Valley Bank (SVB) has announced it will expand to Copenhagen, attracted by Denmark’s growing talent pool and the strength of the entrepreneurial ecosystem in the Nordics. SVB hopes to fuel high-growth Danish companies by connecting them with its extensive, global funding network. It will not perform any banking business in the country. Though the office will be new, SVB’s presence in the region is not. The bank has already invested in more than 20 Nordic companies, including Trustpilot and Siteimprove, and has been working with European businesses for over ten years, mainly through existing offices in the UK, Ireland, Israel and Germany.
Sebastian Penn will be the managing director for Denmark, based in Copenhagen. Penn was previously based in San Francisco as director of DenmarkBridge and held senior roles at Vækstfonden, The World Bank and the Danish Ministry of Economic and Business Affairs.
Commenting on the expansion, Erin Platts, head of the bank’s EMEA division, said: “Denmark presents an exciting opportunity for us to expand our European operations and we are thrilled to welcome Sebastian on board. Our expansion into Denmark is a key milestone for SVB and underscores our commitment to the European technology landscape. It allows us to broaden the network of companies we serve, while contributing to the growth of the global innovation economy.” Penn added, “I’m delighted to join SVB to lead our presence in Denmark and the Nordics. There is a huge amount of activity taking place in this market with lots of inspiring businesses. We believe our increased presence will bring real value to local businesses here, particularly for those planning to grow quickly and internationally.”