TALLINN (Reuters) - Helsinki-based venture capital firm Innovestor on Wednesday said it is raising a 100-million euro ($109 million) fund focusing on industrial technology startups in the Nordic and Baltic region.
So far, about 30 million euros has been committed.
The fund is the first in the Nordics and Baltics to focus exclusively on early-stage B2B industrial technology companies, including sectors like smart cities, cyber and physical security and digital energy, the firm said in a statement.
“It is, thus far, an important, unfulfilled niche in the Nordics and Baltics by a sector-focused venture capital firm,” Myron Seto, partner at Innovestor, told Reuters.
“Finland, in particular, has a long history of entrepreneurship in industrial technologies, as well as, many multi-national industrial companies that would highly benefit from advances in this area,” he said.
Innovestor said the fund is backed by institutional investors such as Mandatum Life, family offices and high net worth individuals.
Reporting by Tarmo Virki; Editing by Cynthia Osterman