Butterfly takes flight with $25m fund
Posted on 12 January, 2017 by Thierry Heles, editor
Tekes and several insurance providers have backed Butterfly Venture Fund III, which will invest in seed-stage Nordic startups.
Tekes Venture Capital, the investment arm of Tekes, the state-owned Finnish Funding Agency for Innovation, has backed Butterfly Venture Fund III, a €24m ($25m) seed fund aimed at startups in Nordic countries.
The fund is managed by Butterfly Ventures with Capital A Partners. It has secured more than half of its target and is currently open to additional investors.
The fund’s backers also include insurance companies Elo Mutual Pension Insurance, Fennia Mutual Insurance and LocalTapiola Pohjoinen Mutual Insurance as well as information management services provider Gerako, executive search firm AI Partners and Tradeka-Invest, the investment arm of co-operative Tradeka.
The fund will invest in startups across the Nordic region, with a primary focus on Finland. It will identify opportunities in the internet of things, artificial intelligence, virtual reality and augmented reality sectors, investing in hardware, software and digital technologies.
Tanya Marvin-Horowitz, managing partner at Capital A and partner at Butterfly Ventures, said: “We are excited to be working with such a successful and experienced Butterfly team as we embark on our first Nordic-based fund.
“Capital A has made investments in the Nordics since 2013; however, our partnership with Butterfly establishes a more substantial presence here and provides more resources to help build our portfolio companies into successful global enterprises.”
See more from this Government Report: Finland
Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.
Latest magazinePast Issues
Get full online access, the monthly magazine, weekly news alerts, special reports and more.See all subscription options