Espoo-based VC fund Vendep Capital has raised a third fund with a first close of 40 million euros. The firm’s main focus is early stage B2B SaaS companies, notable portfolio companies include Brella or Xolo.io.
After only investing in Finland and Estonia, the fund will now expand its investments to all Nordic and Baltic countries. An excellent track record alongside their specialization in SaaS, a booming market in the region, has led to fund commitments from prominent Finnish institutional investors such as Tesi or OP Financial Group. With a fund size still expected to increase, Vendep is looking to invest into 15-20 startups over the next four years.
“SaaS has proven to be a great investment strategy. Six companies from the previous fund closed series A or later follow-on financings during COVID-19 with very strong growth metrics” “While we plan no changes to our strategy, we look to grow our team from six to eight persons in the coming months.”Sami Ahvenniemi, General Partner at Vendep