Stage: Late Seed, Venture & Growth (direct + fund-of-funds)
Focus: State-owned investment company, co-invests alongside private VCs to catalyze growth.
Portfolio: ICEYE (satellite imaging), Oura (wearables), IQM (quantum computing).
AUM: €2.5 B (Dec 2023).
Ticket size: €1.5–15 M direct investments. Also anchors VC funds and manages government fund-of-funds.
Website: tesi.fi

Stage: Pre-Seed, Seed & Series A
Focus: Entrepreneur-led fund, often the first cheque into bold ideas across gaming, health, SaaS, and deep tech.
Portfolio: First investor in Supercell, Wolt, Oura, Aiven.
Fund size: €150 M Fund V (2023).
Ticket size: €150k–2 M initial investments.
Website: lifelineventures.com

Stage: Seed & Series A
Focus: Early-stage fund with strong Nordic-Baltic presence. Invests in SaaS, AI, deep tech, consumer, health.
Portfolio: Wolt, Swappie, aiMotive (acq. Sony), Blueprint Genetics (acq. Quest).
Fund size: €151 M Inventure IV.
Ticket size: €0.5–3 M typical; leads first institutional rounds.
Website: inventure.vc

Stage: Seed & Series A
Focus: Founded by MySQL creators; invests in data-intensive software, SaaS, AI, and developer tools.
Portfolio: Truecaller (IPO), Supermetrics, MindsDB, IQM.
Fund size: Fund IV first close €100 M (target €130 M).
Ticket size: Up to €6 M.
Website: openocean.vc

Stage: Pre-Seed & Seed
Focus: Deep tech and brand-driven startups challenging old industries.
Portfolio: Spinnova (IPO), Ultimate.ai (acq. Zendesk), Revela (acq. Oddity), IQM, Onego Bio.
Fund size: €100 M Fund III (2024).
Ticket size: €300k–3 M.
Website: maki.vc

Stage: Pre-Seed & Seed
Focus: Backs early Nordic teams, often before product launch. Runs a strong founder/talent community.
Portfolio: Swappie, Meru Health, HoxHunt, Flowhaven.
Fund size: €120 M Fund II + Opportunity Fund (2023).
Ticket size: Up to €1.5 M first cheques.
Website: icebreaker.vc

Stage: Seed to Series B
Focus: Largest Japanese-backed VC in Europe. Invests in mobility, automation, sustainability, AI.
Portfolio: Bolt, Veriff, Einride, Varjo, Voi.
Fund size: €200 M Fund II (2023).
Ticket size: €1–5 M.
Website: nordicninja.vc

Stage: Pre-Seed, Seed & Series A
Focus: Science- and research-driven deep tech (quantum, biotech, energy, materials).
Portfolio: Solar Foods, Paptic, Dispelix, Quanturi.
Fund size: €100 M+ Fund III (2024).
Ticket size: €200k–3 M.
Website: voimaventures.com

Stage: Seed & Series A
Focus: B2B SaaS specialist across Nordics/Baltics.
Portfolio: Leadfeeder (acq.), Happeo, Xolo.
Fund size: €70 M Fund III (2022).
Ticket size: €0.1–3 M.
Website: vendep.com

Stage: Pre-Seed & Seed
Focus: B2B SaaS, fintech, healthtech, IoT in Finland and Baltics.
Portfolio: Fractory, BeeHealthy, Bookers.
Fund size: €50 M Fund IV (2025).
Ticket size: Up to €1 M.
Website: superherocapital.com

Stage: Pre-Seed & Seed (deep tech hardware specialist)
Focus: Research-based startups, IoT, materials, biotech hardware.
Portfolio: Modulight (IPO), Convergentia, ShelfAware.
Fund size: €100 M Fund IV (2023, final close).
Ticket size: Typical €0.3 M initial; up to €3 M follow-ons.
Website: butterfly.vc

Stage: Pre-Seed, Seed & Early Growth
Focus: Exclusive focus on gaming. Founder-friendly studio-to-studio approach.
Portfolio: Resolution Games, Traplight, Solsten, Thirdverse.
AUM: ~$51 M.
Ticket size: $60k–500k.
Website: sisu.vc

Stage: Series A+
Focus: Global fund (ex-Nokia Growth Partners) investing in connected industries, IoT, enterprise software.
Portfolio: Deliveroo, Scandit, Shippeo, Virta.
AUM: $1.6 B.
Fund size: $400 M Fund V (2022).
Website: ngpcap.com

Stage: Seed (gaming)
Focus: Among the world’s largest gaming VCs, invests in studios and platforms globally.
Portfolio: Reworks (acq. Playtika), Trailmix, Academy (acq. Rovio).
Fund size: $140 M Fund III (2024).
Website: play.vc

Public climate-focused investor (est. 2020). Invested €53.5 M in 2023 projects including Solar Foods and P2X Solutions.
Being merged into Tesi under government program; 2024 may be its final year.
Website: ilmastorahasto.fi

Multi-fund platform with €250 M AUM and 100+ portfolio companies.
Technology Fund (tickets €250k–1 M).
Angel CoFund (€50–300k with angels).
Life Science Fund (€89 M).
PALO Accelerator (€75–100k pre-seed).
Website: innovestorgroup.com

Finland’s first edtech-focused VC.
Fund size: €55.3 M EduImpact Fund (2019).
Invests €1–5 M in learning, education, and digital training startups.
Currently in portfolio-support phase.
Website: sparkmind.vc

Focus: early-stage food & agtech across Nordics/Baltics.
Fund size: €80 M target, €40 M first close (2023).
Portfolio: sustainable food production, circular economy, agri-biotech.
Website: nordicfoodtech.vc

Small VC targeting energy & cleantech startups.
AUM: €3 M.
Early-stage investments in power grids, storage, and energy digitalisation.
Website: grid.vc

Green-transition VC with Article 9 SFDR classification.
Invests in energy, mobility, industrial decarbonisation.
Requires 90%+ of portfolio to be sustainable investments.
Website: greencode.vc

Pre-seed investor in Nordics.
Fund size: €44 M Fund III (2023).
Ticket size: €50k–1 M.
Website: gorillacapital.fi

Early-stage generalist VC.
Ticket size: €200k–1 M.
Focus on marketplaces, future of work, climate tech.
Website: failup.com

Media & entertainment specialist.
AUM: >$200 M across three funds; EIF invested €25 M in 2025.
Invests in film, TV, gaming content.
Website: ipr.vc

Global accelerator/VC with Nordic hub.
Fund size: €70 M (2024).
Tickets €100–200k for pre-seed founders.
Website: antler.co

Finland’s #1 accelerator, non-profit, runs zero-equity programs.
Alumni: Disior (acq. Planmeca), Mistral (AI).
Website: kiuas.com

Europe’s largest student-run VC fund.
Fund III: €7 M (2023).
Tickets €50–100k for student founders.
Website: wave.ventures

One of Europe’s largest angel networks with 650+ members.
Invests tens of millions annually into 300+ startups.
Alumni: Beddit (acq. Apple).
Website: fiban.org