Helsinki’s edtech focused firm Sparkmind has closed its fund at €55 million, with the aim of supporting seed to Series B round founders. Sparkmind’s primary focus is on European startups, but they report that they’re not strictly limited by geography.
Just 18 months old now, Sparkmind is looking to invest in 20-25 companies and has already invested in 8 edtechs including Lexplore, Fuzu, Kide Science, and CanopyLAB, with an average ticket size of €1.2 million. Sparkmind representatives told me, “We expect to rise somewhat from there. Our range is quite broad, from a couple of hundreds of thousands up to €5 million.”
“Sparkmind Fund has enjoyed unusually high interest from professional LP-investors as a sector specialist VC fund,” comments Sparkmind CEO Marko Kyyrönen. “Especially notable has been the commitments from both domestic and international foundations and VC professionals, also welcoming their networks to support our portfolio companies to succeed.”
Tesi (Finnish Industrial Investment) and KRR fund-of-funds (not to be confused with KKR) served as cornerstone investors with Jacobs Foundation from Switzerland, OP Banking Group, Elo Pension Insurance Company, University of Jyväskylä, Kelonia, Finnish Cultural Foundation, Taaleri (Aktia) Impact Fund, and several family offices participating.