Finnish Industry Investment holds first close of FoF Growth II

Finnish Industry Investment's previous vehicle FoF Growth I has invested in 11 Finnish venture capital and small buyout funds between 2009-2013. To date, these funds have invested in more than 50 companies and 20 projects employing a total of 4,500 people with a total turnover of €490m.

Finnish Industry Investment committed €7.5m to Creandum III in May 2012, a vehicle that closed on €135m in May 2013. The vehicle's recent investments include a €4m injection into Visedo in December last year; a series-A funding round for SkySQL in April 2012 and a second round in October 2013; and a €6m round in M-Files Corporation in April 2013, alongside DFJ Esprit.

Finnish Industry Investment is a government-owned investment company. It has invested €720m to date in 510 companies that employ 50,000 people in total.

Investors
Finnish pension funds Ilmarinen, Keva, Elo and the State Pension Fund have provided €70m to FoF Growth II.

Investments
Following its predecessor FoF Growth I, the fund will focus on Finnish venture capital and small buyout funds and will back close to 10 funds during its investment period between 2014-2018.

People
Jouni Hakala is the director of Finnish Industry Investment. Esko Torsti is the director at Ilmarinen and chairman of the investment council of FoF Growth II.

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• Topics
• Nordics
• Fundraising
• Finland
• Finnish Industry Investments