Trind VC closes new seed-stage fund on EUR 55m

More than double the size of its predecessor, Trind Ventures Fund II closed above its EUR 50m target, according to a press release by the firm.

The new vehicle is backed by institutional investors like European Investment Fund, Tesi (Finnish Industry Investment), LHV Pension Funds, and Swedbank Investment Funds, as well as high net worth individuals, family offices and foundations, partner Reima Linnanvirta told Unquote. Most of its LPs from Fund I joined Fund II, according to the press release.

Trind VC was advised by law firm Eversheds Sutherland for the fundraising, Linnanvirta said.

The vehicle aims to invest into 30 to 40 startups within its expected investment period of four years, he added. It has a life-cycle of ten years, until 2032.

Around 40% of the fund is planned for entry investments, while 60% will be dedicated to follow-ons, he said. Tickers for entry investments will range from EUR 100,000 to EUR 1m, and follow-up rounds up to EUR 5m per company, according to an announcement by the firm.

Fund II has a pan-European investment mandate, but it is especially looking for investment opportunities in the Baltics and Nordics, Linnanvirta said.

It looks to invest in startups with B2C and C2C business models, alongside consumerized B2B software specialists, according to the announcement.

Trind VC, which also has teams in Helsinki and Munich, launched its debut vehicle of EUR 23m in 2018, Linnanvirta said. Trind Ventures Fund I’s investment period is now over, but it still makes follow-on investments, he added.

Some of the debut fund investments include Fractory, a UK-based, on-demand manufacturing platform; Ready Player Me, an Estonian cross-game avatar platform for the metaverse; Jobilla, a Finnish talent acquisition startup; Sonarworks, a Latvia-headquartered sound technology specialist; eAgronom, an Estonian agritech company; RangeForce, an Manassas, Virginia-headquartered cybersecurity training platform, according to its website.

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