Presentation from MoneyTalks event, 13.03.2012, by Finnvera.

1. 1
Finnvera Venture Capital
13.3.2012

2. 2
Finnvera Venture Capital
• Finnvera Plc’s venture capital arm founded in
2003
• 19 people located in Helsinki, Kuopio, Oulu and
Tampere
• 10 managers
• CEO + back office + senior advisor
• Member of FVCA, EVCA and EBAN

3. 3
Fund of funds BAN InvestorExtra
Seed Fund Vera Ltd

4. 4
Seed Fund Vera Ltd
• Evergreen fund founded in August 2005
• 113,5 MEUR under management
• Current investors: Sitra, Ilmarinen, TEK,
Finnvera Plc, Fennia Group
• 176 investments; 134 portfolio companies
(02/2012)

5. 5
Investment Policy
• Investments in early stage (seed and startup) technology
and technology intensive service companies
• No industry limitations
• Invests in Finland
• Equity and convertible loans
• Typical ownership in portfolio companies 15 – 25 %
• Typical initial investment 200 – 300 k€; max 500k€
• High priority to syndicate / co-invest with business
angels and other private investors
• Finnvera usually the lead investor

6. 6
Co-Investment principles
• Finnvera requires a board seat, but usually e.g. a co-
investing business angel is appointed to the board
• Finnvera’s share of the whole investment round varies
between 25 – 70%
• Investments are made pari passu
• Finnvera has own independent investment decision
process, but co-investors are viewed as a positive factor
in a deal
• DD on co-investors made on a deal by deal basis

7. 7
BAN InvestorExtra
• Founded in February 2008
• 200+ business angels
• Services
• Pitching Events
• Training
• Extranet, document templates…

8. 8
Deal Flow to Business Angels
1. from Finnvera
• startups from Finnvera VC’s deal flow or portfolio; typically Finnvera
co-investing
• has to fit in Seed Fund Vera Ltd’s investment policy
• can also include companies from Tekes NIY program
2. from Vigo-accelerators
• startups from Vigo-accelerators deal flow or portfolio
• approved by the accelerators
3. through business angel screening (“Enkeliputki”)
• startups looking to raise maximum of 200.000 €
• selected by screening committee of 4 business angels
• www.finnvera.fi/eng/Venture-Capital-
Investments/Entrepreneurs/Applying-for-an-investment-from-
business-angels

9. 9
Figures 2008 – 2011
2008 2009 2010 2011
Number of Business Angels in the Network 98 132 135 179
Number of Pitching Events 4 6 6 7
Number of companies introduced to the angels 40 39 45 81
Finnvera VC’s investments (€) 11,6 M€ 15,1 M€ 16,5 M€ 13 M€
Number of business angel co-investing with Finnvera VC 36 56 144 137
Amount co-invested by business angels 6,2 M€ 4,2 M€ 8,1 M€ 8,7 M€
Finnvera VC’s initial investments (number) 40 29 19 17
Finnvera VC’s follow-on investments (number) 31 55 63 63
Co-Investments with Business Angels (% of total initial 11 20 11 12
investments) (27,5%) (69%) (58%) (71%)
Co-Investments with Business Angels (% of total follow- 40 40
on investments) (63%) (63%)
Companies applying through “Enkeliputki” 36 117
Companies accepted from “Enkeliputki” 21 56

10. Vigo-programme –
10
Public and Private Funding in Target Companies
80,00 €
Cumulative funding, M€
70,7 €
70,00 €
60,00 € 57,3
50,00 €
39,60 €
40,00 €
Total private
30,00 € Total public
24,20 €
Grand total
20,00 €
10,00 €
0,00 €
14 months 19 months 23 months 29 months
By 30.9. 2010 By 28.2.2011 By 30.6.2011 By 31.12.2011
13 March 2012

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Portfolio companies
Valkee - http://www.valkee.com ; Light relief for SAD sufferers
Netcycler - http://www.netcycler.fi swapping “things” you own
Digital Foodie - http://www.foodie.fm ;
“What would I buy and eat today?”
Senseg - http://www.senseg.fi haptic displays
13.3.2012

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Portfolio companies
DealDash - http://www.dealdash.com ;
penny auctions
Magisso - http://www.magisso.fi ; develop and commercialize
unique design products and new innovations that will help the every day life.
M-Brain - http://www.m-brain.com ;
business intelligence
Mendor - http://www.mendor.com ;
diabetes management
13.3.2012

13. 13
Portfolio companies
Nervogrid - http://www.nervogrid.eu ; cloud application store
Powerkiss - http://www.powerkiss.com ; wire-free crarging
ZenRobotics - http://www.zenrobotics.com ;
robot-based recycling system
Zokem (exit 7/2011, Arbitron inc.) - http://www.zokem.com ; mobile analytics
13.3.2012

14. 14
Thank You!
keith.bonnici@finnvera.fi
+358 40 179 9584
www.finnvera.fi/eng/Venture-Capital-Investments
13.3.2012