umu.sePublications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Investments in the Swedish Cleantech Sector: A Case Study of Swedish Public and Private Venture Capital Investments in Cleantech
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
2013 (English)Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The ever-growing awareness of sustainable living brings us to Cleantech - a technology that aims to reduce pollution and enhance efficiency by developing environmentally friendly products and services. Investors nowadays claim they are moving towards investments incorporating CSR and ESG issues, which is closely connected to Cleantech investments.

As a growing sector, the most concerning issue is the financing. Since Cleantech was introduced around 2006, the market has seen investors with different profiles. Among them venture capitalists (VC) have played a vital role in supporting Cleantech growth. It is noticeable that state-owned VCs, together with private VCs, have been actively participating in Swedish Cleantech investments. This study sets out to evaluate how public VCs differ from private VCs in terms of investment strategies, in Swedish Cleantech context. The results of the study aim to give an understanding of roles of different VCs in investment evaluations, which affect the decision making of their Cleantech investments.

Through Cleantech Scandinavia’s database we have collected information regarding previous investments made in Swedish Cleantech between 2007 and 2011. The results showed that public VCs and private VCs had similar stage preferences, focusing at seed and commercialization stages with little touch on expansion stages. The co-investing activities were mainly targeted at energy related segments in Cleantech. Based on this rough understating about Swedish Cleantech investments we conducted semi-structured interviews with 11 VCs, both public and private, to gain a deeper understanding on their investment strategies. We found that the difference between public and private VCs lies merely in the sense that public VCs operates under governmental guidelines, which they have to comply with when making an investment decision. The majority of the public VCs must co-invest with private investors, which opens a door for private VCs seeking co-financing for Cleantech projects. Particularly public VCs with a regional focus work under both local governments’ and EU’s regulations, which make them restricted to some degree. On the contrary private VCs have the freedom to decide whatever they want under different circumstances. Apart from that, public and private VCs share a great deal of similarities in their investment strategies and evaluations in Cleantech investments.

Place, publisher, year, edition, pages
2013. , 70 p.
Keyword [en]
Venture Capital, private, public, Cleantech, investment strategy, evaluation, Sweden
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-81850OAI: oai:DiVA.org:umu-81850DiVA: diva2:659215
External cooperation
NEFCO
Educational program
International Business Program
Supervisors
Examiners
Available from: 2013-10-30 Created: 2013-10-22 Last updated: 2013-10-30Bibliographically approved

Open Access in DiVA

fulltext(1989 kB)1284 downloads
File information
File name FULLTEXT01.pdfFile size 1989 kBChecksum SHA-512
f43c0e1d567359f068024e1aba5479bf5193819cf5feb824aafc18df4c95560e74942c500e937fca9adc8df8fe6bf200e158ab62725a0bf6c1a91a0d1eebb17c
Type fulltextMimetype application/pdf

By organisation
Business Administration
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
Total: 1284 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 360 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf