Helsinki-based is launching a 40 million edtech venture capital fund, claiming the first of its kind in the Nordics. The firm hopes to reach a 60 million final close by the end of 2020.

With its first fund, will invest anywhere from seed to Series B stage in businesses across various educational sectors, from early childhood and K-12 to corporate and lifelong learning.

The first investment is in Finnish startup Fuzu, a career acceleration platform focused on emerging economies. The €3.4 million Series A round, led by, will speed up Fuzu’s expansion to new markets.

“Nordic and Baltic countries are producing an impressive array of edtech startups, but until today the region has lacked a sector focused venture investor,” said Kai Talas, one of the firm’s founders.

While focused on Northern Europe, Sparkmind is not limited to it; the firm is open to investing in edtech startups from other European regions.

The fund itself is open to investments from outside the Nordics, too. According to a press release, expects to partner with specialist investors from around Europe and the US. So far, the fund is backed by cornerstone investors Tesi and KRR III, as well as OP Banking Group, Elo Mutual Pension Insurance Company, the University of Jyväskylä and the City of Espoo.

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