2. 2
Finnvera Venture Capital
โข Finnvera Plcโs venture capital arm founded in
2003
โข 19 people located in Helsinki, Kuopio, Oulu and
Tampere
โข 10 managers
โข CEO + back office + senior advisor
โข Member of FVCA, EVCA and EBAN
4. 4
Seed Fund Vera Ltd
โข Evergreen fund founded in August 2005
โข 113,5 MEUR under management
โข Current investors: Sitra, Ilmarinen, TEK,
Finnvera Plc, Fennia Group
โข 176 investments; 134 portfolio companies
(02/2012)
5. 5
Investment Policy
โข Investments in early stage (seed and startup) technology
and technology intensive service companies
โข No industry limitations
โข Invests in Finland
โข Equity and convertible loans
โข Typical ownership in portfolio companies 15 โ 25 %
โข Typical initial investment 200 โ 300 kโฌ; max 500kโฌ
โข High priority to syndicate / co-invest with business
angels and other private investors
โข Finnvera usually the lead investor
6. 6
Co-Investment principles
โข Finnvera requires a board seat, but usually e.g. a co-
investing business angel is appointed to the board
โข Finnveraโs share of the whole investment round varies
between 25 โ 70%
โข Investments are made pari passu
โข Finnvera has own independent investment decision
process, but co-investors are viewed as a positive factor
in a deal
โข DD on co-investors made on a deal by deal basis
7. 7
BAN InvestorExtra
โข Founded in February 2008
โข 200+ business angels
โข Services
โข Pitching Events
โข Training
โข Extranet, document templatesโฆ
8. 8
Deal Flow to Business Angels
1. from Finnvera
โข startups from Finnvera VCโs deal flow or portfolio; typically Finnvera
co-investing
โข has to fit in Seed Fund Vera Ltdโs investment policy
โข can also include companies from Tekes NIY program
2. from Vigo-accelerators
โข startups from Vigo-accelerators deal flow or portfolio
โข approved by the accelerators
3. through business angel screening (โEnkeliputkiโ)
โข startups looking to raise maximum of 200.000 โฌ
โข selected by screening committee of 4 business angels
โข www.finnvera.fi/eng/Venture-Capital-
Investments/Entrepreneurs/Applying-for-an-investment-from-
business-angels
9. 9
Figures 2008 โ 2011
2008 2009 2010 2011
Number of Business Angels in the Network 98 132 135 179
Number of Pitching Events 4 6 6 7
Number of companies introduced to the angels 40 39 45 81
Finnvera VCโs investments (โฌ) 11,6 Mโฌ 15,1 Mโฌ 16,5 Mโฌ 13 Mโฌ
Number of business angel co-investing with Finnvera VC 36 56 144 137
Amount co-invested by business angels 6,2 Mโฌ 4,2 Mโฌ 8,1 Mโฌ 8,7 Mโฌ
Finnvera VCโs initial investments (number) 40 29 19 17
Finnvera VCโs follow-on investments (number) 31 55 63 63
Co-Investments with Business Angels (% of total initial 11 20 11 12
investments) (27,5%) (69%) (58%) (71%)
Co-Investments with Business Angels (% of total follow- 40 40
on investments) (63%) (63%)
Companies applying through โEnkeliputkiโ 36 117
Companies accepted from โEnkeliputkiโ 21 56
10. Vigo-programme โ
10
Public and Private Funding in Target Companies
80,00 โฌ
Cumulative funding, Mโฌ
70,7 โฌ
70,00 โฌ
60,00 โฌ 57,3
50,00 โฌ
39,60 โฌ
40,00 โฌ
Total private
30,00 โฌ Total public
24,20 โฌ
Grand total
20,00 โฌ
10,00 โฌ
0,00 โฌ
14 months 19 months 23 months 29 months
By 30.9. 2010 By 28.2.2011 By 30.6.2011 By 31.12.2011
13 March 2012
11. 11
Portfolio companies
Valkee - http://www.valkee.com ; Light relief for SAD sufferers
Netcycler - http://www.netcycler.fi swapping โthingsโ you own
Digital Foodie - http://www.foodie.fm ;
โWhat would I buy and eat today?โ
Senseg - http://www.senseg.fi haptic displays
13.3.2012
12. 12
Portfolio companies
DealDash - http://www.dealdash.com ;
penny auctions
Magisso - http://www.magisso.fi ; develop and commercialize
unique design products and new innovations that will help the every day life.
M-Brain - http://www.m-brain.com ;
business intelligence
Mendor - http://www.mendor.com ;
diabetes management
13.3.2012