Helsinki-based venture capital heavyweight Greencode Ventures is making waves with a resounding announcement—the triumphant first close of its pioneering fund. With an exclusive focus on European startups steering the green revolution, the initial close is a compelling €40 million stride, aimed at reaching an ultimate fund scale ranging from €60 million to €100 million.
The genesis of Greencode Ventures, unveiled in late 2022 by visionaries Dr. Terhi Vapola and Kaisa Hietala, harbors a distinct mission. Beyond championing eco-friendly entrepreneurship, the firm resolutely commits to amplifying the presence of female-founded teams within the VC landscape. In a sector where diversity remains a critical pursuit, Greencode Ventures leads by example, boasting female leadership at its core.
The firm's vigor for its mission has already seen action. A portion of the amassed capital has been judiciously invested, as seen through its participation in the noteworthy $13 million Series A funding round of carbon removal marketplace Supercritical—an announcement that reverberated through the ecosystem in June this year.
Among the formidable supporters propelling Greencode Ventures forward are prominent LPs such as Business Finland Venture Capital, Nordea Life Assurance Finland, Pohjola Insurance, and OP Life Assurance Company. Enriching the advisory board with their expertise are industry luminaries like Sari Baldauf, the esteemed chair of Nokia's board of directors, and Mika Anttonen, the driving force behind energy magnate St1.
Underscoring the significance of Greencode's mission, Petri Serenius, Investment Director of Business Finland Venture Capital, remarked, "We are delighted to provide our support for the launch of Greencode's fund, which will invest in promising early-stage climate tech companies in Finland and Europe."
As Greencode Ventures ushers in a new era of green innovation, this strategic and impactful move is set to elevate startups propelling the environmental agenda. The first close stands as a testament to the firm's conviction, setting the stage for a powerful wave of transformation in the European startup ecosystem.
