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Voima Ventures establishes EUR 50 million fund

Founders Inka Mero (centre) and Mikko Kumpulainen (second from right) both have a long history in the tech industry.Voima Ventures

Espoo-based Voima Ventures has announced the launch of a 50 million-euro multi-stage fund focused solely on deep tech startups in the Nordics and the Baltic region.

The main investors in the fund are VTT Technical Research Centre of Finland and the European Investment Fund (EIF). The fund was also supported by Finnish private and institutional investors. Voima’s multi-stage strategy for the fund will consist of 25–30 investments, ranging from 150 000–500 000 euros in pre-seed and seed rounds to 1–2 million euros in series A and B rounds.

“While deep tech investments in 2018 were up 6.6 times compared to the level of investments in 2013, deep tech still attracts only 20 per cent of the total capital invested in Europe. Here in the Nordics, the number is even lower,” commented Inka Mero, founder and managing partner at Voima Ventures.

The fund will focus on bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software and ICT, and artificial intelligence. The ultimate goal is to bridge the gap between the Nordic tech scene and the scientific community.

“As the largest global challenges require a combination of scientific innovation, entrepreneurship and capital, we strongly believe the next generation of ground-shaking companies will come from the field of deep tech,” elaborated Mero.

Voima Ventures’ portfolio already includes 20 deep tech companies, all spin-offs from VTT. These include Infinited Fiber Company, Paptic and Solar Foods.

By: Samuli Ojala