Nordic Secondary Fund has invested $2.4M in DTE, developers of next-generation metal production and manufacturing, through an acquisition of common shares from a selected group of DTE's initial shareholders. Nordic Secondary Fund is the only fund in the Nordics that exclusively invests in secondaries and this is their first investment in Iceland.
“I am extremely proud and happy for some of our earliest common shareholders to finally be rewarded for supporting DTE, having been with us right from the beginning,” says Karl Ágúst Matthíasson, CEO and Founder of DTE. “This investment also reflects a profound belief in the mission that DTE is on to revolutionize the metals production industry.”
Peter Sandberg, Founding Partner of Nordic Secondary Fund, says, "We are very proud to join as investors in DTE, as we have been in dialogue with Karl for over two years, waiting for the opportunity to buy Secondaries from existing shareholders seeking liquidity. We believe that the business area DTE operates in is incredibly interesting, and in connection with its latest external funding round this year, the company has strengthened its already strong investor base with names such as Novelis, Metaplanet, and European Innovation Council applicant support, and is thus in a very good position prepared for the onward journey.”
DTE closed its Series A2 funding round in June, raising $10 million from Novelis, Metaplanet, and the European Innovation Council (EIC) Fund, along with existing investors Chrysalix Venture Capital and Brunnur Ventures.