Closes Two Funds Totalling €120M

Icebreaker, a Helsinki, Finland-based venture capital firm, closed its second fund, at €100M, and raised a separate €20M Opportunity Fund.

The firm’s second fund invests €150–800k in startups in Estonia, Finland and Sweden at their angel and pre-seed stage while the opportunity fund will be used to continue investing in their Fund 1 portfolio companies.

Led by Riku Seppälä, Icebreaker has broad investment scope, focusing on strong domain-expert founding teams with complementary skills (or helping build those), strong technology and global markets.

The firm has created a portfolio development practice for Founder Development, Hiring, Growth Program and support companies in planning and strategy. Icebreaker collaborates internally, sharing knowledge and learning from mistakes and successes. In addition to the investment team Icebreaker has a core operational growth team, and they aim to connect with the best external parties for specific topics in hiring, branding, law, etc.