In December 2023, Innovestor, in collaboration with Business Finland Venture Capital, introduced Finland’s first Angel CoFund, locally known as Kanssasijoitusrahasto. The fund co-invests with angel syndicates in Finnish seed companies, providing them with funding, support, and due diligence to foster growth and success.
Throughout the early months of 2024, the fund focused on increasing its visibility and building deal flow. The first investment was executed in April. From then until November 2024, the fund consistently made an average of two investments per month, aligning with the fund’s volume target. Notably, the average and median investment per company exceeded the average size of angel investor led rounds in Finland, effectively meeting the fund’s strategic investment goals.
The Year 2024 in a nutshell:
- Total Investments: 16
- Syndicated with: 86 angel investors
- Total invested capital: €5.9 million, broken down as follows:
- The fund invested approximately €2.0 million.
- Angel investors invested approximately €2.2 million.
- Other investors added €1.7 million.
- Regional focus: 75% from Helsinki – Uusimaa
- Investor demographics: 5.8% women investors vs 94.2% male investors
Room for Improvement:
- Regional expansion: We plan to extend our activities beyond the capital region to support companies across Finland.
- Increasing female participation: We hope to engage more women investors, thereby broadening the scope of investment activities.
“I am very pleased with our collaboration with FiBAN and the broader angel investor community. The feedback from various stakeholders has been positive, and we are looking forward to an even more active investment year. The excellent quality of the target companies and good co-operation with the lead angels have made our investment activities efficient,” says Hannu Jungman, Partner at Innovestor Venture Capital
FiBAN’s CEO Tiina Laisi-Puheloinen adds: “The Angel CoFund has received excellent feedback from our members, and our cooperation with Innovestor has been smooth. There has been a clear demand for this fund; we have managed to increase the average size of investment per company and accelerate the number of investments. I also see an excellent potential in attracting a larger group of female angel investors. Through this, we can discover even broader range of companies, founders, and increase the overall volumes.”
Get to know how the fund works and its latest portfolio companies:
www.angelcofund.fi
Angel CoFund’s key features:
- Collaborative investments: The fund co-invests with angel syndicates
- Investment goal: to invest in approximately 100 Finnish seed-stage companies
- Initial investments: ranging from €50,000 to €300,000, aligning with the investment amounts of angel investor groups in the first round
- Generalist fund: Can make investments across various industries, but with a primary focus on companies promoting green transition and sustainable development.
For more information, please contact:
Hannu Jungman, Partner, Innovestor Venture Capital
+358 45 124 8870
hannu.jungman@innovestor.fi
Heli Mehtätalo-Takala, Director, Marketing and Communications
+358 50 402 6781
heli.mehtatalo-takala@innovestor.fi