Framfab and Ikano Launch VC Company
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Framfab Ventures will function as an advisor and a venture capital manager and will initially manage capital amounting to approximately SEK400 million (US$44 million).
Ikano is the financial and banking business of the IKEA-group of companies. Ikano and Ingvar Kamrad is a part of the personal network for Framfab founder Jonas Birgersson, sometimes called the "Broadband Jesus" of Sweden.
The investment focus of the company will be technology, media and telco companies within the New Economy in the development phases of start-up to pre-IPO.
"By combining our competence as Internet entrepreneurs and our brand with Ikano's network and experience within the financial sector, considerable synergy effects are created. The ambition for next year is to build up a large Internet fund that will operate in full scale on a pan-European basis," says Jonas Birgersson, CEO of Framfab.
Framfab Ventures will be financed by dividend-related management fees from the fund. 75 percent of the company is owned by Framtidsfabriken AB and 25 percent is owned by Ikano B.V. Framfab will initially invest SEK75 million (US$8 million) in the company.