A new early-stage VC fund targeting tech startups in the Nordics is getting its official launch today. Founded by serial entrepreneur and Slush Chairman Ilkka Kivimäki​, and former F-Secure and startup executive Pirkka Palomäki​, Helsinki-based Maki.vc will invest in nascent and burgeoning companies in the region, both at seed and Series A stage.

The VC firm is planning to make ten investments during its first operational year, having already backed healthtech firms Disior​ and Neuro Event Labs​, VR/AR studio Fake and recruiting startup Sumpli​.

Specifically, it’s on the lookout for what it describes as outstanding teams who are creating new markets or “radically” reshaping existing ones, using technologies such as AI, machine learning, new user experiences, new materials and processes. In other words, playing to some of the historical strengths of the Nordic tech scene.

I’m told that investment amounts at seed will range from €200,000 to €750,000, and from 750,000 to 5 million at Series A. In some instances, the VC firm says it will do Series B rounds, too.

In addition to Kivimäki and Palomäki, who are very active with Helsinki and the Nordics generally, the fund — which is targeting a final closing of $90 million but already has a first closing of $50 million — counts some decent LPs.

They include Risto Siilasmaa​ (Chairman of Nokia), Niklas Zennström​ (via Atomico), Ilkka
Paananen and Mikko Kodisoja (co-founders of Supercell), Mistletoe Venture Partners International, OP,​ and Ilmarinen​.


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