FinEstLove Fund Management has announced the launch of the “FinEst-Faroe” investment fund at the Slush event in Helsinki, aiming to drive economic growth in the Faroe Islands. The fund, led by Faroese experts Olaf Olsen Sundstein and Tórheðin Jensen, seeks to raise between €30 million and €50 million to support both startups and established companies in key sectors like renewable energy, sustainable fishing, aquaculture, and technology.
With the Faroe Islands’ strategic location and favorable tax environment, the fund aims to diversify the local economy and fuel innovation. FinEstLove, backed by Finnish entrepreneurs Peter Vesterbacka and Kustaa Valtonen, plans to create a balanced portfolio that supports sustainable growth, positioning the region as a leader in sustainable development. The fund’s long-term vision includes expanding into a larger follow-up fund, offering investors early access to a growing market with significant return potential.
The FinEst-Faroe fund aims to raise between €30 million and €50 million, targeting both startups and established companies in technology, renewable energy, sustainable fishing, and shipping. This fund not only represents a pioneering move to diversify the Faroese economy, but also capitalizes on the region’s robust infrastructure, supported by significant government investment. With a strategic location and being part of Denmark, it has one of the lowest corporate tax rates in the Nordics, the Faroe Islands present fertile ground for sustainable growth.
Olaf Olsen Sundstein and Tórheðin Jensen are supported by FinEstLove VC’s Finnish founders, Peter Vesterbacka and Kustaa Valtonen, who bring a wealth of experience as prominent entrepreneurs and investors. Together, the team’s vision is to foster a balanced portfolio, encompassing early-stage ventures and profitable companies that align with the Faroese economy’s diversification goals. The fund’s core sectors—renewable energy, aquaculture, logistics, and technology—are strategically selected to reduce reliance on traditional industries and fuel new avenues of innovation and development.
Supporting the fund’s back-office operations is a dedicated management team, including Karola Sisask, Raymond Breckon, and James Oates, who bring extensive backgrounds in fund management and investor relations to ensure the efficient administration of FinEst-Faroe.
FinEstLove’s long-term vision includes plans for a larger follow-up fund, designed to build on the momentum generated by FinEst-Faroe. This commitment enables early investors to enter a high barrier market with minimal foreign competition, offering significant returns and a meaningful impact on the Faroese economy.
Olaf Olsen Sundstein expressed his enthusiasm for the initiative, stating, “The Faroe Islands are ready for a wave of innovation that respects our local traditions while opening doors to sustainable and high-growth industries. I’m honored to be part of this transformative journey.”
Tórheðin Jensen added, “Our aim is to build a bridge between the Faroese entrepreneurial spirit and global market potential, leveraging our unique strengths to make the Faroe Islands a recognized leader in sustainable development.”
Peter Vesterbacka, Co-Founder of FinEstLove, said, “The Faroese economy is uniquely positioned for growth, especially in sustainable sectors. With FinEst-Faroe, we’re excited to support local entrepreneurs and established businesses to reach new heights.”
Kustaa Valtonen remarked, “With our strong local team and deep connections, we’re ready to bring a dynamic new wave of innovation and development to the Faroe Islands, building a more diversified economy that aligns with global market needs.”
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Read the orginal article: https://arcticstartup.com/finestlove-fund-management-announces-new-fund/
