In expanding its Nordic footprint, Silicon Valley Bank UK has established a representative office in Stockholm, Sweden.
The launch of a new location for the bank, which provides commercial banking services, seeks to support the needs of Swedish innovation businesses and their investors within the technology and life science sectors.
Why Sweden? The country supports a strong ecosystem for entrepreneurs and founders with ‘a thriving venture and investment community’; said the bank’s official announcement.
Sweden’s innovation sector has fundraised more than €12billion over the past three years, with over €5billion fundraised in 2022 to date; according to data from Dealroom.
The bank already has a representative office in neighbouring Denmark, which it opened in 2019. Its new Swedish location will work to support its presence in the Nordin region, with the bank stating that it plans to ‘deploy significant levels of capital through debt financing to Sweden’s innovation businesses, as well as venture capital and private equity funds’.
The bank has appointed Maria Ljungberg as its country director for Sweden, who will work alongside the bank’s Nordic regional managing director, Sebastian Penn, to develop its lending offering within the region.
“I believe Silicon Valley Bank…has a lot to offer the Swedish market,” comments Ljungberg.
She goes on to describe the bank as a financial partner that understands the needs of innovative businesses, capable of helping to fuel their growth at every stage.
“I’m excited to build and grow our presence to make Silicon Valley Bank the go-to partner for the Swedish innovators, investors, and ecosystem influencers,” continues Ljungberg.
Simon Bumfrey, the bank’s head of relationship banking Europe, shares in the excitement of joining the Swedish innovation ecosystem, and says that he is “looking forward to providing our expertise in helping to finance and grow Sweden’s innovation and life science businesses.”