Butterfly Venture announces Butterfly Venture Fund III, set up and ready to invest together with Capital A Partners.

Butterfly Ventures announced it is ready to invest from the newly set up Butterfly Venture Fund III.

The target size of the fund is 24 million euro and the objective is finding companies focusing on hardware and deep tech companies whose business is built around unique, often protected and hard to reproduce technology.

Butterfly Ventures is joining forces with US and Sweden based Capital A Partners (CAP A) for raising this new seed investment fund.

One of the focus areas of the fund is research based innovation and co-operation with universities that Butterfly Ventures has established relationships with.

The fund is particularly interested in seed stage companies with high growth potential. While most of the target companies will be from Finland, the fund will also invest elsewhere in the Nordics and the Baltics.

The expansion of operations brings into the new fund two American partners from CAP A, Tanya Marvin-Horowitz, based in Stockholm, and David Mendez, based in the United States.

One of portfolio companies in CAP A’s Fund I, Svenska Aerogel, listed in December 2016 to the Stockholm First North. CAP A is also a co-investor alongside Butterfly Ventures in portfolio company, Conexbird.

With the new fund, the Butterfly Ventures team will have nearly 40 million euro under management.

This first closing of the fund is nearly 13 million euro. The final closing of the fund will be done during 2017 and the size will be capped at 24 million euro.