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Butterfly Ventures is a venture capital firm founded in 2012 and headquartered in Oulu, Finland. The firm has expanded its presence with additional offices in Helsinki, Stockholm, Tallinn, and Copenhagen. Butterfly Ventures focuses on seed-stage investments, particularly in deep tech startups that emphasize hardware and hardware interfacing software. The firm is recognized as the first VC fund in Europe to operate 100% carbon neutrally, reflecting its commitment to social and environmental responsibility.
As of now, Butterfly Ventures manages approximately €77 million in assets under management (AUM) and has completed over 200 investment rounds since its inception. The firm has a significant capacity for follow-on investments, allowing it to support its portfolio companies through various growth stages. Butterfly Ventures has established itself as a leading player in the Nordic and Baltic regions, particularly in the deep tech sector.
Butterfly Ventures primarily invests in seed-stage startups, with a strong emphasis on deep tech, hardware, and hardware interfacing software. The firm typically engages with companies that do not have revenue at the time of investment, with 80% of its portfolio fitting this profile. Butterfly Ventures aims to help these companies start generating revenue within six months of their first investment. The firm’s check sizes range from €50,000 to €400,000, with an average investment of approximately €300,000.
Geographically, Butterfly Ventures focuses on the Nordic and Baltic regions, particularly Finland and Sweden. The firm is classified as an EU Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR), which aligns with its commitment to investing in companies that have social or environmental impacts. Butterfly Ventures has a significant capacity for follow-on investments, particularly for Series A and B rounds, ensuring that it can continue to support its portfolio companies as they grow.
Butterfly Ventures has invested in approximately 100 companies, focusing on innovative startups in the deep tech sector. Notable portfolio companies include:
These companies represent a diverse range of applications within the deep tech sector, showcasing Butterfly Ventures' commitment to supporting innovative solutions that address real-world challenges.
Matti Kanninen — Co-Founder, Managing Partner; holds an M.Sc. in Technology. He has a background as a former VP at Computer Associates and CEO of listed company QPR Software. Matti has been involved in venture capital since 2012 and has led over 100 investment rounds.
Juho Risku — Co-Founder, Partner; a serial entrepreneur since 1996 with an M.Sc. in Economics. Juho has also been active in venture capital since 2012 and has led over 100 investment rounds. He serves as the first point of contact for new deals.
Ville Heikkinen — Partner since 2014; holds an L.LM and M.Sc. in Economics. Ville specializes in M&A and fund management, bringing 15 years of experience to the team.
Tanya Horowitz — Partner; previously an M&A investment banker in NYC and co-founder of fund CAP A. Tanya is based in Stockholm and has a strong US/international network.
Liina Lehtonen — Principal; leads the sustainability and SFDR strategy, based in Copenhagen.
Anette Nordvall — Venture Partner; focuses on ICT and deep tech in Sweden. She has been named one of the Nordic100 Most Influential multiple times and recognized as one of Sweden's most powerful tech investors by Di Digital.
Anti Kodar — Venture Partner; specializes in the Baltic market and holds an M.A. in Law and International Finance.
To pitch Butterfly Ventures, founders should visit their contact page. The firm prefers direct outreach for pitches and applications. Founders should include a clear overview of their business model, technology, and market potential in their pitch deck. It is advisable to articulate how the startup aligns with Butterfly Ventures' focus on deep tech and social or environmental impact.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not strictly necessary. The firm encourages innovative ideas and solutions that address real-world challenges.
In June 2022, Butterfly Ventures announced the first close of its Fund IV, targeting €100 million, with an initial close of €47 million. This fund is classified under EU Article 8 for sustainable finance.
In 2023, Butterfly Ventures led an eight-figure round for Incipientus, a company specializing in ultrasound flow technology for industrial liquid monitoring, co-led by Seven District and Marinvest.
Butterfly Ventures has been recognized as one of the most active VCs in the Nordics and Baltics, as reported by Sifted. The firm continues to expand its portfolio, focusing on innovative deep tech startups.
What are Butterfly Ventures' investment criteria?
Butterfly Ventures primarily invests in seed-stage startups, focusing on deep tech, hardware, and hardware interfacing software. The firm typically engages with companies that do not have revenue at the time of investment, with 80% of its portfolio fitting this profile.
How can I pitch to Butterfly Ventures?
Founders can pitch to Butterfly Ventures by visiting their contact page. The firm encourages direct outreach for pitches and applications.
What makes Butterfly Ventures different from other VCs?
Butterfly Ventures is the first VC fund in Europe to operate 100% carbon neutrally, emphasizing social and environmental impact in its investment strategy. The firm also has a significant capacity for follow-on investments, allowing it to support portfolio companies through various growth stages.
What is the typical check size for investments?
Butterfly Ventures typically invests between €50,000 and €400,000 in seed-stage startups, with an average investment of approximately €300,000.
What geographic areas does Butterfly Ventures focus on?
The firm primarily focuses on the Nordic and Baltic regions, particularly Finland and Sweden, but also considers opportunities in other countries within these areas.
What kind of support does Butterfly Ventures provide to its portfolio companies?
Butterfly Ventures provides hands-on support and guidance to its portfolio companies, leveraging its extensive network and expertise in deep tech to help startups achieve revenue generation quickly.
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