The past year, 2023, was notably busy for us, even amidst challenging market conditions. As we prepare for 2024, we want to acknowledge our significant strides in the last year.
Innovestor is one of the most active investors in the Nordics, and last year was no exception. Among other things, we:
- Launched two new funds: Growth Fund III, Angel Co-Fund
- Made 17 new investments
- Executed 35 follow-on investments
- Achieved three successful exits
- Acquired five new investment properties
- Organized the PALO 2023 acceleration program
- Hosted numerous events for founders, investors and partners
- More than doubled our follower count on our main communication channel LinkedIn
Two new funds during the year, Life Science Fund’s excellent progress
At the beginning of 2023, we announced the final closing (12/2022) of the €90 million Life Science Fund. Over the year, the fund made five new investments and four follow-on investments. The fund also welcomed new team members: Marko Kuisma joined as a Partner, and Matias Posa as an Investment Analyst.
2023 marked the second year of our PALO acceleration program, a value-creating model for our new Growth Fund III launched in April 2023. This fund invests in idea and pre-seed stage sustainable technology startups.
At the end of 2023, we launched a €30 million Angel Co-Fund, known as Kanssasijoitusrahasto in Finnish, in collaboration with Business Finland Venture Capital. This first-of-its-kind fund in Finland invests together with angel investor syndicates. More information about the fund can be found at www.kanssasijoitusrahasto.fi
17 new investments, 35 follow-on investments, and three exits
Currently managing six VC funds with a total capital of over €250 million, we actively made new investments from the Life Science Fund, Technology Fund, and Growth Fund III throughout the year. We welcomed companies such as Kausal, Capalo AI, Neumirna Therapeutics, Alex Therapeutics, HVR Cardio, Teitur Trophics, Maj.Works and Ninyes, among other fantastic teams and companies. We also executed 35 follow-on investments and three exits: Voyantic, Sensire Ltd, and Prevention Bio.
Five new investment property assets
Innovestor Real Estate had a significant year in 2023, acquiring five new investment properties. These assets, well-received by our current and new investors, meet our strict targets with respect to energy efficiency, cash flow quality, and value appreciation potential.
Our real estate team expanded, welcoming Melinda Temonen as an Investment Manager and Toni Turpeenniemi as Asset Manager. The team now comprises six full-time professionals, supported by our group resources.
Palo 2023 acceleration program and key events of the year
The end of 2023 was bustling with the PALO program and various other events. In October, we initiated the PALO program for the second consecutive year, welcoming seven new companies: Bout, Granulous, MAJ.works, Frendie, HTM Solutions, Make a BIM and Ninyes.
In November, we hosted the “Future Female Founders” event with the University of Helsinki. The inspiring event brought together nearly 70 scientists and researchers to tackle the gender gap and debunk myths about entrepreneurship and academic careers.
During Slush week, we hosted a Pre-Slush event at our office, featuring networking, live music, delicious food and drinks, and panel discussions from investor and founder perspectives.
Active and growing community
One of our goals is to bring together entrepreneurs, investors and partners, and build a powerful community that will make a positive impact. We were delighted to see our founder and investor stories, portfolio news, and inspiring launches positively affect our community, as evidenced by our followers’ count on LinkedIn more than doubling. We don’t take this for granted and will continue to share positive stories, valuable insights, and the latest news from us and the venture capital scene.
Join our LinkedIn community and stay updated.
As we officially bid farewell to 2023 and embrace 2024 with optimism, we are excited about the upcoming milestones, including Innovestor’s 10th anniversary and more exciting news coming up.
Here’s to a prosperous 2024, let’s keep in touch!