Icebreaker closes second fund on €100m

Icebreaker Ventures Fund II was launched in April last year, when it held a first close on €50m. According to Unquote Data, the fund was initially targeting €75m. The vehicle is much larger than the VC's debut fund, which closed on €20m in December 2017.

The GP has also closed its Opportunity Fund on €20m, which will be used for follow-on investments in portfolio companies from the first fund.

The second fund, which is already being deployed, invests in the pre-seed and seed stages of tech-focused companies in Finland, Sweden and Estonia.

Investors
LPs in the new fund include new investors as well as most of the LPs from the GP's first fund. According to Unquote Data, investors in the previous fund included Varma Mutual Pension Insurance Company, Tekes Paaomasijoitus, OP Financial Group, Merimies Eläkekassa (MEK), Elo Mutual Pension Insurance Company and Draper Esprit.

Investments
Investments from the new fund will range from €150,000 to €800,000, backing startups in Estonia, Finland and Sweden.

The GP said in a social media post that no stage was too early for it to invest in, and that it would aim to support founders from the moment they start thinking about founding a company.
Most recently, it has backed Selforte, an AI-powered marketing optimisation platform; Flowhaven, a developer of brand licensing services; Fixably, a developer of software for computer repair technicians; and Logmore, a developer of logistics software.

People
Icebreaker – Riku Seppälä (partner).

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