Right after issuing 3 billion SEK green bond, Scania is about to launch new venture capital fund, this time worth about 1.8 million euro (2 billion SEK). Following its successful predecessor, Scania Growth Capital II “will continue the focus on the most attractive companies and entrepreneurs in the B2B tech space”, according to the Swedish group.
Scania’s second venture capital fund
Scania Growth Capital was set up in 2016 and invested in nine companies through the Scania Growth Capital I fund. Its funding initiatives include the seed investment in the German unicorn sennder GmbH, in 2017. A unicorn is a startup company with a value of over $1 billion. Scania Growth Capital II will invest broadly in B2B tech such as software, products, solutions and services within mobility, connectivity, autonomous, electrification, smart factory and sustainability. It will target entrepreneurial companies with a unique product or service offering in areas where the fund can inject not only capital but bring other added value.
Scania Growth Capital II will be managed by East Hill Equity, a company with extensive experience from venture capital investments in the B2B environment. East Hill Equity has offices in Stockholm and Berlin. “Having seen the development of Scania Growth Capital since 2016, we now want to accelerate this successful initiative. The insight for Scania in new relevant areas beyond our current core business, and the mutual beneficial collaboration with innovative tech-companies in adjacent areas, is a true formula for success; especially so in this dynamic time requiring new ways of working in our market,” commented Christian Levin, CEO and President of Scania.