Global venture capital firm Antler has closed its second Nordic-focused fund, which is valued at roughly €100 million at the final closing.
The fund will invest in early-stage tech companies across the Nordics with a significant “focus on Finland.”
Enni Rautio, Interim Director of Tesi’s Fund Investments team:
“The new Nordic fund by Antler has a significant focus on Finland. In addition, the manager’s operating model is unique and develops and diversifies the local startup ecosystem. As Antler also actively advances sustainability in its portfolio, we are pleased to welcome a new player in the Finnish venture capital market.”
As first reported by AIN, Tesi Finnish Industry Investment Ltd), a state-owned investment company, joined the fund as a “first-time investor.”
Tesi makes both direct investments in Finnish startups and growth companies and “invests in venture capital and private equity funds.”
Other investors also include SmartCap from Estonia, among others, which had reportedly invested “€5 million in the Nordic fund back in 2024.”
Jussi Kallasvuo, Partner at Antler has shared:
“Technological development is accelerating faster than ever, opening great opportunities for early-stage Nordic startups. With AI making business development more efficient and cost-effective, startups can challenge traditional players like never before. In this dynamic landscape, Helsinki is an ideal place to start a company – for both local and international entrepreneurs. It is great to have Tesi on board.”
As noted in the update, Antler’s operating model is said to be “based on a 12-week residency program where entrepreneurs collaborate to build startups.”
With 17 venture capital funds globally, Antler has now “launched its first residency programs in Finland.”
Its CEE portfolio reportedly “includes Finnish search engine Klu, Lithuanian marketplace Traxlo, Finnish startup QMill, Finnish e-commerce Daze, and many others.”
As noted by its management, Antler claims that it is one of the most active early-stage investors globally.
The firm leads in ‘Day Zero’ investing, which is described as “an approach to venture capital focused on partnering with founders pre-launch.”
Antler explains that it systematically “removes capital and network constraints for early-stage technology entrepreneurs by providing co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding.”
The firm is present in 30 cities “across most technology ecosystems globally and has made over 1,300 investments into early-stage startups.”