Vendep Capital, a Finnish venture capital firm known for its focus on early-stage B2B SaaS companies, has raised its fourth fund at €80 million to support the next generation of SaaS founders across the Nordics and Baltics, particularly those building AI-first products.
The round is backed by several leading Nordic and European investors, including the state-owned investment company Tesi, the Pension Insurance Company Elo, and family offices and angel investors. Although the fund has reached its initial target, it remains open to new investors for a limited period.
Since launching in 2013, Vendep has built a strong track record in identifying SaaS companies with global potential. With almost €200 million under management, they have led over 35 investments, including well-known names such as AlphaSense, Hostaway, Leadfeeder and Happeo. The firm continues to prioritise early-stage B2B SaaS from pre-seed to Series A, with a growing emphasis on AI-native startups from the outset.
“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”, said Sakari Pihlava, founding partner of Vendep.
The fund arrives at an important moment for the SaaS sector. Although some critics have suggested that SaaS may be losing relevance due to the rise of AI, Vendep sees the industry entering a new chapter. According to the team, SaaS remains the backbone of how AI products are delivered and monetised. The firm believes that the combination of cloud infrastructure, recurring revenue models and data-centric architectures provides strong foundations for AI-driven software, even as automation and intelligent agents reshape how products operate.
“SaaS isn’t always seen as the most flashy investment theme, but we see it as brilliant because it keeps outperforming,” said Sami Ahvenniemi, General Partner at Vendep. “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.”
Fund IV is set to invest in 20 early-stage SaaS startups across the Nordics and Baltics, with ticket sizes ranging from €0.1 million to €3 million. Vendep will also provide follow-on capital in later rounds to help its portfolio scale internationally.
“AI helps companies solve problems at scale and get smarter with every use case, but the fundamentals haven’t changed. What’s new is that AI agents are turning SaaS products into systems that act independently, with humans in a supervisory role. Great businesses still win by building long-term defensibility, and that will never change,” Ahvenniemi continues.
Read the orginal article: https://www.eu-startups.com/2025/11/helsinki-based-vendep-capital-secures-e80-million-to-back-the-next-wave-of-ai-era-saas-startups/
