Pre-seed investor made a first close of its second fund at €50 million

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The first fund started in 2017 and has already invested in 38 companies. Of these, 10 have raised €1M-€5M in follow-on investment rounds from some of the most successful investors in the world, such as Creandum, Dawn Capital, Paladin Capital Group and Global Founders Capital. portfolio companies include MVision AI that uses AI in radiation treatment planning for cancer, freeing up scarce resources in healthcare. HoxHunt has developed a gamified simulation for cyber attacks, which increases the ability of employees of large corporations to identify cyberthreats and therefore protect their companies and themselves. Logmore has developed a logistics sensor based on dynamic QR codes and a connected cloud service, which enables more accurate and broader logistics tracking than before. The solution is utilised by hundreds of corporate users around the world.

“Our portfolio companies and our first fund have surpassed all expectations. Even our own. We have proven that there are a lot of underserved extraordinary founders solving real problems with strong technology in Finland. We have seen that this also applies for Sweden and Estonia. The solutions developed by these teams have gained the interest of the best investors globally. It feels great to continue supporting new companies in this challenging environment. We focus on holistic support that can have a significant impact especially for idea- or pre-seed stage companies,” says Riku Seppälä, one of Icebreaker´s founders.

“Such good news is inspiring in the current situation. Early-stage companies are building our future wellbeing, which is essential right now, and we have opportunities built on the expertise to do so. I´m also convinced that the crisis can treat young companies that are still in an active development phase more kindly than others, and Icebreaker has the ability to systemically carry them forwards,” comments Tesi´s Investment Director Riitta Jääskeläinen.

One of the things that sets apart is their 12 person team, most of whom concentrate on development support for portfolio companies. Merja Tammisto, “Head of Talent”, helps companies with their recruiting while Mari Luukkainen “Head of Growth”, supports them in growth marketing and runs a training program to educate new growth marketers for portfolio companies.

In addition, has developed a community, where over 1000 domain experts with 5+ years of work experience are brought together to learn, network and develop new strong tech companies. All the members of the community have several years of work experience and deep domain expertise.

More information:

Icebreaker, General Partner Riku Seppälä,

Tesi, Investment Director Riitta Jääskeläinen, +358 50 309 2733, is a venture capital firm and community. We invest €150 000 – €800 000 in Finnish, Swedish and Estonian technology companies that have deep domain expertise, strong technology and can become global winners.

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.2 billion euros. Ambition for ownership and success | | @TesiFII