Voima Ventures announced closing $42M for making early stage investments in the Nordics.

Finland Connection
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Voima Ventures is a newly announced venture company based out of Helsinki, Finland.

The investment company has raised a fund with €38 million ($42M) committed, €20M of which coming from the European Investment Fund (EIF). Approximately €15M are provided by VTT, from the additional funding received for a technology transfer fund, decided by the Finnish Parliament in 2018. The rest of the money was provided by undisclosed Finnish private and institutional investors.

Voima Ventures aims to close the fund raising at €50M ($56M) and wants to make 25 to 30 investments from the fund, ranging from seed and pre-seed rounds of €150,000 to €500,000 to Series A and B of up to €2 million.

The company is looking for startups with "deep tech and science background"  from the Nordic and Baltic regions and their industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI.

In addition, Voima Ventures will take over the managing of VTT Ventures' portfolio of 20 companies including Solar Foods, Paptic and Dispelix. VTT is Finland's Technical Research Centre and VTT Venture is VTT's investment arm - its investment track is available here.

Voima Ventures was founded by Mikko Kumpulainen (formerly with VTT Ventures) and Inka Mero, who will be supported by Kalle Öhman, Harry Santamäki and Olga Balakina.