Today Failup Ventures, a new globally operating early-stage venture capital fund, announced the first €30 million closing of its new early-stage fund of €50 million.
The VC firm is founded by three previous Finnish entrepreneurs – Jesse Heikkilä, Topias Soininen, and Oscar Andersin. It backs early-stage startups with strong, mission-driven teams with typical initial investments ranging from €200,000 to €1 million.
Failup Ventures possesses a strong footing in North America. Extensive networks, international deal flow, and access to top cases both locally and across the pond mean the team is in the position to identify and support promising startups both in the Nordics and in the US.
Business Finland Venture Capital Oy acted as the anchor investor in Failup Ventures' new fund.
Its LPs consist of some of the world’s most successful startup founders, including several unicorn founders.
"We are thrilled to launch Failup Ventures as the first-ever Finnish VC fund to have its core foothold in the US as well," said Topias Soininen, co-founder and General Partner at Failup Ventures.
"Our global approach and grassroots networks enable us to identify truly promising early-stage teams and support them from the start.
Many of our previous investments have received follow-on investments from renowned firms like A16Z, NFX, General Catalyst, and Tiger Global.
This is a testimony to our understanding of truly brilliant teams and efforts in grassroots work.”
Jesse Heikkilä, co-founder and General Partner at Failup Ventures shared:
“We have seen that founders prefer to work with individuals who have firsthand experience in building a company and have faced similar challenges in the past.
And that’s exactly what we’ve done before founding Failup.
“We are excited to pave the way for next-generation founders with our fund by next-generation investors, and thrilled to have some of the brightest entrepreneurs backing us as Limited Partners.”
The team has already made three investments into early-stage teams from its fund. The fund’s target size has been set to €50 million.