Cloudberry – Europe’s first semiconductor-focused VC fund

Why?

Semiconductors and photonics underpin modern computing and technological progress. The rapid advancement of AI and the geopolitical need for technological sovereignty in Europe are driving demand for new semiconductor innovations and the capital required to commercialise them. Without these, the EU risks falling short of its ambition to double its share of the global semiconductor market to 20% by 2030.

Europe has lacked a venture capital investor solely focused on semiconductors. Generalist investors often struggle to assess the complexity and risks of the technology, slowing the flow of capital into the sector. Finland was selected as Cloudberry’s home base due to its globally recognised semiconductor expertise and research ecosystem. The country also plays a strong role in the EU Chips Act, with two chip competence centres being established in Espoo and Tampere.

What and how?

Cloudberry’s first fund invests in early-stage companies across the semiconductor value chain, from chip design to manufacturing processes. The team is built on deep domain expertise, with experience from leading industry players such as ASML and Heptagon. Operating across Europe, the team is supported by local partners in Finland, Switzerland, Germany and the UK.

Beyond capital, Cloudberry provides hands-on support to portfolio companies, including recruiting top engineering talent and protecting intellectual property (IP). Through its strategic investors, such as GlobalFoundries, companies gain access to industry networks that support international expansion. The team also helps companies with funding strategies and future financing rounds, aiming to ease the bottleneck in access to growth capital.

Growth and internationalisation

Cloudberry has raised approximately EUR 30 million for its first fund, with plans to invest in around 20 companies at the pre-seed and seed stages. Investment activity is already underway: the first investment has been made in a Finnish team, and among the next investments nearing completion is a Swiss company developing diamond-based cooling solutions for AI chips.

Cloudberry aims to grow into one of Europe’s leading deep tech investors. The target size for its next fund is already significantly higher, exceeding EUR 100 million.

Tesi's role

Tesi acts as the anchor investor in the fund, as it often does in funds established in Finland. Tesi’s participation has brought significant credibility to the new team and helped attract international capital. Other investors include GlobalFoundries, one of the world’s leading semiconductor manufacturers, and Radiant OptoElectronics, a global leader in photonics.

Tesi’s mission is to support the development of new internationally competitive industries in Finland, with deep tech closely linked to semiconductors and photonics. From Tesi’s perspective, Cloudberry combines strong investment experience in deep tech with solid operational backgrounds and industry networks. Semiconductors and photonics are strategically critical technologies, and Finland has strong expertise in both. By investing in new teams such as Cloudberry, Tesi also contributes to the renewal and growth of the VC market.

General information

Cloudberry is a Helsinki- and London-based venture capital firm and the first in Europe dedicated solely to semiconductors, investing in early-stage European companies in semiconductors, photonics and advanced materials. The firm is led by founding partners René Kromhof, Veera Pietikäinen and Lawrence Lundy-Bryan, with venture partners Lukas Steinmann in Switzerland and Tuomas Hollman in Germany.