Helsinki's Vendep Capital just secured €80 million for its fourth fund, doubling down on AI-first B2B SaaS across the Nordics and Baltics—and the timing couldn't be sharper.
Why This Fund Signals a Nordic SaaS Surge?
Vendep Capital isn't chasing hype. Since 2013, they've built €111M in assets under management by backing early-stage software winners like Leadfeeder (merged in a €180M deal), Happeo, and AlphaSense.
Fund IV targets 20 startups with initial checks between €0.1M-€3M, focusing on pre-seed to Series A rounds where AI transforms legacy software into intelligent products.
The firm already deployed capital into two companies—one Danish, one Finnish—signaling aggressive execution. With institutional heavyweights like Tesi, KRR, Pension Insurance Company Elo, and new family offices backing them, Vendep commands serious LP confidence.
Vendep Capital Funding Breakdown
| Parameter | Details |
|---|---|
| Fund Size | €80 million |
| Fund Number | Fund IV |
| Investment Stage | Pre-seed to Series A |
| Ticket Size | €0.1M – €3M |
| Target Companies | ~20 startups |
| Geographic Focus | Nordics & Baltics |
| Sector Focus | B2B SaaS, AI-first products |
| AICurator Rating | 8.5/10 (Strong institutional backing, proven exits, niche expertise) |
The AI-First SaaS Thesis Driving Investment
Vendep isn't betting on AI as a feature add-on. They're hunting founders who architect products with intelligence baked into the core—think predictive analytics, automated workflows, and self-improving systems that replace manual SaaS tools.
Their thesis? Traditional software is dying. AI-native platforms will eat everything else.
Vendep Capital's Fund History
| Fund | Year | Amount | Notable Detail |
|---|---|---|---|
| Fund I | 2014 | ~€32M | Initial B2B SaaS focus |
| Fund II | 2017 | ~€40M | Nordic expansion |
| Fund III | 2022 | €70M | EIF €25M commitment |
| Fund IV | 2025 | €80M | AI-first mandate |
What's Next for Nordic AI Founders?
Fundraising stays open through April 2026, meaning more capital could flow in. For founders building in Copenhagen, Helsinki, Stockholm, or Tallinn, Vendep offers more than money—they're ex-operators who've scaled SaaS businesses and understand unit economics, churn, and go-to-market playbooks.
The challenge? Competition is heating up. Every European VC now claims “AI-first” expertise. Vendep's edge lies in 12 years of SaaS-only investing and a track record of picking winners before they explode.
Connect with Vendep Capital
| Platform | Link |
|---|---|
| Website | vendep.com |
| linkedin.com/company/vendepcapital | |
| X | @vendepcapital |
| Location | Espoo, Finland |
