Icebreaker claims to be Finland’s most active pre-seed VC. The company, which likewise purchases Estonia and Sweden, has actually backed 38 companies in the last three years out of its very first fund, with a 65% success rate up until now for companies that have had the ability to raise follow-on financing.
2 weeks ago, Icebreaker revealed the launch ofFund II, with an initial close of EUR50 million. That’s more than twice the size of its very first fund, which peaked at EUR20 million.
Its remit remains largely the exact same. The company usually invests in between EUR150k and EUR800k in groups that have “deep domain expertise” and are constructing worldwide competitive tech business according to Icebreaker co-founder and partner Riku Seppälä.
Noteworthy, this goes right to the top of the funnel and includes support and helping to link “pre-founders,” defined as individuals with over 5 years of work experience in their domain who are aiming to start or join a tech company. As part of this effort, Icebreaker operates an online and offline neighborhood to act as a driver for brand-new business to be established.
I’m told that Fund II was signed just as the coronavirus crisis began to take hold and consists of the majority of LPs from Fund I in addition to new investors. Lead LPs are Tesi, KRR III, Varma Mutual Pension Insurance Provider and Elo Mutual Pension Insurance provider, together with 41 other entities consisting of institutional investors, household workplaces and creators.
To learn more about Fund II and what’s it’s like to introduce a brand-new pre-seed fund at a time of such uncertainty, and to understand how Icebreaker considers startup life during and after lockdown, I put concerns to Icebreaker co-founder and Partner Riku Seppälä.
TechCrunch: What does it feel like to close a new fund right at the start of a pandemic?
Riku Seppälä: Naturally, we have been distracted by the mounting health crisis and how the world economy will recover, so the feelings are combined.
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.