Finnvera partially exits Seed Fund Vera

Finnvera has sold an 80% stake to Innovestor Kasvurahasto, retaining a 20% share, as responsibility for developing the local VC ecosystem is transferred to Tekes.

Finnvera, the credit export agency of Finland’s government, has sold an 80% stake in Seed Fund Vera to investment firm Innovestor Kasvurahasto I Ky.

Finnvera, which will retain 20% in Seed Fund Vera, made the sale following a policy decision by the country’s Ministry of Economic Affairs and Employment to transfer responsibility for developing a domestic VC ecosystem to state-owned funding agency Tekes and government-owned investment firm Finnish Industry Investment.

Seed Fund Vera had been launched in 2005. Innovestor will be responsible for further supporting the existing portfolio and making future investments.

Pauli Heikkilä, chief executive of Finnvera, said: “From the perspective of its impact, Finnvera’s early-stage investment has been important. Through the fund’s activities, portfolio companies have acquired a total of €350m in private capital.

“Of this total, business angels have accounted for about €90m. These sums are important even in international comparison.”

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