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European Investment Fund (EIF, www.eif.org) made a EUR 25M investment in this final close. In addition to EIF, Fund III investors include such prominent Finnish institutional investors as Tesi and KRR IV (fund-of-funds), Elo Mutual Pension Insurance Company, OP Financial Group and a number of foundations, family offices and private investment companies.
With the track records of its earlier funds, Vendep Capital has established itself as the early-stage B2B SaaS specialist investor. This third fund will accelerate Vendep’s expansion from Finland and Estonia into the Nordic and Baltic SaaS markets.
Vendep’s portfolio companies see great value in having a SaaS business model specialist as a backer:
– We have benefited tremendously from having a SaaS specialist fund as an investor, says Nora Huovila, Co-Founder and CEO of Videoly, in which Vendep Capital invested in 2020, and further states:
– The strategic challenges of extremely fast-developing SaaS businesses are very specific – but somewhat similar across SaaS companies. A specialized investor can add value from their own experience and also by cross-linking companies with each other.
Focus on Seed-stage B2B SaaS companies in the Nordics and Baltics
As the SaaS market is growing rapidly, the fund looks to invest EUR 0.1 – 3M as initial tickets in up to 20 early-stage startups over its investment period of four years. EUR 70M fund size allows Vendep to be in a significant role also in the follow-on rounds. The fund has made its first three investments – two in Finland and one in Sweden.
– The SaaS market is thriving, and with the new fund we continue to increase our presence in the Nordic and Baltic markets, as well as support our brilliant entrepreneurs through their initial rounds, states Jupe Arala, General Partner at Vendep Capital.
ABOUT VENDEP CAPITAL
Vendep Capital is a B2B SaaS specialist VC operating in Nordics and Baltics. We invest in the best early-stage software entrepreneurs. Our first ticket is 0.1–3M euros depending on the company’s stage. Additionally, we support the brilliant startup founders by leveraging our extensive SaaS expertise and global networks to expedite their growth.
ABOUT THE EUROPEAN INVESTMENT FUND
The European Investment Fund is a specialist provider of risk finance to benefit small and medium-sized enterprises (SME) across Europe. The EUR 25M investment for Vendep Fund III was derived from Pan-European Guarantee Fund.
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