Growth and direct secondaries investor Verdane Capital has invested more than €5m in Finnish open-source web application development tool business Vaadin.
The investment round saw Verdane tap its Verdane Capital IX vehicle, which held a final close on SEK 3bn in July this year.
Verdane joins previous investors in Vaadin, Aboa Venture Management, eEquity and Finnish Industry Investments, bringing the total raised by the company to more than $11m.
With the fresh funding, Vaadin plans to strengthen its position in the US and European markets.
In January 2016, Vaadin raised a $6m funding round from Finland-based VC eEquity and state-backed Finnish Industry Investment.
Headquartered in Turku, Vaadin is a developer of open-source web application development tools, mainly focusing on user interface components for web apps.
The company employs 130 people across Finland, Germany and California, and has a turnover of $10m according to a statement.
Verdane Capital – Bjarne Lie (managing partner).
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The £5m growth funding was provided together with Hargreave Hale
Indufin is taking over from ING as the main investor in the software group