2M Invest, the IT and technology venture capital firm, has closed its London and Boston offices in a bid to cut costs by Dkr40m (€5.4m) a year, more than half the current cost base, after losing Dkr440m in 2001.

The directors of 2M Invest, which was floated on the Danish stock exchange in 2000, have had to put together a fundamental restructuring of the operation. They told shareholders that the business ran into trouble when falling stock markets and stalling economies left it unable to sell companies from its portfolio. As a business, it had been relying too heavily on proceeds from divestments.