(Bloomberg) -- Billionaire investor Peter Thiel is backing a new $100 million fund by Sno Ventures to invest in Nordic technology startups.
The Oslo-based venture-capital firm is starting a new fund to invest in early stage, high-growth technology companies, with Thiel joining as an investor and strategic partner. Sno is also expanding into Sweden and Denmark, it said on Tuesday.
“The unique cultural, economic and geographic traits of the Nordics contribute to the success of its thriving startup ecosystem,” Max Samuel, partner at Sno, said in a statement.
The firm's most recent investments include PortalOne, Kitemaker and Confrere. The new fund will target companies seeking seed and series A funding throughout the Nordic region.
Thiel is a venture capitalist and partner at Founders Fund, which has backed companies including vacation rental site Airbnb Inc., productivity software startup Asana Inc. and ContextLogic Inc., the parent company of discount shopping site Wish. Thiel is a co-founder of digital payments company PayPal and currently serves on the board of Facebook Inc. He also co-founded data-mining company Palantir Technologies Inc.
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