Finnish venture capital firm Vendep Capital has closed €80 million for its fourth fund to support early-stage SaaS founders in the Nordics and Baltics during the AI era. The fund is backed by Nordic and European investors, including Tesi (the Finnish state-owned investment company) and Pension Insurance Company Elo, alongside family offices and angel investors. The vehicle has reached its target size, though fundraising will remain open to new investors for a short period.
Since 2013, Vendep has built a strong SaaS investing track record in the Nordics, backing companies such as AlphaSense, Hostaway, Leadfeeder, and Happeo. The firm focuses on early-stage B2B SaaS (from pre-seed to Series A) with a particular emphasis on AI-first products, and is recognised as a specialist SaaS investor in Northern Europe.
We are excited to continue our work. The Nordics and Baltics offer one of the most thriving environments globally for building category-defining software companies, and Vendep is uniquely positioned to partner with the next wave of founders driving that growth,
said Sakari Pihlava, Founding Partner at Vendep.
The new fund arrives at a pivotal time for SaaS. Sami Ahvenniemi, General Partner at Vendep, commented that while SaaS may not be viewed as the flashiest investment theme, it has continued to outperform thanks to predictable recurring revenues and strong margins. He added that AI is ushering in the most dynamic phase for the model, noting that the most significant AI products today are delivered and monetised as SaaS.
Fund IV will invest in around 20 early-stage SaaS startups across the Nordics and Baltics, from pre-seed to Series A, with initial investments ranging from €0.1 million to €3 million. Vendep also provides follow-on funding to support portfolio companies as they scale toward global market leadership.
Would you like to write the first comment?
Login to post comments