Earth Capital

Doing sustainability and impact investing: mobility, food and agriculture, energy (renewable, efficiency, storage), water, waste etc. Looking for indications of repeat demand.

Looking for defensible market positions. Technology is not necessary, if the position of the company is otherwise strategically defensible.

Investing globally with a focus on Europe. Also investing actively in Africa and Asia.

Focus on B2B across all their funds.

Prefer to lead or co-invest. Prefer to take a board seat.

Fidiasz EVC

Interested in hardware and deep tech software. Solutions should be hard for competitors to copy, and if they are, it’s not a must that they’re technological. They prefer companies having customer validation and preferably revenue, but in exceptional cases can invest in a proof-of-concept stage as well.

Companies can be based anywhere, but have to have some operations in Eastern Europe, for example considering Poland as an important target market.

In most cases they only co-invest or lead invest. For startups related to construction industry and chemicals, a CVC investment is possible.

GFR Fund

Focusing on digital entertainment (esports, gaming) and consumer tech. Social media, fitness etc. work well. No hardware. Interested especially in infrastructure and new genres of games and other formats.

In business models main focus is on B2C, can do also B2B or B2B2C.

Geographically North America, Europe and Southeast Asia are their main focus areas.

 

Sparkmind

Sparkmind.vc is the first Nordic venture capital company focused on the learning sector. They invest in teams transforming early childhood, K12, higher, secondary and vocational education as well as corporate and lifelong learning. Their geographical home field is Europe, especially North Europe, but they also selectively do investments outside the region.

They often join the boards of their portfolio companies.

Nordic FoodTech VC

Nordic FoodTech invests, as the name implies, in food-related technology. Not brands, not production, but for example new production and packaging technologies.

Focusing more on B2B and B2G. B2C is possible, if the business model is practical to scale.

Open Circle Capital

Open Circle is based in Lithuania and they have partners in Finland and Denmark. Most of their investments are in Lithuania, but they can invest anywhere in the European Economic Area.

Their ideal case is to co-invest or lead a round into a software company. This is the 3/5 year of their investment period and they look forward to making a couple more new investments. They’re stake size agnostic.

Their usual minimum ticket is 100ke. In exceptional cases they have done 50ke, and in very exceptional cases can consider even smaller tickets.

They prefer applying startups to contact the partner whose experience best matches their area.

Norrsken VC

Impact fund. Focuses on continental Nordics: Finland, Sweden, Norway, Denmark, with some emphasis also on Baltics. Prefers co-investing outside Sweden, but has also led rounds outside their home market.

Invests €0.5-1M on early stage companies. They exceptionally invest up to €2M initial tickets on later stage companies. Looking for a 5-10x return.

SijoittajaPRO

Open family office: network of family offices and angels. They do financial investments and prefer co-investing alongside existing investors.

They invest in solutions that customers like and have demand for. Solution doesn’t need to be technological, but it can be if lead investor has done technological due diligence.

Also offer loans for companies with any business types, including B2C.

They’ve invested €41M in four years.

Innovestor

Innovestor offers co-investing (syndicate forming) as a service. They also do solo investments.

Prefer B2B, but open to any business types. Drug development is not currently interesting for them, but digital health and medical technology is.

Funding applications can be filled at https://innovestorgroup.com/growth-companies/#applyfunding.

Trind Ventures

€23M fund focusing on software technology in Finland and Baltics. Can invest also elsewhere in Europe. Hardware can be a minor component of an invested company’s offering, but software has to be the main part. Commonly co-invests with other funds. Can lead rounds in their focus geography.

Prefer B2B and B2C. B2G investments would require significant indications that the sales cycle is much faster than average in that area.

They look for traction before investing. In B2B there has to be revenue, in B2C traction can be proven in other ways as well.

They prefer to participate in companies at the board level.