Viking Venture on schedule

The newly established investment company Viking Venture held its first annual general meeting on 4 May. Viking Venture is a technology-oriented venture fund, which is operated by Viking Management and aims to further develop high-technology companies for stock exchange listing or industrial sale.

Viking Venture has investment capital totalling 180 NOK million, and Orkla has a NOK 50 million stake. Gjensidige NOR, Sparebank1 Midt Norge, Nordlandsbanken, Fokus Bank and several of the most prominent Trondheim families are among the shareholders in Viking Venture. The Nordland County authorities also believe in Viking Venture's business concept, and have invested NOK 10 million in the company.

"We work closely with the Norwegian University of Science and Technology (NTNU) and other institutions, and focus primarily on high-tech companies with expertise in fields such as information and communications technology, marine technology, energy/environmental technology and medical/biotechnology. Our geographical target area stretches from Trondheim and northwards," explains Harald Jeremiassen (photo). Mr Jeremiassen has broad experience of venture companies from working in Orkla's Investment Division, and is a partner in Viking Management together with Erik Hagen.

"We have great belief in the technology sector, and from a market viewpoint we consider this to be the right time to invest in technology companies. Venture capital in our geographical target area is limited and unequally distributed. Approximately 85 per cent of the capital in the region is invested in fisheries and the like and barely 15 per cent in technology. There is also an imbalance between seed capital and venture investments in the region, where seed capital accounts for as much as 70 per cent of investments and venture capital only 30 per cent," relates Mr Jeremiassen.