Oslo-based SNÖ Ventures launches Peter Thiel-backed $100 million fund, expands organisation into Sweden and Denmark

Oslo’s SNÖ Ventures has launched its second fund, targeting $100 million to invest in early-stage Nordic companies. The first closing of the SNÖ Fund II has already been held, with LPs including Peter Thiel, Karl Christian Agerup (co-founder of Northzone), Eilert Hanoa (CEO of Kahoot!), KLP (Norway’s largest pension company), Investinor, and other unnamed parties from Europe and the US. As part of his investment, industry Midas touch figure Peter Theil will join SNÖ as a strategic partner.

Founded in 2015 by Magne Uppman and Teodor Bjerrang, SNÖ Ventures’ recent investments include PortalOne, alongside Theil's 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.

Alongside the new fund, SNÖ Ventures reports that they will soon begin expansion into the Swedish and Danish markets.

“The unique cultural, economic, and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem. We aim to enhance this ecosystem by facilitating the sharing of resources, talent, ideas and experience throughout the Nordic region, and by leveraging our international networks to support Nordic companies in their global expansion,” concludes SNÖ Partner Max Samuel, a recent addition to the SNÖ Ventures team, previously serving as associate general counsel and CCO at Thiel Capital.