Helsinki-based venture capital firm Greencode Ventures has announced the first close of its fund that focuses on European startups that are accelerating the green transition. The firm's first close is nearly €40 million with an aim for a final fund size of €60-100 million.
Founded in late 2022 by Dr. Terhi Vapola and Kaisa Hietala, Greencode Ventures says it's keen to 'address the underrepresentation of female founding teams in the VC landscape', particularly being female-led and founded.
The firm has already deployed a portion of the raised capital, participating in carbon removal marketplace Supercritical’s $13 million Series A funding round announced in June this year.
LPs backing Greencode Ventures include Business Finland Venture Capital, Nordea Life Assurance Finland, Pohjola Insurance, OP Life Assurance Company, and Sari Baldauf, chair of Nokia's board of directors as well as Mika Anttonen, the majority owner of the energy company St1, have joined Greencode's advisory board.
"We are delighted to provide our support for the launch of Greencode's fund, which will invest in promising early-stage climate tech companies in Finland and Europe. We couldn't think of a more relevant and impactful investment topic for a venture fund. Greencode boasts experienced personnel capable of creating substantial value for their portfolio companies,” says Petri Serenius, the Investment Director of Business Finland Venture Capital.
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