Venture Capital 2025

SWEDEN

Finland

Sweden

Norway

Law and Practice Contributed by: Corinne Ekman, Mikael Nagy and Joacim Kanstedt Gernandt & Danielsson Advokatbyrå KB

Stockholm

Russia

Latvia

Denmark

Contents 1. Trends p.516

1.1 VC Market p.516 1.2 Key Trends p.517 1.3 Key Industries p.518 2. Venture Capital Funds p.519

2.1 Fund Structure p.519 2.2 Fund Economics p.519 2.3 Fund Regulation p.520 2.4 Particularities p.520 3. Investments in Venture Capital Portfolio Companies p.521 3.1 Due Diligence p.521 3.2 Process p.521 3.3 Investment Structure p.522 3.4 Documentation p.522

3.5 Investor Safeguards p.523 3.6 Corporate Governance p.524 3.7 Contractual Protection p.524 4. Government Inducements p.526 4.1 Subsidy Programmes p.526 4.2 Tax Treatment p.526 4.3 Government Endorsement p.526 5. Employment Incentives p.527 5.1 General p.527 5.2 Securities p.527 5.3 Taxation of Instruments p.528 5.4 Implementation p.529 6. Exits p.529 6.1 Investor Exit Rights p.529 6.2 IPO Exits p.530 6.3 Pre-IPO Liquidity p.530 7. Regulation p.531 7.1 Securities Offerings p.531 7.2 Restrictions p.531

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