Finnish VC firm launches €100M fund to invest in the next wave of Nordic deep tech startups

Maki.vc, a Helsinki-based venture capital firm, has introduced its third fund, totaling €100 million, aimed at nurturing early-stage startups in deep tech and consumer-oriented areas across the Nordics and Northern Europe. Focused on pre-seed and seed investments, Maki.vc targets businesses with a clear commitment to environmental and social impact. Notable initial investments include companies like Distance Technologies, working on glasses-free mixed-reality, and QMill, which develops quantum computing algorithms for industrial use. With backing from over 50 seasoned investors, including those behind major tech firms like Skype and Supercell, the fund also connects startups with industry advisors to support early-stage challenges.

Maki.vc, established in 2018, specializes in early-stage investments in deep tech and brand-driven companies across Northern Europe and the Nordics. With a focus on startups that pursue scientific advancements and offer environmental or social impact, Maki.vc targets pre-seed and seed-stage companies in sectors like quantum computing, biotech, AI, and sustainable consumer products. Led by a team of four partners, the firm provides funding from €300,000 to €3 million and supports its portfolio companies with industry connections and advisory resources.

Maki.vc’s third fund places a particular emphasis on the Nordic region, leveraging its deep tech expertise, strong public investment landscape, and proven track record of launching successful startups. The new fund is an Article 8 fund, and as such Maki.vc has a specific interest in investment opportunities that promote environmental and social objectives. Seven investments have already been made, including:

Distance Technologies, a company creating the world’s first glasses-free mixed-reality solution, founded by ex-Varjo founders.

QMill, a quantum computing company dedicated to developing quantum algorithms that provide near-term practical benefits for industrial applications, founded by Nokia Technologies’ former CTO, an IQM Co-founder, and leading quantum researchers.

Ever Cars, a company building a one-stop shop online marketplace for buying and selling electric vehicles, founded by a team with backgrounds from Stanford University, Uber, Morgan Stanley and Boston Consulting Group.

The new fund is backed by over 50 limited partners, including the builders of Skype, Wise, RELEX Solutions, WithSecure (formerly F-Secure), Aiven, and Supercell, who bring a wealth of experience in scaling and commercializing tech companies. To give hands-on support to their portfolio startups, Maki.vc has gathered a global network of advisors, comprising these LPs, alongside expert partners who offer continuous guidance on early-stage recruiting, branding, follow-on funding, and more.

The VC firm continues to back founders from inception, with initial investments ranging from 300k to 3M€, with follow-on investments made on a selective basis. Maki.vc’s first and second funds have helped propel a number of high-profile, successful companies. These include the sustainable textile producer Spinnova, which IPO’d in 2021, alongside successful exits including Ultimate, a customer support automation platform acquired by Zendesk, and Revela, a biotech startup acquired by Oddity.

Maki.vc’s portfolio is also known for growth stories such as Europe’s leading quantum tech company IQM, animal-free egg whites producer Onego Bio, AI-driven AML platform Strise, cloud-based payment solutions and issuer processing provider Enfuce, and health tech company CardioSignal, which develops industry-first smartphone tech for early heart disease detection.

“The Nordics represent one of the most significant startup funding regions in Europe, and we believe that investment opportunities here are greater than ever. This unique ecosystem blends cutting-edge R&D, strong industry collaborations, deep tech expertise, and a proven track record of entrepreneurial success, making it the ideal launchpad for tech companies to achieve meaningful global impact,” says Maki.vc’s Partner Pauliina Martikainen-Rahnu.

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