Kverva-backed oceans fund Fynd Oceans Ventures -- which was set up late last year -- has been shut down because fund managers have been able to raise enough funds.

The group managed to raise $20 million (€17.3 million) over the course of the year, falling short of its target.

Fynd Oceans Ventures was set up by Maren Hjorth Bauer, the founder and general manager of marine tech accelerator Katapult Ocean.

"We have a slightly more modern mindset than traditional funds," Bauer told IntraFish sister publication Dagens Naeringsliv (DN) at the time the fund was established.