2M Invest, the Danish listed technology venture capital firm, has hired Peter Caroe as chief operating officer, to focus on improving the efficiency of internal management as part of the firm's restructuring efforts.

Last month, the firm announced the close of 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 firm was reliant on cash from exits which dried up due to depressed stock markets and the economic downturn.