The leading seed stage focused VC in the Nordics

Butterfly Ventures is the leading seed stage focused VC in the Nordics. Butterfly Ventures was founded in 2012. Ever since then we’ve been one of the most active early stage VCs in the region. During the last three years, we’ve covered up to 20% of all of the early stage first time VC investment rounds in Finland. We have an office in Oulu and Helsinki, in addition we have partners in Stockholm and east coast US.

Butterfly Ventures is known for our co-operative approach. We like to interface with founders directly and work as a team and founders have the full support of all our partners.

Butterfly Ventures is investing in the seed stage startups particularly from Finland, but also from other Nordic countries and Baltics.  We prefer to get involved with companies early on. 80% of our portfolio companies do not have any revenue at the time of our entry. However, we’re very business driven, typically our portfolio companies start generating revenue in less than 6 months from the first investment. Right now we’re looking for deep tech, HW and HW interfacing SW.

Some numbers

30M€

Under management

10

New portfolio companies / year

123

Investment rounds completed

0.23M€

Average investment / company

42

Companies invested

58M€

Portfolio raised financing

27M€

Portfolio generated revenue

123M€

Portfolio market cap

Team is everything

Here bright ideas meet a can-do spirit.

Matti Kanninen

Co-Founder, Managing Partner

M.Sc. in Technology, seasoned executive, in management positions since 1990, including being a vice president of Computer Associates and a CEO of stock listed technology company QPR Software, in startup and growth company financing, fund raising and management since 2008, VC since 2012, participated 100+ investment rounds.

Matti is the professional manager guy, who knows how corporations and listed companies work. He has a super strong IPR background. He’s a razor sharp what comes to agreements, deals and details buried deep under what ever information it may be. He understands the numbers and their implications. All this makes him a huge asset, for instance when negotiating a major deal or putting together next financing round.

Contact

matti@nullbutterfly.vc
+358 40 5455877

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Juho Risku

Co-founder, Managing Partner

In the fore front of digital technologies from mid -80s, serial entrepreneur since 1996, founder in four companies, M.Sc. in Economics (thesis about the effects of VC-Founder relationship quality), VC since 2012, participated 100+ investment rounds, visionary technology guy and an enthusiast ice climber and mountaineer.

Juho is often the first contact for a startup at Butterfly Ventures. He’s passionate about great products and enjoys taking deep dives in to the competitive landscape. He’s customer value driven, knows a lot about metrics and business models and most important of all he knows how’s the life with a VC from the both sides of a table. He’s an eternal optimist and enthusiast. His entrepreneur minded thinking is greatly valued by our portfolio companies.

Contact

juho@nullbutterfly.vc
+358 40 557 4004

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Ville Heikkinen

Partner

Hands-on transaction and fund management specialist with 15 years of experience in entrepreneurship, VC financing, M&A and technology management, L.LM and M.Sc. in Economics, Partner of Butterfly Ventures since 2014, an ex-quarterback, who nowadays satisfies need for speed and action downhill skiing, motorcycling and running.

Ville is a true team player, who puts all in. His knowledge of all sorts of business related agreements is extraordinary and an enormous help to any startup. He’s social, has a great contact network and has almost magical ability to connect the right people. In addition he’s creative thinker, deep in the startup scene and truly fun to work with.

Contact

ville@nullbutterfly.vc
+358 40 750 7517

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Tanya Marvin-Horowitz

Partner

A seasoned asset manger and M&A investment banker from NYC, Tanya followed her passion in 2013 to work with tech startups and entrepreneurs and co-founded her first VC fund, CAP A, based between the USA and the Nordics.  Based now in Stockholm, she is perfectly positioned to help budding startup teams gear up for the international market.

In addition to being a collegiate tennis player and athletic enthusiast, Tanya has a dual Mathematics and Marketing degree from Georgia State University and has served on several private equity related boards, such as ACG New York.  She is a consummate networker and her rolodex spans the globe where it is helpful to startups for business development, strategic partnerships, additional capital and eventually as they look to an exit.

Contact

tanya@nullbutterfly.vc
+46 70 530 2451

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David Mendez

Partner

Entrepreneur and VC with a strong enterprise background from corporations such as GE, ConocoPhillips and DuPont, co-founder of Supplybase, ex Managing Director of Katalyst Venture Partners, Co-founder and Managing partner of Capital A Partners, M.Sc. in Mechanical Engineering from Clemson University, MBA from Kenan-Flagler Busincess School.

David is our US bridge head and endless source of market information. His vast experience on both the corporate as well as VC side as well as entrepreneurial background provides insight to our portfolio companies that most startups do not have an easy access He’s the one to connect our portfolio companies with the corporate customers on the other side of the pond.

Contact

david@nullbutterfly.vc
+1 917 697 9345

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Matti Kanninen

Co-Founder, Managing Partner

M.Sc. in Technology, seasoned executive, in management positions since 1990, including being a vice president of Computer Associates and a CEO of stock listed technology company QPR Software, in startup and growth company financing, fund raising and management since 2008, VC since 2012, participated 100+ investment rounds.

Matti is the professional manager guy, who knows how corporations and listed companies work. He has a super strong IPR background. He’s a razor sharp what comes to agreements, deals and details buried deep under what ever information it may be. He understands the numbers and their implications. All this makes him a huge asset, for instance when negotiating a major deal or putting together next financing round.

Contact

matti@nullbutterfly.vc
+358 40 5455877

Juho Risku

Co-founder, Managing Partner

In the fore front of digital technologies from mid -80s, serial entrepreneur since 1996, founder in four companies, M.Sc. in Economics (thesis about the effects of VC-Founder relationship quality), VC since 2012, participated 100+ investment rounds, visionary technology guy and an enthusiast ice climber and mountaineer.

Juho is often the first contact for a startup at Butterfly Ventures. He’s passionate about great products and enjoys taking deep dives in to the competitive landscape. He’s customer value driven, knows a lot about metrics and business models and most important of all he knows how’s the life with a VC from the both sides of a table. He’s an eternal optimist and enthusiast. His entrepreneur minded thinking is greatly valued by our portfolio companies.

Contact

juho@nullbutterfly.vc
+358 40 557 4004

Ville Heikkinen

Partner

Hands-on transaction and fund management specialist with 15 years of experience in entrepreneurship, VC financing, M&A and technology management, L.LM and M.Sc. in Economics, Partner of Butterfly Ventures since 2014, an ex-quarterback, who nowadays satisfies need for speed and action downhill skiing, motorcycling and running.

Ville is a true team player, who puts all in. His knowledge of all sorts of business related agreements is extraordinary and an enormous help to any startup. He’s social, has a great contact network and has almost magical ability to connect the right people. In addition he’s creative thinker, deep in the startup scene and truly fun to work with.

Contact

ville@nullbutterfly.vc
+358 40 750 7517

Tanya Marvin-Horowitz

Partner

A seasoned asset manger and M&A investment banker from NYC, Tanya followed her passion in 2013 to work with tech startups and entrepreneurs and co-founded her first VC fund, CAP A, based between the USA and the Nordics.  Based now in Stockholm, she is perfectly positioned to help budding startup teams gear up for the international market.

In addition to being a collegiate tennis player and athletic enthusiast, Tanya has a dual Mathematics and Marketing degree from Georgia State University and has served on several private equity related boards, such as ACG New York.  She is a consummate networker and her rolodex spans the globe where it is helpful to startups for business development, strategic partnerships, additional capital and eventually as they look to an exit.

Contact

tanya@nullbutterfly.vc
+46 70 530 2451

David Mendez

Partner

Entrepreneur and VC with a strong enterprise background from corporations such as GE, ConocoPhillips and DuPont, co-founder of Supplybase, ex Managing Director of Katalyst Venture Partners, Co-founder and Managing partner of Capital A Partners, M.Sc. in Mechanical Engineering from Clemson University, MBA from Kenan-Flagler Busincess School.

David is our US bridge head and endless source of market information. His vast experience on both the corporate as well as VC side as well as entrepreneurial background provides insight to our portfolio companies that most startups do not have an easy access He’s the one to connect our portfolio companies with the corporate customers on the other side of the pond.

Contact

david@nullbutterfly.vc
+1 917 697 9345

Addressing the 500 billion health problem.

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Replacement for SATCOM, without the cost of satellites.

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World's most advanced video AI.

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Save up to 40% off from your electric heating bill.

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Naava

Naava redefines the air we breathe indoors and creates healthier and happier workplaces. Indoor environment can stop us from performing at our best. Naava Smart Active Green Wall purifies air from harmful chemicals – and reconnects humanity with nature. In addition to addressing a 500 billion health problem, Naava Smart Active Green Wall has been shown to improve the work force productivity by over 20%. By 2025 Naava is going enable a billion people to breathe Nordic healthy forest air indoors everyday.

“Buttefly Ventures invested in Naava in Q2/2014. While the market opportunity was obvious, we were very impressed with the team, particularly their ability to put together such a complex product and secure the first customers at very high, over 90%, test to purchase ratio. Visit to the Naava factory was also instrumental. My breathing felt lighter and I felt rejuvenated when I entered in their assembly line with couple of dozen Naava units in test use. That very real experience absolutely convinced me.” – Juho Risku, Co-founder and Partner of Butterly Ventures

After the investment development has been rapid. Naava made over a million of annual revenue in 2015, almost doubled that for 2016 and is increasing the pace on 2017. Since the investment they have opened several offices in Finland, Sweden and US, as well as a production facility in US.

“Butterfly Ventures has been invaluable investor for us. They were instrumental particularly after the first investment round. For instance, when we had a bit of issues in investor communications and board work, they were the ones who helped us to restore the mutual trust and a great working atmosphere. They were also the first ones who committed to follow-on financing. I think that due to close co-operation they just knew better. Overall our co-operation has always been constructive and supportive to us entrepreneurs.  It is very easy to recommend Butterfly Ventures to my fellow entrepreneurs.” – Aki Soudunsaari, CEO of Naava

In April 2017 Naava announced a financing worth of 5.4M€, which was a combination of a more traditional financing round of 3.2M€ and a crowd funding round worth of 2.2M€. The crowd funding round was one of the largest ones in the history of Finland.

Right now one of the major focus areas is the scaling the operations in the US. Preparations for Asia entry have also begun.

Founders

Aki Soudunsaari, Niko Järvinen, Mika Tyrväinen

Offices

Oulu, Jyväskylä, Helsinki (Finland), Stockholm (Sweden), New Jersey, New York (USA)

Details

Founded: 2011
Revenue: 1.8M€, 2016
Personnel: 54 full time, 19 part time

Financing

Butterfly invested: Q2/2014
Total financing to date: 8.7M€
Last round: 5.4M€, Q2/2017
Other investors: Pepins, SITRA, Delos

Contact

naava.io info@nullnaava.io https://www.linkedin.com/company/naava https://www.facebook.com/breathenaava https://twitter.com/breathenaava https://www.instagram.com/breathenaava/

KNL Networks

KNL Networks is a communications company that has developed the first alternative to satellite systems for the maritime industry. Using the company’s breakthroughs in HF radio, KNL Networks has built a secure mesh network to provide reliable data communication anywhere in the globe. With low fixed costs and always-on connectivity, KNL Network’s market opportunity is to be the core of maritime digitalization.

“It was roughly two years before the investment, in late 2012, when we first met the Butterfly Ventures. At the time we really didn’t need the money. However, the numerous discussions we had were valuable and we liked their cooperative approach. For instance, they helped us on our business model. One of the main reasons why we took Butterfly Ventures along when we closed our seed round in 2014 was the trust built during those early days. It was a right decision, it’s not just the financing, but the kind of help and the quality of cooperation, the investors bring in that matters.” (Toni Lindén, CEO of KNL Networks)

With the seed round, KNL Networks developed and protected a huge technology base necessary for the service. Additionally, the initial product versions were developed and significant pilot customers were secured.

“It’s very rare that you encounter such a transformative solution for a fairly well-established market, such as communications, that also enables a market entry at a global scale without critical mass challenges. We were impressed, not just the market, but the technology itself as well as the way KNL Networks had secured the IPRs. We were even more impressed by the quality of the team, they’re nice people, yet very professional. It’s a joy to work with such a team.” (Juho Risku, Co-founder and Partner of Butterfly Ventures)

The unique market opportunity and company’s extraordinarily deep knowledge of the field ensured the roughly 9M€ A-round in fall 2016, one of the largest in the Scandinavia of that year. By the end of 2016, they were already making over half a million in annual revenue.

KNL Network has been able to verify a business model with steep monetization curve. Right now it’s all about scaling it up globally.

Founders

Toni Lindén, Matti Raustia, Teemu Vanninen

Offices

Oulu, Helsinki (Finland), Oslo (Norway)

Details

Founded: 2011
Revenue: 0.6M€, 2016
Personnel: 30

Financing

Butterfly invested: Q3/2014
Total financing to date: 11M€
Last round: Q3/2016, 9M€
Other investors: Inventure, Creandum

Contact

kyynel.net info@nullkyynel.net https://www.facebook.com/KNLNetworks https://www.linkedin.com/company-beta/10257619 https://twitter.com/KNLNetworks

Valossa

Traditional video search technologies are based on keywords and thin layer of manually generated metadata. Valossa uses artificial intelligence to facilitate natural deep content discovery. They enable automated yet very detailed real-time video metadata generation at scene level. Their video AI can detect and identify for instance people, speech, emotions, places, objects etc. This rich metadata, essentially enables computers to understand what’s going on, which in turn is a key enabler for improved human computer interaction. Obviously, the story is bigger than just video search and retrieval, which itself alone is a billion-dollar industry. In addition, there are numerous use cases, where such in-depth understanding is needed, from advanced user interfaces to self-driving cars.

“Butterfly Ventures was instrumental when we founded Valossa. While there were several years of research and technology development in the University of Oulu behind us, they have been with us from the day the company was founded. Before the investment it was mostly about getting customer validation, business models and proper business structures, including contractual help such as IP-transfer agreements. That hasn’t changed after the investment. It’s not just the money, they also share our vision and we appreciate especially the way they offer valuable, hands-on support. They are front line players.” (Mika Rautiainen, CEO of Valossa)

Before the investment, Valossa was a research team in the University of Oulu. Since 2010 Valossa technology has been used to analyze more than 300 000 TV programs and 70 000 English language movies. Butterfly Ventures has been involved with the Valossa more than year before it was founded. Valossa has filed the patents on key technologies and shortly after investment they also piloted the technology with Yle, the national broadcasting company of Finland. The financing also enabled creation of their first product, Valossa AI analysis engine, including the beta customer acquisition for it.

“Artificial intelligence is one of the major transformative forces that’s changing the world right now. Butterfly Ventures invested into Valossa because of the elegant AI driven solution for a problem that has a billion-dollar market opportunity. Furthermore, their team is ambitious, deep in the domain with several PhDs and capable of reflecting the market demand, while relying their own technology stack. Furthermore, market is hot, we see that Valossa will become household name for video analysis technology.” (Ville Heikkinen, Partner of Butterfly Ventures)

In Q3/2017 Valossa closed a 1.7M€ million financing round. The financing will be used to leap further ahead on the product side, as well as acquisition of large international reference customers.

Founders

Mika Rautiainen, Otso Kassinen, Henri Huttunen, Arto Heikkinen, Jukka Holappa, Karita Kasurinen, Sami Huttunen

Offices

Oulu (Finland)

Details

Founded: 2015
Revenue (2016): <0.5M€
Personnel: 9

Financing

Butterfly invested: Q1/2015
Total financing to date: 2,3M€
Last round (Q3/2017): 1.7M€
Other investors: 01 Ventures, Reaktor Ventures

Contact

valossa.com www.whatismymovie.com https://www.linkedin.com/company-beta/10190539/ https://www.facebook.com/ValossaLabs https://twitter.com/ValossaInc

OptiWatti

OptiWatti is a hassle-free room level heating and cooling optimization system that saves electricity, improves the comfort and control the user has over temperatures and reduces the carbon footprint. OptiWatti automatically takes into account number of factors such as spot prices of electricity, weather data, humidity, thermal capacity of the spaces etc. and optimizes the use of electricity accordingly. Even up to 40% savings on heating costs have been achieved. In larger scale, this kind intelligent systems provide the kind of demand response capacity that is required due the increase of renewable energy sources. According to EU commission, the market size for demand-response alone in Europe is more than €100 Billion. Room level temperature optimization, that OptiWatti enables, is the most effective way to implement demand-response.

“We were very impressed of what OptiWatti had achieved prior to our investment. They had their first product launched, some revenue and very satisfied customer base. Like customers, we loved the user experience they provided. Throughout the whole investment process the professionalism of the team was obvious. Also, the market opportunity was clear. However, the major realization was the huge impact OptiWatti could have in the bigger picture through demand response capability.” – Matti Kanninen, Co-founder and Managing Partner of Butterfly Ventures

As at the time of investment the first product version was ready, the key focus has been on sales, marketing and building the channel. Very successfully so. After investment OptiWatti doubled their revenue in 2016 and won Kasvu Open competition in three categories. In the first half of 2017 it doubled the revenue again. Overall the pace of growth is increasing fast.

“Butterfly Ventures has been with us from the very early days of our journey. We like their style, while they rely on founders to do the final decisions, they have plenty of concrete suggestions and insight. Most important of all they’ll ask the right questions. They’re the investor to call to whenever we need advice. It’s remarkable, how big difference the right kind of energizing support can make.” Juha Marjeta, CEO of OptiWatti

In May 2017 OptiWatti completed a financing round where some of the angel investor were bought out and 2.5M€ of new capital injected into company. The financing will be used to further accelerate growth in Finland and abroad.

Founders

Juha Marjeta, Jyri Seppä

Offices

Espoo, Oulu (Finland)

Details

Founded: 2013
Revenue (2016): <0.5M€
Personnel: 17

Financing

Butterfly invested: Q2/2015
Total financing to date: ~4.5M€
Last round (Q2/2017): 2.5M€
Other investors: Taaleri

Contact

www.optiwatti.fi https://www.linkedin.com/company-beta/3668542/ https://www.facebook.com/optiwatti https://twitter.com/OptiWatti

More examples

Since 2012 Butterfly Ventures has invested into 40+ early stage companies. Our business track record is strong. While, at the time of investment 80% companies do not have any revenue, 80% of them do after six months in our portfolio. Furthermore, roughly 25% our investments have already made their first million in revenue and 10% making more than a million a year. Here’s a few more companies from our active portfolio. Feel free to explore them further.

Solid state laser perfomance with the cost of fiber laser. ampliconyx.com

Controls the augmented reality. augumenta.com

Billions of IoT device measurements streamed to cloud. ioliving.com

Bridging the gap between best music teachers and their students. cleac.fi

No more bad containers or damaged cargo. conexbird.com

Optimized floorplans from any media to digital. cubi.casa

Up to 30% savings on heating in water raditor heated buildings. fourdeg.com

Discover the health impact of your daily activities. Fjuul.com

Collaborative change management system for construction sites. gbuilder.com

Replacement for SATCOM, without the cost of satellites. kyynel.net

Reducing complications and saving lives in IV therapy. monidor.com

Addressing the 500 billion health problem. naava.io

Save up to 40% off from your electric heating bill. optiwatti.fi

Enjoy beer better. pintplease.com

Never miss a pill again. popit.io

Easiest way to enable advanced location services in an APP. proximi.io

See in to super hot processes like never before. sapotech.fi

Test automation for next generation network gear. sarokal.fi

Allow radio vawes pass through. stealthcase.fi

In-venue advertising. Revolutionized. tvm.media

World's most advanced video AI. valossa.com

Have a great idea?
We’d like to hear about it!

Send a short introduction with your investor deck to ideas@nullbutterfly.vc

Oulu

Torikatu 4 A 5,
FI-90100 OULU, Finland

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Helsinki

Lapinlahdenkatu 16,
FI-00180 HELSINKI, Finland

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Meet us here

30May2018

Arctic15

Cable Factory (Tallberginkatu 1, 00180 Helsinki, Finland)

31May2018

Upgraded Life Festival 2018

Biomedicum, Haartmaninkatu 8, Helsinki, Finland