Icebreaker.vc, the Finnish venture capital company that backs”pre-founders”and pre-seed to seed-stage startups, has introduced a second fund, with a first close of EUR50 million. That’s currently substantially bigger than Icebreaker’s first fund (which closed at EUR20 million)and reflects the VC’s geographical
expansion. In addition to Finland, where Icebreaker declares to be the most active institutional investor by variety of deals, the firm is likewise active in Sweden and Estonia. In an e-mail exchange, Icebreaker co-founder and Partner Riku Seppälä informed me that regardless of the coronavirus crisis, most of the company’s LPs from Fund I have actually invested
in this second fund, in addition to several brand-new LP.”It’s terrific to see them take the same view as we are; things need to go on and this is a great time to begin investing and developing in pre-seed-stage technology business in Europe, “he says. Seppälä likewise shared some of Icebreaker’s progress to date. He states that via”Fund I “the VC has purchased 38 business over the last 3 years, which he thinks suggests it has done the most pre-seed investments of any fund in Finland, Sweden and Estonia over that time period. It typically invests in between EUR150k and EUR800k in groups that have “deep domain know-how”and are constructing worldwide competitive tech business.” Within these 3 years and 3 months, we have actually invested EUR5.8 million in preliminary
investments [with the remainder being deployed in later rounds] and the business have actually handled to raise EUR28 million in overall in personal follow-on equity financing from investors in 21 rounds”. Breaking this down further, Seppälä says that so far Icebreaker has a 65%success rate for business being able to raise seed rounds. “90 %of those within 18 months from our preliminary investment,” he tells me. Examples of Icebreaker start-ups that have raised further financing include Hoxhunt(EUR2.5 million led by Dawn Capital ), Kodit.io(backed by Speedinvest, Adevinta, FJ Labs and All Iron), Klaus(EUR1.7 million led by Creandum), Flowhaven(EUR4.75 million led by GFC), and Aibidia(EUR4.2 million led by GFC). Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.