Helsinki-based venture capital firm Maki.vc has launched its third fund of €100 million. This is an Article 8 fund, also known as light green funds and promotes ESG characteristics. This aligns with the VC firm, which focuses on investments that promote environmental and societal objectives.
The new fund is backed by over 50 limited partners, including the builders of Skype, Wise, RELEX Solutions, WithSecure (formerly F-Secure), Aiven, and Supercell, who bring a wealth of experience in scaling and commercialising tech companies. This fund will be used to back pre-seed and seed-stage startups across the Nordics and Northern Europe.
Top investments from this fund
Maki.vc’s third fund emphasises on the Nordic region, leveraging its deep tech expertise, strong public investment landscape, and proven track record of launching successful startups. With this fund, the company has already invested in three startups as detailed here:
- Distance Technologies: A Finnish company creating the world’s first glasses-free mixed-reality solution, founded by ex-Varjo founders.
- QMill: A quantum computing company dedicated to developing quantum algorithms that provide near-term practical benefits for industrial applications, founded by Nokia Technologies’ former CTO, an IQM Co-founder, and leading quantum researchers.
- Ever Cars: A company building a one-stop shop online marketplace for buying and selling electric vehicles, founded by a team with backgrounds from Stanford University, Uber, Morgan Stanley and Boston Consulting Group.
Investment strategy by the VC
Maki.vc was founded in 2018 in Helsinki, Finland has four partners – Ilkka Kivimäki, Pauliina Martikainen-Rahnu, Pirkka Palomäki and Paavo Räisänen.
The VC firm invests in deep tech and brand-driven companies across consumer and enterprise landscapes, with a sweet spot for scientific advances, strong IP, and deep customer understanding. Stage-wise, Maki.vc invests in pre-seed or seed companies. Notably, Finland is home to numerous early-stage startups and alongside Maki.vc, there are other VC firms such as Lifeline Ventures.
The typical initial tickets range from 300k to €3 million and 2/3 of Maki.vc’s fund is reserved for follow-on investments so that the fund can support its companies further along their growth paths.
Notable investments of other Maki.vc funds
Maki.vc’s first and second funds have backed the following companies:
- Spinnova: A sustainable textile producer, which IPO’d in 2021 alongside successful exits.
- Ultimate: A customer support automation platform acquired by Zendesk.
- IQM: A leading quantum tech startup in Europe that tackles the climate crisis.
- Onego Bio: A Finnish biotech startup that produces animal-free egg whites.
- Strise: A Norwegian AI-driven AML platform.
- Enfuce: A cloud-based payment solutions and issuer processing provider.
- CardioSignal: A health tech company, which develops industry-first smartphone tech for early heart disease detection.
“The Nordics represent one of the most significant startup funding regions in Europe, and we believe that investment opportunities here are greater than ever. This unique ecosystem blends cutting-edge R&D, strong industry collaborations, deep tech expertise, and a proven track record of entrepreneurial success, making it the ideal launchpad for tech companies to achieve meaningful global impact,” said Maki.vc’s Partner Pauliina Martikainen.
How is Maki.vc a game changer?
Maki VC is transforming the Nordic venture capital landscape by embedding ESG principles into its investments. According to the investor;s 2023 Sustainability Report, it prioritises diversity, with 35% of its portfolio led by female founders, outpacing industry averages. The firm emphasises governance by promoting mental health policies, ESG discussions, and cultural inclusion in its portfolio companies.
This approach aligns it with sustainability-focused startups across sectors like health and quantum computing. Maki VC’s strategy not only elevates Nordic startup standards but also supports ethical growth.
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