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Venture capital investments

Finnvera’s investments are organised through the subsidiaries Veraventure Ltd (100 per cent ownership) and Seed Fund Vera Ltd (94 per cent). In accordance with the policy decision made by the then Minister of Economic Affairs, Jyri Häkämies in autumn 2012, Finnvera is giving up its venture capital investment activities in a gradual and controlled manner. At the same time, Tekes has launched its early-stage venture capital investments.

Finnvera has implemented the Ministry’s policy by selling a total of 14 holdings in early-stage and regional funds within the past two years. Finnvera still has minority holdings in a total of six funds. The fund holdings have been sold to private investors and to Tekes Venture Capital Ltd.

The business angel operations administered by Finnvera were already transferred to the Finnish Business Angels Network (FiBAN) at the beginning of 2013. FiBAN was founded by Finnish business angels in 2011. Finnvera is still negotiating the sale of its holdings in funds organised as limited companies to private parties.

In keeping with the Ministry’s guidelines, Finnvera will also determine the potential divestment models and manners with respect to Seed Fund Vera Ltd. To prepare for its possible exit from the fund, Finnvera will remove the investments and holdings made using ERDF assets from Seed Fund Vera and will place them in a separate fund.

Early-stage venture capital investments

In accordance with the Ministry’s policy, Finnvera ceased its direct initial investments in early-stage enterprises at the end of 2015. From now on, Finnvera will concentrate on portfolio management and on the preparation of divestments. Finnvera has made venture capital investments in early-stage technology enterprises and in technology-intensive or innovative service enterprises that have the potential for developing into international growth enterprises. By strengthening the enterprises’ equity, the investments have enabled, started, and accelerated the growth of enterprises and their access to international markets. Finnvera’s operations aim at actively increasing shareholder value. Among other things, Finnvera participates in the Boards of portfolio companies. Finnvera serves as a minority shareholder in its portfolio companies, and other providers of financing are always involved in the financing round. 

During 2015, Finnvera’s portfolio companies collected about EUR 60 million of new private capital. Between 2006 and 2015, Finnvera made direct venture capital investments in altogether 236 enterprises. In all, private investors have invested about EUR 350 million in the portfolio companies of Seed Fund Vera.

Early-stage portfolio companies by sector, 31 Dec 2015

Computer and consumer electronics Business and industry products Life Sciences Communications Energy and environment Consumer services Consumer goods and retail Business and industrial services Cemicals and materials
32 30 32 12 7 5 6 5 3
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