Sparkmind closes first Edtech fund on €55m

The GP launched Sparkmind Fund in December 2019 when it held a first close on €40m, and was working towards a hard-cap of €60m. The fund held a second close in December 2020. 

Sparkmind partner Kai Talas said in a statement that the GP was looking to back 20-25 companies "while being able to comfortably lead investment rounds and support our portfolio companies also in their later financing rounds". The GP has already backed eight companies.

Investors
Finnish Industry Investment (Tesi) and its funds-of-funds strategy KRR Funds joined the vehicle as cornerstone investors, alongside institutional and private investors, including Jacobs Foundation, OP Banking Group, Elo Pension Insurance Company, the University of Jyväskylä, Kelonia, Finnish Cultural Foundation, Taaleri (Aktia) Impact Fund and several family offices and high-profile private investors.

Investments
The vehicle will deploy equity tickets of up to €5m, in stages ranging from seed to series-B rounds. It will invest in approximately 20-25 companies, mainly in northern Europe, but it can invest in companies outside of the region.

The GP has so far invested in eight companies, including Finnish company Fuzu, which provides online learning in Kenya and Uganda; Kide Science, a provider of science lesson plans for teachers of three- to eight-year-old children; CanopyLab, a Danish e-learning platform used in schools and companies; and Lexplore, a startup that uses AI and eye-tracking technology to provide insight into literacy. 

People
Sparkmind – Marko Kyyrönen (managing partner); Kai Talas, Vesa Laakso (partners); Marc-Johann Kavantsaari (investment director).

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