The investment bend of Sweden’s SEB Group has been investing in what it calls “deep technology” startups for over 20 years.
Since 1995, it has been investing in a far-reaching operation of startups by SEB Venture Capital, including government app Tink and post-trade bonds startup Information Mosaic. In 2010, CA Technologies purchased SEB investment Arcot for $200m, and in 2014, Cisco purchased SEB investment Tail-f for $175m.
But when it came to subsidy a initial bitcoin business, a group of 9 investors with an allocation of about $250m (2bn SEK) from SEB Group didn’t wish to rush a process.
Head of SEB Venture Capital, David Sonnek, concurred a investment is “purely financial”, though stressed a further of digital banking processor Coinify to a portfolio is about some-more than an exit strategy.
He told CoinDesk:
“This kind of height unequivocally unleashes a creation of us all, and that might be a many critical aspect.”
That said, SEB will also be holding a bigger purpose during a startup as partial of a $4m investment, also participated in by SEED Invest Denmark
SEB’s investment manager Stefan Olofsson will offer on Coinify’s house of directors, and Filip Petersson is