Helsinki and Stockholm-based venture capital fund Butterfly Ventures has announced the first close of its €100 million seed entry capital fund at €47 million. Based on EU Article 8, the Butterfly Venture Fund IV will focus on science-based deep tech and hardware startups in the Nordics and Baltics.
The fund will invest initially in the seed phase, but also has significant capacity for further investments in the A and B rounds. The impact of the operations and product development of the investee companies will be measured on four primary dimensions — society, knowledge, health, and environment.
Juho Risku, co-founder and partner of Butterfly Ventures said: “Responsibility and impact are in our DNA - we are committed to ensure that sustainability factors are a part of our investment decision procedure. From the beginning, our built-in mission is to make investments that matter in the world. Sustainable operations guarantee better financial results, value development and impact. The new EU Article 8 fund is a natural continuation of our sustainability and responsible investment policies.”
The second and third closings are scheduled for later this year, and the final closing will be in the spring of 2023, Risku informed.
Butterfly Ventures’ Stockholm-based partner Tanya Horowitz added: “We see a great potential in the fund to make a proper impact as the Nordics and Baltics are leading the way when it comes to world-changing innovations. We aim to expand our portfolio with more science-based deep tech startups in Sweden, where we have been actively investing since 2017, as well as in other Nordic and Baltic countries.”