1. Growth Entrepreneurship and Access to
Finance
Nordic Conference in Stockholm 5-6 March 2013
Erik Hagen, Managing Partner

2. Viking Venture

3. Exits Viking Venture
2003 2007 2009 2012
Aug 2003 Feb 2007 June Nov 2009 2011/12 Jun 2012
2007
Sold to Sold to Sold to Sold to Sold to Sold to
Undislosed Undisclosed 750 mnok Undisclosed Undisclosed Undisclosed
May 2007 June 2007 May 2009 March 2012 Dec 2012
Sold to Sold to Sold to Sold to Sold to
Aqualyng
Holding
Undisclosed Undisclosed 287 mnok 157 mnok Undisclosed
May 2007 May 2012
Sold to Sold to
Undisclosed Undisclosed

4. Nacre

5. Returns from Nacre
Investment Return X investment
Inventors in SINTEF 0 5 infinity
Key employees 1 75 75
Viking Venture 30 300 10
Government 17 324 19
Kilde: Bizweb, Nacre; tall inkl 2009

6. Nordic Venture Network
• 12 firms with 3 billion EURO under management • 100 Investment professionals
• 300 current investments • 175 exits to date

7. Nordics attractive region for startups
Source: Creandum

8. Examples of Nordic venture backed successes

9. Track record in the Nordics
Source: Creandum

10. Annual VC investments in the Nordics; mEUR
487
405
388
284
257
2008 2009 2010 2011 2012 3K
Source: Argentum

11. Annual VC investments in Norway; mNOK
2453
1874
1282 1208
600
444
2007 2008 2009 2010 2011 2012
Source : Norsk Venture Kapitalforening, Argentum

12. Number of Nordic VC investments per year
201
170
158
139
104
2008 2009 2010 2011 2012 3K
Source: Argentum

13. Number of VC investments in Norway
71
53
40 40
35
24
2007 2008 2009 2010 2011 2012
Source: Norsk Venture Kapitalforening, Argentum

14. Annual Nordic VC exits
86 88
76 75
32
2008 2009 2010 2011 3Q2012
Source: Argentum

15. Nordic VC annual fundraising; mEUR
1233
836
740
669
510
407 408
2006 2007 2008 2009 2010 2011 Q1 - Q3
2012
Source: Argentum

16. Nordea´s allocation to Private Equity
Source: Nordea

17. The challenge ahead
Available venture capital
will be dramatically reduced
• Fewer companies will get funded Governments must
play active role as
• Number of venture funds will go investors in VC funds
down
• Returns for investors will go up