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Angel CoFund completed 19 new investments in the first eight months of 2026, already exceeding the total number of investments made during the whole of 2025 (17). Since inception, the fund has now completed 53 investments.
The initial investment rounds completed during the period totalled €8.5 million, comprising €3.1 million from Angel CoFund, €3.2 million from angel investors, and €2.2 million from other investors.
Surgerix marks a 50-investment milestone in the growing portfolio
In July, Angel CoFund completed its 50th investment in Surgerix, a Kuopio-based university spin-off developing real-time multi-camera surgical visualization software. The investment was made alongside leading Finnish angel investors, several of whom have co-invested with the fund across the portfolio.
“While most of our investments are in the Helsinki region, we’re particularly pleased that our 50th investment was a Kuopio-based university spin-off. Surgerix is a great example of the kind of companies we want to see more of: strong research-based innovation backed by experienced angel investors,” says Hannu Jungman, Partner at Innovestor Venture Capital.
Larger investments and new lead investors
The average size of Angel CoFund’s initial investment has increased from €126,000 in 2025 to €161,000 this year. At the same time, the average individual angel investment has grown from €22,000 to €28,000.
The fund has now syndicated investments with 255 unique angel investors in total. The average number of participating angels per investment round has remained broadly in line with the previous year.
A further positive development has been the emergence of several multi-million-euro seed rounds led by new venture capital funds.
“Seeing new venture capital funds join the financing rounds of our portfolio companies has been one of the highlights of the year. It’s a strong signal that these companies are ready to attract the next wave of investors,” Jungman says.
Follow-on financing continues to accelerate
Portfolio companies have completed eight follow-on financing rounds so far this year, matching the total number completed during the whole 2025. These rounds raised a combined €8.3 million, of which Angel CoFund contributed €582,000, highlighting the significant leverage achieved through relatively modest follow-on investments.
For more information, please contact:
Hannu Jungman, Partner, Innovestor Venture Capital
+358 45 124 8870
hannu.jungman@innovestor.fi