Helsinki-based Vendep Capital has secured €80 million for its fourth fund, aimed at backing early-stage B2B SaaS startups across the Nordics and Baltics. The fund, which reached its target ahead of schedule and remains open for commitments until April 2026, continues Vendep’s decade-long focus on helping regional software founders scale globally. Its backers include a mix of long-standing institutional investors — T Tesi, KRR, Sitra, Elo, Saastamoinen Foundation, Serlachius (Gösta Serlachius Fine Arts Foundation), and Teknologiateollisuus – Technology Industries of Finland — alongside new institutional LPs, family offices, and individuals who share the firm’s long-term vision for the SaaS sector.
Since its founding in 2013, Vendep has built one of the region’s strongest SaaS portfolios, with companies like AlphaSense, Hostaway, Leadfeeder, and Happeo among its alumni. Fund IV will invest in roughly 20 startups, with initial ticket sizes between €100,000 and €3 million, and will continue supporting portfolio companies through later rounds. The firm’s strategy remains grounded in B2B SaaS and AI-first products, reflecting a shift toward businesses that use AI as a core differentiator rather than a superficial add-on.
“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,” says partner Sakari Pihlava, highlighting the region’s growing importance in Europe’s tech landscape.
While some in the industry suggest that the SaaS model is losing relevance in the age of agentic AI, Vendep’s team sees evolution rather than decline.
“SaaS isn’t always seen as the most flashy investment theme, but we see it as brilliant because it keeps outperforming,” says partner Sami Ahvenniemi. “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.”
The launch of the fund, the Vendep team says in the statement, reflects a broader shift in the AI market — from the early hype cycle toward a phase defined by real execution and lasting value. Many of the startups that once attracted funding on the strength of a demo or a bold idea are now confronting tougher realities. The team notes that the market is maturing, prioritizing founders who can build useful, repeatable, and defensible products rather than rushing out the next shiny AI feature. As Vendep puts it, this transition marks the end of the sector’s early “toy phase” and the beginning of a more disciplined era of innovation.
Vendep’s latest investment lens reflects this realism. Rather than chasing trends, the firm focuses on companies using AI to solve genuine user problems with measurable impact, scalability, and defensibility.
“Building a truly sustainable AI advantage, something that makes your software meaningfully better, is brutally hard. It takes years. This isn’t about sticking an AI button on a screen,” says partner Jupe Arala.
So far, two investments have been made from Fund IV — one in Denmark and one in Finland — with more announcements expected in the coming months. As the AI landscape matures and SaaS evolves alongside it, Vendep’s new fund represents a bet on disciplined, long-term innovation emerging from one of the world’s most consistent hubs for early-stage software success.
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Read the orginal article: https://arcticstartup.com/e80-million-for-vendep-fund-iv/
