CapMan, the Finnish private equity firm, has acquired Swedestart, the Swedish technology and life sciences venture capital company, to step up its presence in Sweden and place CapMan among the biggest players in the Nordic venture capital market.

CapMan is paying €17m ($14.6m) in cash and shares for Swedestart, which has four funds totalling about €160m. CapMan has already acquired a Danish venture capital business, so Swedestart gives the firm a base in Stockholm to add to its existing Copenhagen and Helsinki offices.