Sitra invests SEK 20 million in a new Nordic tech fund by Spintop Ventures
Spintop II: New business angel-based fund for Nordic early-stage technology companies
Sitra, the Finnish Innovation Fund, has made an investment commitment of SEK 20 Million in Spintop II, a new fund for Nordic early-stage technology companies. Sitra has played an important role in building a business angel network in Finland and Europe. Spintop II is led by an experienced team and builds its operations on Nordic business angel networks.
Sitra has decided to invest in Spintop II, which is a fund set up Spintop Ventures, an investment company and a network of experienced entrepreneur investors who invest in Nordic early-stage technology companies. Spintop Ventures has already invested in two Finnish companies DealDash and SkySQL through its first investment company. Spintop II is the new vehicle which will continue to invest in Finnish and other Nordic technology companies specialising mainly in software enabling.
“Spintop II fund is led by an internationally experienced team that has showed its claws in developing early-stage companies. The partners have a good track record of successful investments, so we are expecting a good return on our investment,” says Sitra Director Sami Tuhkanen.
Spintop II is managed by three Sweden and London-based partners, Erik Wenngren, Finn Persson and Mats Johansson and has well-known Finnish business angel Ari Korhonen as a senior advisor and member of the investment committee. The fund has a broad and highly experienced investor network including a large number of Finnish investors who actively help portfolio companies develop and gain access to the international market place.
“Spintop is extremely pleased in having Sitra’s valuable support. We are looking forward to continue developing our investment activities in Finland and supporting early stage technology companies and entrepreneurs in their quests to develop their companies further and bring them into the international markets,” says Erik Wenngren, Partner of Spintop Ventures.
Sitra has had a crucial role in building the Finnish business angel network, first through its own PreSeed Finance, then building the EASY Network for Early-Stage Investors, actively participating in the European Business Angels Network EBAN and assisting in the birth of the Finnish Business Angels Network FIBAN. Spintop II builds its investments and support activities for its portfolio companies through a tied-in group of experienced entrepreneur investors and broadens the Finnish network’s access towards other Nordic countries.
Business angel networks, especially the ones consisting of entrepreneur investors, offer their investment targets a large variety of knowledge and contacts. Technology companies need a strong network of skills to make an international breakthrough.
Erik Wenngren, Partner, Spintop Ventures, p. +44 (0)7811 261 424, firstname.lastname @ spintopventures.com