Finnish venture capital firm Innovestor announces its first close of its new B2B Industrial Technology Fund at €30M for Nordic and Baltic startups. The fund is capped at €100 million.
Innovestor’s new fund will offer pre-series A to series A investments to companies in the Nordics and Baltics that focus on Industry 4.0 and sectors benefiting from the fourth industrial revolution such as smart cities, cyber and physical security, and digital energy.
“Our focus is extremely specific because we are aware that adjacent megatrends close to Industry 4.0 such as sustainability, connectivity, and data security will grow in the long-term future and require more support, and we will be at the forefront of that,” says Innovestor’s CEO, Tommi Äijälä.
According to Innovestor, there’s a significant vacuum in their target market such that many promising startups are at risk of going out of business despite having growth potential.
The fund is backed by institutional investors, Mandatum Life, as well as family offices and high net worth individuals. The first investments will be made as early as Q2 of this year.