Sparkmind announced a €40M initial close for its maiden venture capital fund focused on the EdTech sector in the Nordic region.

Finland Connection
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Sparkmind.vc is a new Helsinki, Finland-based venture capital fund focused on the EdTech sector in the Nordic region and which announced a €40M ($45.5M) initial close for its maiden fund, Sparkmind EdTech.

Sparkmind EdTech fund has a target of a €60M hard cap for the fund, expected to close by the end of the year.

Sparkmind.vc, led by managing partner Marko Kyyrönen, was backed by investors including fund of funds KRR, Finnish Industry Investment, OP Banking Group, Elo Mutual Pension Insurance Company, the University of Jyväskylä and the City of Espoo.

The money will be invested at the seed stage and series B funding levels for startups in the educational technology sector across Northern Europe. The fund is targeting companies operating at education stages from early childhood and K12 to corporate and lifelong learning.

In conjunction with the fund, Sparkmind.vc announced a first investment in Fuzu, which held a €3.4M ($3.39M) Series A round earlier in 2020.