Finland's VCs push for greater female representation

Headquartered in Helsinki, Greencode Ventures is investing in digital-first startups seeking to make a positive impact and create “a future in which green is the growth engine”.

“Innovative companies are key in achieving this future, and Greencode aims to be a strong force enabling this change,” the company wrote in a press release.

Putting its money where its mouth is, in June Greencode Ventures made its first investment in Supercritical, a UK-based cutting-edge marketplace for carbon removal.

The 40-million-euro close represents the first stage of growth for Greencode Ventures’ fund that hopes to reach up to 100 million euros. 

“We couldn’t think of a more relevant and impactful investment topic for a venture fund,” said Petri Serenius, investment director of Business Finland Venture Capital, which was on the initial list of investors in the fund. “Greencode boasts experienced personnel capable of creating substantial value for their portfolio companies.”

Founded by industry transformer Kaisa Hietala and green energy venture capitalists Terhi Vapola and Ines Bergmann-Nolting, Greencode Ventures also seeks to address the current under-representation of female founding teams in the VC landscape. Currently only one per cent of all VC funding in Europe is raised by women-only founding teams.

Greencode Ventures’ announcement follows the news in June that Finland’s Voima Ventures launched its third 90-million-euro VC fund to back Nordic and Baltic science startups. Voima ventures boasts a portfolio that includes such leading Finnish startups as Infinited Fiber Company, Paptic and Solar Foods.

Voima Ventures is led by its founder and managing partner Inka Mero, who was recently included in Vestbee’s list of the Top Women From VC and Startup Ecosystem in Finland. Mero was mentioned alongside such prominent names as Maki.vc investor and partner Pauliina Martikainen – herself recognised earlier this year in Forbes’ 30 Under 30.