Finnish investment firm and accelerator Cleantech Invest Oyj said on Thursday it has raised 12 million Swedish crowns through public share issue which was 3.5 times oversubscribed, showing investors strong appetite for the sector.

“We are happy that interest was high, we now have a good base that will follow our development closely, and we are confident that it will be worth following,” says Alexander Lidgren, the managing director of Cleantech Invest.

Cleantech Invest said the raised amount could increase to 20 million crowns during 2016. It will also apply for secondary listing in Stockholm.

Cleantech Invest is a Finnish portfolio company and partner for institutions investing in clean technology as well as developing and commercializing cleantech. It defines its portfolio focus as “high impact firms that solve global challenges”.

Revenues of its portfolio firms grew on average 82 percent last year.

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