Helsinki, Finland-based venture capital firm Vendep Capital has launched its second fund.
By the first closing at the end of April, Vendep Capital Fund II has received capital commitments worth over €30m from more than 20 Finnish institutional investors, foundations, family offices and private investors. Among them, there are Tesi (Finnish Industry Investment Ltd), KRR II, Elo Mutual Pension Insurance Company, The Finnish Innovation Fund Sitra, AI-Partners, Gerako, the Gösta Serlachius Fine Arts Foundation and the Saastamoinen Foundation.
General Partners Jupe Arala, Hannu Kytölä, and Sakari Pihlava have made a commitment of €1m in the fund.
The fund, which has a target size of €40m, will mainly invest in Finnish startups offering software to B2B customers. A typical initial investment will be in the range of €0.5-1m.
The potential target companies are expected to have a significant number of customers, and their recurring monthly revenue should be at least €30k-50k, with a considerable proportion coming from international markets.
In order to ensure international growth and the building of a international sales organization and contacts with international investors, Vendep Capital will employ its partner network based in London, Amsterdam, Berlin, and San Francisco.