Helsinki, November 13, 2025 – Vendep Capital, the Finnish venture capital firm with a steady focus on B2B SaaS, has raised its fourth fund at €80 million to power the AI-era of early-stage SaaS founders from the Nordics and Baltics. The new fund is backed by leading Nordic and European investors, such as Finnish state-owned investment company Tesi and Pension Insurance Company Elo, alongside family offices and angel investors, among others. The fund has reached its target size, but fundraising is still open for new investors for a short period of time.
Since 2013, Vendep has built one of the strongest SaaS track records in the Nordics, backing breakout companies such as AlphaSense, Hostaway, Leadfeeder, and Happeo. With a clear focus on early-stage B2B SaaS, from pre-seed to Series A, and a particular interest in AI-first products, Vendep has established itself as one of Northern Europe’s most successful SaaS specialist investors.
“We are excited to continue our work. Nordics and Baltics today offer one of the most thriving grounds globally for building category-defining software companies, and Vendep is uniquely positioned to partner with the next wave of founders driving that growth”, said Sakari Pihlava, founding partner of Vendep.
The new fund comes at a critical time for SaaS. While some have provocatively claimed the model is “dead” in the wake of AI, Vendep sees the opposite: SaaS is evolving, and AI-first SaaS is its next chapter. Almost all AI products are delivered and monetised as SaaS, built on cloud infrastructure, recurring revenue and data. These foundations remain essential even as AI agents and automation reshape software. Vendep will continue backing AI-native founders who create global scale and defensibility from day one.
“SaaS isn’t always seen as the most flashy investment theme, but we see it as brilliant because it keeps outperforming,” said Sami Ahvenniemi, General Partner at Vendep. “SaaS companies consistently deliver predictable recurring revenues and industry-leading margins. And with AI, SaaS is entering its most exciting era yet. Nearly every meaningful AI product today is delivered and monetised as SaaS.”
Fund IV will invest in 20 early-stage SaaS startups across the Nordics and Baltics, from pre-seed to Series A, with ticket sizes ranging from €0.1 million to €3 million. Vendep provides follow-on funding in later rounds to accelerate portfolio companies’ growth into global category leaders.
“AI helps companies solve problems at scale and get smarter with every use case, but the fundamentals haven’t changed. What’s new is that AI agents are turning SaaS products into systems that act independently, with humans in a supervisory role. Great businesses still win by building long-term defensibility, and that will never change,” Ahvenniemi continues.
Vendep goes beyond providing capital by offering broad support, founder community-building, and access to international networks. The fund’s eight-person team of former founders and operators works closely with each portfolio company, adjusting its involvement to what the founders need most, from faster decision making to hands-on problem solving.
About Vendep Capital
Vendep Capital is a Finnish VC firm focused on early-stage B2B SaaS investments across the Nordics and Baltics. Our eight-person team combines over 50 years of venture capital expertise with extensive software industry experience. Managing almost €200 million in assets, we back innovative startups with industry-transforming potential. Vendep Capital has led 35+ investments, including success stories like AlphaSense, Hostaway, Happeo, and Leadfeeder.
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Additional information:
Taru Wahlroos
Vendep Capital, Head of Platform & Marketing
taru@vendep.com
