Butterfly Venture Fund III starts investing, two new American partners join in

Butterfly Ventures starts investing today from the new Butterfly Venture Fund III. The target size of the fund is 24 million euro. The fund focuses on hardware and deep tech companies whose business is built around unique, often protected and hard to reproduce technology. Butterfly Ventures is joining forces with US and Sweden based Capital A Partners (CAP A) for the new fund.

One of the focus areas of the fund is research based innovation and co-operation with universities that Butterfly Ventures has established relationships with. The fund is particularly interested in seed stage companies with high growth potential. While most of the target companies will be from Finland, the fund will also invest elsewhere in the Nordics and the Baltics.

The expansion of operations brings into the new fund two American partners from CAP A, Tanya Marvin-Horowitz, based in Stockholm, and David Mendez, based in the United States. One of portfolio companies in CAP A’s Fund I, Svenska Aerogel, listed in December 2016 to the Stockholm First North. CAP A is also a co-investor alongside Butterfly Ventures in portfolio company, Conexbird.

“We are so excited to be working with such a successful and experienced Butterfly team as we embark on our first Nordic-based fund. CAP A has made investments in the Nordics since 2013; however, our partnership with Butterfly establishes a more substantial presence here and provides more resources to help build our portfolio companies into successful global enterprises.” states Tanya Marvin-Horowitz, Managing Partner at CAP A.

With the new fund, the Butterfly Ventures team will have nearly 40 million euro under management. To date, Butterfly Ventures has invested in 40 portfolio companies and in the light of Finnish Venture Capital Association (FVCA) statistics it has had roughly 15% – 20% market share of all the early stage first time investment rounds invested by venture capital funds in Finland. In addition, CAP A has invested in 18 portfolio companies, 7 of which are Nordic based.

“Butterfly Ventures was the first VC we spoke with. The co-operation started a year and half before the seed investment round. When we needed the funding, everything worked out really fast. It was particularly important for us, that in addition to funding, we got on board a VC who we trusted and with whom the co-operation was working really well.”, noted Toni Linden, the CEO of KNL Networks.

“The help we’ve gotten, particularly immediately after the first investment round has been invaluable. The co-operation with Butterfly Ventures has always been fruitful, constructive and such that it supports the entrepreneur. Whenever I have asked, they have helped us. Therefore, it’s very easy to recommend Butterfly Ventures to my fellow entrepreneurs.”, says Aki Soudunsaari, the CEO of Naava.

A significant portion of Butterfly Ventures’ current portfolio companies deal with deep tech and hardware, such as KNL Networks, Optiwatti, Naava, Valossa, Sarokal Test Systems, Conexbird, Sapotech and Asmo Solutions.

”Of our existing portfolio, those companies who have had a hardware component have developed faster than others. This can be seen both in their revenues as well as valuation. Furthermore, many of our most interesting companies, for instance KNL Networks and Valossa, have research based roots. It’s natural that the focus of the new fund is steered towards this direction.”, states Juho Risku, Partner of Butterfly Ventures.

”The fact that Finland has very good hardware knowledge explains part of it. During the last few years, hardware development has become easier and more cost efficient. We also believe that one of our key success factors has been the very conscious, open and constructive co-operation with our portfolio companies. We have a good reputation and we get plenty of leads through the entrepreneurs of our existing portfolio companies.”, adds Ville Heikkinen, Partner of Butterfly Ventures.

Initial investors of Butterfly Venture Fund III include Tekes Venture Capital Ltd, Elo Mutual Pension Insurance Company, Fennia Mutual Insurance Company, Tradeka-invest Ltd, AI-Partners Ltd, LocalTapiola Pohjoinen Mutual Insurance Company and Gerako Ltd. The fund may accept additional investors until the final closing.

”We haven’t invested in such an early stage venture funds before, but the focus area of the new Butterfly Ventures’ fund along with the versatility of the team and the success of their earlier investments convinced us. We have researched several funds and this was suitable for Fennia’s investment portfolio.”, says Eero Eriksson, Deputy Managing Director of Fennia.

This first closing of the fund is nearly 13 million euro. The final closing of the fund will be done during 2017 and the size will be capped at 24 million euro.

”The rapid start with professional investors who have plenty of experience of investing into venture capital funds tells that we’re trusted. Naturally, the significant commitments of large institutional investors and Tekes Venture Capital are a good sign.”, explains the CEO of Butterfly Ventures, Matti Kanninen, “The success of our portfolio companies has helped also; for example, KNL Networks’ 9 million Series A round, which was one of the largest A rounds in 2016 in Scandinavia, and crowd funding of Asmo Solutions, which was closed just in two days, faster than any other over million crowd funding campaign in Finland. The fresh triple victory of Optiwatti at the nationwide Kasvu Open could also be mentioned.”

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

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Four new investments by Butterfly Ventures – Strong portfolio presence in Slush

Four of Butterfly’s portfolio companies have been selected to appear among the best companies at Slush. Connexbird, Fourdeg and NaturVention were selected into TOP100 early stage companies list and Kyynel into TOP50 growth companies list. Meanwhile, Butterfly has been active also on the investment front. The new investments are Ceruus, Augumenta, Alpakka Media and Asmo Charger.

”It was nice to notice that four of our portfolio companies were selected among the best of Slush. Selection is a real achievement as selections were made from a group of over thousand international startups and only 10% of them are among this elite group.” tells Juho Risku, who leads the startup development at Butterfly, ”Our portfolio seems to be performing a lot better than average also from this respect, as half of our portfolio companies who were available for selection were also picked.”

Butterfly has invested so far 2.7 million euro in investment rounds totaling up to 7.2 million euro. In less than two years Butterfly has found 21 companies into its portfolio and completed over 41 investment rounds into those companies. Companies have been selected from the analyzed 500 companies, out of which 25% have been looked at more closely as investment targets. During the first half of 2014 every seventh early stage venture capital investment in Finland were Butterfly’s.

”Our portfolio has been growing even a bit faster than expected. In a short period of time we have been able to achieve a significant position within the early stage venture capital in Finland.” says CEO of Butterfly Ventures, Matti Kanninen, ”I am most delighted that more and more often the founder team has consciously wanted us in particular as their investor and coaching partner. It is thus likely that by the end of the year the number of our portfolio companies will grow further by at least two or three companies.”

Enquiries and additional information:

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Ville Heikkinen and Juho Risku as well as Board members Antti Kosunen, Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Funds – Leverage from the EU

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invests into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Funds the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The public investors in the Northern Startup Funds are the City of Oulu and the European Regional Development Fund (the Northern Ostrobothnia Centre for Economic Development, the European Union). The investment capital of Northern Startup Fund is at the moment 10 million euro.

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The investment volume of Butterfly Ventures tripled from last year

Butterfly Ventures continues investment activities at a high pace. During the first half of 2014 its total investment volume tripled. Butterfly has now invested, together with its co-investors, 6M euro in total. Compared to the whole year 2013, the growth is more than 4.5M euro. New portfolio companies during the first half of 2014 are: Realsource, Naturvention, Sapotech, Sarokal Test Systems, Pint Please and Kyynel. One of the cases will remain un-published at this stage.

”We have reached a good pace in our investment activities. Our efficiency is based on the due diligence investment model we’ve developed. It allows us to invest into startups with high return expectations swiftly and cost-efficiently already very early on. It also mitigates the risks associated with a single investee company.” says CEO of Butterfly Ventures, Matti Kanninen, “The quality of startups in our dealflow has been a positive surprise. I trust we can further increase our investment volume next year. The progress of our portfolio companies also creates opportunities for follow-on investments including larger rounds. We will make additional 4-5 first time investments as well as several follow-on investments into our portfolio before the end of this year. Our own investment volume thereby increases to some three million euro.”

Currently, the portfolio of Butterfly consists of 17 companies. They have been selected from the analyzed 450 companies, out of which 25% have been looked at more closely as investment targets. At the time of Butterfly’s first investment, 20% of the portfolio companies had revenue. Approximately 6 months thereafter, roughly 80% of them had revenue. Butterfly’s portfolio companies employ approximately 100 people in total.

”The due diligence investment model has worked very well, so far there hasn’t been any really serious setbacks. Of course some of those are expected as well. Otherwise we would probably have taken too little risk.” says Juho Risku, who leads the startup development at Butterfly, “We are actively discussing with international investors and it seems that our portfolio companies gather also wider interest. In some cases we already have to even think who will fit into investment round.”

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Ville Heikkinen and Juho Risku as well as Board members Antti Kosunen, Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Funds – Leverage from the EU

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invests into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Funds the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The public investors in the Northern Startup Funds are the City of Oulu and the European Regional Development Fund (the Northern Ostrobothnia Centre for Economic Development, the European Union). The investment capital of Northern Startup Fund is at the moment 10 million euro.

Resources

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Butterfly Ventures invites a new partner into the team

Butterfly Ventures continues to grow and invites Mr. Ville Heikkinen to join as a Partner to develop its early stage focused venture funds and portfolio companies. Mr. Heikkinen was previously a commercial lawyer in Finland and USA specializing on technology transactions and venture capital. In addition, Mr. Heikkinen has had a strong role in the development of Finnish startup ecosystem.

”Butterfly has within a short period of time developed a successful model to invest into the most dynamic market segment, early stage companies. I am very excited in the opportunity of creating new Finnish success stories as a member of this team and bringing effectiveness into early stage investments.” says Heikkinen.

”From the investor’s point of view, the number and quality of Finnish startups is very good at the moment. Having Ville in our team enables us to respond better to the market opportunity. We are well prepared to manage the vast deal flow, increase our investment volume, and speed up the development of our portfolio companies even better than earlier.” added Mr. Matti Kanninen, the CEO of Butterfly Ventures.

Mr. Heikkinen strengthens the already versatile team of Butterfly and focuses especially on increasing the investment activity and commercializing products and services of the portfolio companies.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as Board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Funds – Leverage from the EU

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invests into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Funds the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The public investors in the Northern Startup Funds are the City of Oulu and the European Regional Development Fund (the Northern Ostrobothnia Centre for Economic Development, the European Union). The investment capital of Northern Startup Fund is at the moment 10 million euro.

Resources

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Ten new investments in year 2013, equity under management grows into ten million euro

Butterfly Ventures continues investment activities at high pace. During its first year of operations 2013 it has completed its own target of ten new first time investments. The newest investments are: CreateTrips, Laturi Corporation and Conexbird. Furthermore, with the agreement signed today Butterfly Ventures has increased the amount of equity under management by five million euro, totaling now ten million euro.

“Butterfly has started really well also from the City of Oulu’s point of view. The investments have been made in particular into early stage startups, and the positive effects of Northern Startup Fund are already evident.” told Juha Ala-Mursula from Business Oulu. “At the time of investment two of the startups had revenue, now eight of them have. Also the fact that the number of employees after the investment in these companies has already increased nearly 30% is great news for Oulu.” he added.

Based on the actual realized figures, the fund size of ten million euro adds up to some twenty million euro worth of equity financing in total.

”We’re very happy for the increase of funds under our management at this particular moment, as the prospects for new first time investments are great. This is good news also for our portfolio companies. Several of them are approaching a stage where their business model has been validated and therefore follow-on investments are becoming current. Butterfly is now better equipped to support its portfolio companies through this rapid growth phase, which brings stability for the companies and further accelerates their growth.” said Matti Kanninen, CEO of Butterfly Ventures.

So far, Butterfly has invested together with other investors in total of 1.4M euro into ten portfolio companies. Of this amount Butterfly has invested 600 000 euro. In addition to local investors, also US angel investors have participated in the financing rounds. The portfolio companies were selected from the deal flow of 300 companies. Butterfly aims to do ten new first time investments also during 2014. In addition, the annual volume of investments is planned to grow into 1-3 million euro.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as Board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Funds – Leverage from the EU

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invests into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Funds the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The public investors in the Northern Startup Funds are the City of Oulu and the European Regional Development Fund (the Northern Ostrobothnia Centre for Economic Development, the European Union). The investment capital of Northern Startup Fund is at the moment 10 million euro.

Resources

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Butterfly Ventures Invests Into New Startups

The ramp up of Butterfly Ventures investment activities continues at high pace; it has selected four new investment targets. The companies are: CadFaster, WhileOnTheMove, CaddieON and Fourdeg. With Butterfly Ventures investing in them, the companies will speed up their market-entry and accelerate their internationalization.

CadFaster is employing a modern business model and lean customer centric product development methods. Therefore we also needed an investor who really understands these.” told Raimo Kuismin, Chairman of CadFaster, Inc., “The real added value investor makes the difference. The role of Butterfly while creating our business model and moving towards lean startup practices has been instrumental already before the investment.” he added.

The first investment rounds vary between approximately 40 000 and 250 000 euro, from which the Butterfly Ventures share varies from 20 000 to nearly 70 000 euro. In addition, parties have agreed on the milestone tied follow-on funding that may increase the total investment of Butterfly Ventures up to 500 000 euro per company.

One can divide the investment targets roughly into two distinct groups; pre-seed stage companies where our investment enables the first stages of product development and seed stage companies where the focus is on product and business model validation.” said Matti Kanninen, CEO of Butterfly Ventures.

Butterfly Ventures will make first time investments in approximately ten new target companies per year. Due to investments announced now the number of invested companies rises up to seven for the year 2013. Furthermore, as some of the portfolio companies have already met the performance targets set for the follow-on investment round, follow-on investments are becoming current.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as Board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Fund

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invest into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Fund the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The investment capital of Northern Startup Fund will be 10 million €, half of which comes from the City of Oulu and the other half from private investors.

Resources

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Butterfly Ventures Announces the First Investments

Butterfly Ventures announces the first investments of Northern Startup Fund into three innovative startups: FilmMe Group, NWG Tools and MyPose. The companies are all based in Oulu, Finland. With Butterfly Ventures investing in them, the companies will speed up their market-entry and accelerate their business growth.

The first investment rounds vary between approximately 100 000 and 200 000 euro, from which the Butterfly Ventures share varies from 40 000 to nearly 100 000 euro. In addition, parties have agreed on the milestone tied follow-on funding that may increase the total investment of Butterfly Ventures up to 500 000 euro per company.

We were contemplating between traditional angel investment and Butterfly at first. In the end, it was evident that Butterfly due to their experience and business knowledge would be an excellent partner – also for longer run”, said Sami Jussinniemi, CEO of NWG Tools “The benefits were clear, because Butterfly helped to develop an excellent way to protect our business and intellectual property rights already before the investment.”, he added.

The announced portfolio companies have been selected out of nearly 200 startups that were evaluated in the past six months. What these companies have in common is a sizeable market potential, appealing value proposition and business model, as well as, an excellent team. In the majority of target companies, there is also a real opportunity to protect the market position either using IPRs or the business model.

We are acting according to lean-ideology. In practice this means, for instance, that we also aim to test a certain concrete and relevant aspect of the business with the investment, such as, how the product will be spread virally.”, told Matti Kanninen, CEO of Butterfly Ventures “It is great that startups seem to highly value the help and support we can give them already during the evaluation process prior to the investment.”, he added.

In addition to the announced investments, Butterfly Ventures has several other cases under work to become investments in the near future. The majority of these companies are either in a seed or pre-seed stage. Butterfly Ventures will make first time investments in approximately ten new target companies per year.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as Board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Fund

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invest into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Fund the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The investment capital of Northern Startup Fund will be 10 million €, half of which comes from the City of Oulu and the other half from private investors.

Resources

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Butterfly Ventures Starts Investing

Butterfly Ventures has completed the first closing of Northern Startup Fund and starts investing. Northern Startup Fund is the first asymmetric venture capital fund in Finland. It will focus on early stage startup companies that have at least some operations in the Oulu region.

“In addition to the obvious challenges, the structural changes of ICT industry in the Oulu region have also resulted in new opportunities. Especially from the startup companies’ point of view the times are good.” said Juha Ala-Mursula, director of Business Oulu “The structural changes have significantly improved the startups’ abilities to recruit talent. These changes have also forced us to find new solutions. Oulu has been the forerunner in creating structures that accelerate startup companies’ business growth, and Northern Startup Fund is central in these new structures. The growth and success of the Fund’s portfolio companies will have a significant impact on the employment and economy of Oulu.”, he added.

During the past few weeks, Butterfly Ventures has already prepared the deal flow and gone through over 100 companies, out of which roughly 20% have met the criteria for closer examination. The goal has been to analyze about 100 companies a year, but at the moment it seems that the quantity will be significantly larger, even well over 200 companies a year. In addition to companies originating from Oulu, there are also such that plan to have operations in the Oulu region.

“There are plenty of early stage startups and growth companies in Oulu region, but proportionally little venture capital activity, resulting in reasonable valuations, for the most part.” said Matti Kanninen, CEO of Butterfly Ventures “In addition, as founding of a startup company is less expensive these days, and there is plenty of talent available, a well-diversified portfolio of smaller investments can result in more simultaneous successes faster.”, he added.

A few investment proposals are already underway and the first investments are planned to be carried out already during October. The goal is to make ten investments in a year. This means that Northern Startup Fund will invest in 50 companies in the Oulu region during its first time investment period of five years.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as Board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Northern Startup Fund

Northern Startup Fund is a venture capital fund managed by Butterfly Ventures that invest into early stage startups. It is the first asymmetric fund in Finland. In the case of Northern Startup Fund the asymmetry means that the public investor, which benefits also in a form of tax income, lowers the risk of a private investor by offering a possibility for returning the invested capital and profit share before the public investor. From the private investors’ point of view this improves the risk – return expectation ratio significantly. The investment capital of Northern Startup Fund will be 10 million €, half of which comes from the City of Oulu and the other half from private investors.

Resources

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Butterfly Ventures selected to establish Northern Startup Fund

The City of Oulu has selected Butterfly Ventures to manage the Northern Startup Fund that will be established in Oulu. The fund will invest in startup companies that have operations within Oulu region. The goal is to gather approximately 35 million euro of investment capital. The Northern Startup Fund is the first so called asymmetric fund in Finland. The fund intends to make its first investments already before the end of 2012.

“Asymmetric model is particularly interesting from the private investors’ point of view.” said Matti Kanninen, managing partner of Butterfly Ventures “In asymmetric model the private investor has preference over the public financier, which benefits in any case in a form of tax income. The private investor is preferred both in return of the invested capital as well as in distribution of the profits”, he added.

The new fund will significantly improve the startup ecosystem in northern Finland. In addition to capital, Butterfly Ventures will bring in plenty of required knowledge and networks. The management company will also reshape some of the operation models in the industry. One of its goals is to bring the world famous “Techstars” –type of model into Finland.

“Our goal was to bring in the best possible team that can operate both in Oulu as well as internationally with ease.” said Ville Heikkinen from Business Oulu “We selected Butterfly Ventures because they combined the regional dimension with the first class IPO seen serial entrepreneur experience and deep understanding of venture capital industry”, he added.

The fund will start its active operations early fall. At first the fund capitalization will be roughly 10 million euro, half of which comes from the City of Oulu. The other half will be gathered from private investors. In second phase, during 2014, the fund capitalization will be expanded into 35 million euro. Negotiations with the private investors will be finalized during the summer and fall. Butterfly Ventures will also organize a fund related information event for the interested investors and startup companies by the end of August in Oulu.

Enquiries and more information:

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Butterfly Ventures

Butterfly Ventures is an early stage focused startup development and venture fund management company located in Oulu, Finland. Behind the company are Matti Kanninen, Antti Kosunen and Juho Risku as well as board members Jukka Mäkinen and Jari Pasanen. Butterfly Ventures has offices in Oulu and Helsinki.

Web: http://butterfly.vc

Resources

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