Maki VC is a new, Finland-based €70M venture fund backed by Niklas Zennstöm, Ilkka Paananen, Mikko Kodisoja, and Risto Siilasmaa.

Finland Connection
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Maki VC is a newly launched venture fund based in Helsinki, Finland and founded by Finnish executives Pirkka Palomäki and Ilkka Kivimäki.

They will be helped by two investment managers, namely Josefiina Kotilainen, former CFO at Slush, and by Paavo Räisänen, former consultant at Accenture.

Maki VC announced closing $50M and aiming to raise €70M ($86M) in funds available for investment in Nordic technology companies from seed level, in the €200-750k range, to series A rounds, up to €5M checks.

The company plans to make 10 investments during its first year, and has the ambition to become the leading Nordic early stage venture capital company within the next few years. In 2017, the top number of early stage investment in Scandinavia was made by Industrifonden, with 14 deals, followed by Inbox Capital (13), Lifeline Ventures (7) and Aggregate Media (7).

The fund's limited partners include Risto Siilasmaa​ (Chairman of Nokia), Niklas Zennström​ (via Atomico), Ilkka Paananen and Mikko Kodisoja (co-founders of Supercell), Mistletoe Venture Partners International, OP,​ and Ilmarinen​.

At the time of becoming public, Maki Vc also anounced four companies it funded: Glue (VR spinoff from Fake Production), Disior Analytics (software devel for diagnostics and treatment optimization designed for doctors' everyday clinical use), Neuro Event Labs (SAAS product helping doctors by assisting to diagnose epilepsy through video monitoring) and Sumpli (mobile job matchmaking for hospitality industry)