Nordics-focused LP firm, B2B software investor Monterro had no issues recharging cash flow for its fifth fund vintage, reeling in €150 million for the latest vehicle, G1.
G1, raised wholly by existing Monterro LPs, with a 24% GP contribution, generally will back established B2B software small caps, but has scope to invest in early-stage rounds.
Monterro's previous fund, M4, closed in November with €700 million. It still has 80% left to invest.
The first SaaS fund, M1, bagged an exit from the Malmö-based Matilda FoodTech, a sustainable food software startup. M2 matched the feat by exiting Swedish cyber risk startup Outpost 24.
Monterro has partners in key growth locations outside of Scandinavia. In 2021, it launched in Munich to support portfolio companies targeting European growth. SaaS startups pursuing Asian expansion may be interested to learn it has a presence in Vietnam's Scandinavia Software Park. And those locations are in addition to Monterro's two Nordic branches, in Stockholm and in Oslo.
Tomas Bill Revland, Monterro co-founder and managing director, said: "The success of the G1 fundraise confirms the strong momentum behind our investment strategy – backing B2B software businesses in the Nordic region. G1 enhances Monterro’s ecosystem and enables us to invest in and transform small-cap and earlier stage businesses.
"We are delighted to have received strong support from our existing investors for G1, as well as securing commitments from our team and entrepreneurs from our portfolio companies, reflecting our culture of long-term alignment”.
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