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Vendep Startup Fund Raises 5 Million Euro from Finnish Investors

Vendep Startup Fund, established in September 2013, was oversubscribed in four months and reached its target size EUR 5 million in January. Among the investors are 43 Finnish angel investors. The fund is also supported by Veraventure through an investment of EUR 2 million. The fund invests in Finnish startups focusing on web-based and mobile services and aiming for strong international growth.

The Vendep Startup Fund is managed by the same team as Vendep’s Vigo startup accelerator. The fund is looking to invest in 15 to 20 startups. The investments are made in stages, and the maximum aggregate size of an investment in each startup is EUR 500,000. The fund made its first investment in November 2013 in a company offering search engine services for financial analysts and investors in the USA and Europe.

”We are interested in startups offering B2B web-based services and showing market traction and competitive advantages which enable a strong international market position. A highly committed entrepreneur and team as well as a product with proven potential for international success are further prerequisites for an investment. The startup should also meet the requirements of the Young Innovative Company program (NIY) of Tekes (the Finnish Funding Agency for Technology and Innovation),” says Vendep’s CEO Sakari Pihlava.

”As a startup accelerator and seed investor Vendep supports startups in the early stages of their development. The Vendep Starup Fund was established to help startups already accepted into the Tekes NIY program to realise their growth and internationalisation plans. We are very pleased with the fund raising process: the fund reached its target size and was oversubscribed in just four months. The interest the Vendep Startup Fund received among investors shows that investors have a lot of faith in the success Finnish startups,” says Vendep’s chairman Hannu Kytölä.

Further information

Sakari Pihlava, CEO, Vendep, +358 40 771 3941, sakari.pihlava@vendep.com
Hannu Kytölä, Chairman of the Board, Vendep, +358 50 544 7162, hannu.kytola@vendep.com

Vendep Startup Fund in brief

Vendep Startup fund invests in startups building web-based and mobile services and aiming for strong international growth. Founded in September 2013, the EUR 5 million capital in the fund has been raised from Finnish private investors and Veraventure (a subsidiary of state-owned financing company Finnvera). The fund may make investments alone or as part of a syndicate. The maximum size of an investment in a single company is EUR 500,000. www.vendep.com.

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