Vendep Capital launches third specialist fund to back B2B SaaS startups in the Nordics and Baltics
Vendep Capital, a specialist early stage B2B Software as a Service (SaaS) investor, has launched a third fund with the first close of 40 million euros. The firm previously invested in Finland and Estonia and now expands to all Nordic and Baltic countries.
Excellent performance of the earlier funds and specialization in SaaS convinced almost all the existing institutional limited partners as well as number of new investors to join this first close. The fund commitments come from prominent Finnish institutional investors such as Tesi and KRR fund-of-funds, Elo, and OP Financial Group. Vendep expects the fund size to still increase significantly.
The SaaS investment market in the Nordics and Baltics is better than ever. With most newly established software companies operating with the SaaS model from the get-go and many existing startups converting from traditional license business to SaaS, Vendep Capital has seen more investment opportunities over the past 12 months than ever before. The fund looks to invest into 15-20 early-stage startups over its four-year investment period.
“SaaS has proven to be a great investment strategy. Six companies from the previous fund closed series A or later follow-on financings during COVID-19 with very strong growth metrics”, comments Sami Ahvenniemi, General Partner at Vendep, who joined the investment team last year. “While we plan no changes to our strategy, we look to grow our team from six to eight persons in the coming months.”
“Encouraged by Vendep Capital’s track record with its earlier funds and by its specialized investment focus on the growing SaaS sector, we wanted to continue as an investor in this third fund”, says Riitta Jääskeläinen, Investment Director at Tesi.
The fund also just closed its first investment into Trustmary, a Finnish startup that turns customer feedback into social proof and higher sales conversions.
“We immediately recognized the strengths of the Trustmary team when we met. I then closely followed their transformation from the first SaaS customer into a full-blown SaaS company over a year”, says Jupe Arala, General Partner at Vendep Capital. “This really is a great example of our process and the type of team we look to support.”
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