Sitra deepens co-operation with Aloitusrahasto Vera Oy
Sitra has invested a further million euro in seed fund Aloitusrahasto Vera Oy.
Sitra has invested a further million euro in seed fund Aloitusrahasto Vera Oy. Allied with this investment, the management contract was renewed whereby Sitra makes joint investments particularly in collaboration with business angels. Sitra manages these investments throughout their life cycle.
The management contract now signed increased the assets in Aloitusrahasto Vera Oy managed by Sitra to a total of four million euro. Aloitusrahasto Vera Oy is managed by Veraventure Ltd, and partially subcontracted to Sitra. Veraventure Ltd is Finnvera plc’s subsidiary specialising in capital investments. Through these arrangements the activities of Aloitusrahasto Vera and of Sitra’s PreSeed services are brought in close co-operation. The new management contract was signed on 19 December 2006.
Aloitusrahasto Vera had, by the end of 2006, received additional funding worth 22 million euro. In addition to Sitra’s one-million-euro investment, Finnvera has provided capital for Aloitusrahasto Vera worth 20 million euro. Furthermore, a new owner, Ilmarinen Mutual Pension Insurance Company, will invest one million euro in the company. Ilmarinen has stated that it has made a long-term commitment and that in addition to yields on the investment it also expects success stories of Finnish enterprises in return.
The purpose of Aloitusrahasto Vera is to complement the financial market as a capital investor for enterprises during the period in which they lack other public or private investors. The purpose of the fund is to eliminate the point of discontinuity existing between financing schemes for product development and private venture capital investment. This activity is highly compatible with the goals of Sitra’s PreSeed service. The purpose of the PreSeed service is to encourage initial investments in growth companies and to improve investment readiness. Co-operation with Sitra has provided Aloitusrahasto Vera with the input of the experienced PreSeed team as well as with a network of over 400 business angels.
Sitra invested one million euro in Aloitusrahasto Vera upon its establishment (1 December 2005) and was given the management of two million euro worth of Aloitusrahasto Vera’s assets. These assets were invested in six enterprises in 2006. The investment helped attract at least a further 1.3 million euro of private capital. In the course of its operations Aloitusrahasto Vera has invested in more than 50 start-up companies.
Director Risto Kalske, Sitra, PreSeed service
Tel. (09) 6189 9412