Vendep Capital hits €40m close for second venture fund

Having hit a €30m first close in April 2017, the vehicle hit its €40m target after one month on the road and aims to support pre-series-A fundraising for Finnish software developers. Following the close, the GP is keen on strengthening its team by hiring new investment professionals in its Helsinki office.

Investors
According to a statement, 20 LPs committed capital to the fund, including Finnish institutional investors, foundations, family offices and high-net-worth individuals.

LPs include Finnish fund-of-funds Tesi and its peer KRR II. Elo Mutual Pension Insurance Company, Bank of Finland-backed innovation fund Sitra and Finnish corporate Gerako also committed capital to the fund.

Other investors include foundations, such as the Gösta Serlachius Fine Arts Foundation and the Saastamoinen Foundation, and several existing private investors that provided capital for Vendep's first fund, Vendep Startup Fund I. Lastly, Vendep's management team committed €1m to the fund.

Investments
The GP targets Finnish startups offering software to B2B customers and with a €30,000-50,000 in generated revenues. As per its strategy, the fund manager aims to support startups in their pre-series-A fundraising phase. Therefore, it will provide investment tickets ranging between €500,000-1m, either as sole investor or as part of a syndicate.

People
Vendep Capital – Jupe Arala, Hannu Kytölä, Sakari Pihlava (general partners).

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