Maki.vc
Maki.vc is a Helsinki-based seed-stage venture capital firm investing €300k–€3M in deep tech and brand-driven Nordic startups, managing €260M across three funds backed by 150+ LPs including Skype, Wise, and Supercell founders.
- Company typePrivate
- Founded2017
- HeadquartersHelsinki, Finland
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Maki.vc does
Maki.vc is a Helsinki-headquartered venture capital firm that manages three successive early-stage funds — Maki.vc Fund I Ky (€80M, first close December 2017), Fund II Ky (€100M, first close December 2020), and the currently active Fund III Ky (€82.2M active commitment on a €100M announced target, first close February 2024) — for a combined €260M in assets under management. The firm invests at the pre-seed and seed stages in deep tech and brand-driven companies across the Nordics and Northern Europe, writing initial tickets of €300k–€3M with reserves for follow-on rounds, with a stated sweet spot of first-round deals below €5M.
The firm operates as a registered Alternative Investment Fund Manager (AIFM) under the Finnish Financial Supervisory Authority and runs Fund III under Article 8 of the EU Sustainable Finance Disclosure Regulation, applying a standardized ESG due-diligence checklist with exclusion criteria across fossil fuels, weapons, pornography, alcohol, tobacco, and gambling. Around the funds, Maki.vc delivers a service layer to portfolio companies that includes active board engagement, ESG and sustainability reporting integration (achieving a 100% portfolio response rate in the 2025 Sustainability Report), warm introductions to global VCs (HV Capital, Northzone, Creandum, a16z, Felicis, Blossom, Atomico, EQT), and access to a 150+ LP network of repeat founders and operators from Skype, Wise, Supercell, Aiven, F-Secure, Small Giant Games, Smartly, Wolt, and DST Global.
Maki.vc's revenue model is the standard venture fund construct: recurring management fees on AUM plus performance-based carried interest on exits. Portfolio companies have collectively raised €1.4B+ in follow-on capital and employed 1,897 full-time staff as of year-end 2025; 50+ companies are in the portfolio with 42 active, and 29% are female-founded or co-founded. Notable outcomes include Ultimate.ai's acquisition by Zendesk and IQM Quantum Computers' planned US IPO at an initial $1.8 billion valuation. The firm is privately held, partner-owned (Maki Ventures Oy), with six core team members led by Managing Partner Pauliina Martikainen-Rahnu following a 2024 leadership succession.
Maki.vc firmographics
Firmographics- Name
- Maki.vc
- Legal name
- Maki Ventures Oy
- Website
- https://maki.vc
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Maki.vc is a Helsinki-based seed-stage venture capital firm investing €300k–€3M in deep tech and brand-driven Nordic startups, managing €260M across three funds backed by 150+ LPs including Skype, Wise, and Supercell founders.
- Ownership category
- akta.pro rank
Maki.vc industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where Maki.vc is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
Maki.vc business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Fund Management Fees: Recurring management fees earned on assets under management across Fund I (€80M), Fund II (€100M), and Fund III (€82.2M). Fund I and II are in selective follow-on mode; Fund III is in the active initial-investment period.
- Carried Interest / Fund Returns: Performance-based carried interest realized upon successful exits, trade sales, or IPOs of portfolio companies (e.g., Ultimate.ai exit to Zendesk; IQM set to go public at $1.8B valuation).
- Fund III Capital Deployment (€82.2M): Currently investing from the €82.2M Fund III Ky; ticket sizes of €300k–€3M plus reserves for follow-on rounds across deep tech and consumer-oriented startups in the Nordics and Northern Europe.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | Initial pre-seed/seed ticket sizes of €300k–€3M with reserves for follow-on rounds |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Maki.vc product offering
Product offeringCore offering
Maki.vc is a Helsinki-based venture capital firm that invests pre-seed and seed-stage capital (€300k–€3M initial tickets plus follow-on reserves) in deep tech and brand-driven startups across the Nordics and Northern Europe. The firm operates through three successive Finnish limited partnership funds (Fund I, II, III) and provides portfolio companies with strategic sparring, ESG integration, talent and operator network access, and warm introductions to global VC funds for follow-on financing.
Product overview
Maki.vc is a Helsinki-based venture capital firm that operates a platform-plus-modules architecture through three successive early-stage investment funds — Maki.vc Fund I Ky, Maki.vc Fund II Ky, and the currently active Maki.vc Fund III Ky — together forming its core offering of pre-seed and seed capital to Nordic deep tech and brand-driven startups. Around these funds, Maki.vc delivers a supporting layer of services to portfolio companies, including strategic sparring, ESG and sustainability reporting integration, talent and operator network access, and warm introductions to leading global VCs for follow-on financing. The firm is registered as an Alternative Investment Fund Manager (AIFM) under Finland's FIN-FSA and runs the active Fund III under Article 8 of the EU SFDR, with portfolio support anchored in an annual ESG questionnaire and active board engagement.
Differentiator
Problem solved
Functional benefit
Products and services
- Maki.vc Fund I Ky Maki.vc's first seed-stage venture capital fund, a Finnish limited partnership. Initial investment period has ended; the fund continues to do selective follow-on investments to its existing portfolio companies across deep tech and brand-driven sectors.
- Maki.vc Fund II Ky Maki.vc's second seed-stage venture capital fund, a Finnish limited partnership. Initial investment period has ended; the fund continues to make selective follow-on investments to existing portfolio companies in deep tech and brand-driven sectors.
- Maki.vc Fund III Ky Maki.vc's third and currently active fund, a €100 million Finnish limited partnership. Investing began in February 2024 with ticket sizes between €300k and €3M plus a follow-on reserve. The fund promotes environmental and social characteristics under Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR), with a target that at least 50% of initial investments fit the E/S criteria. ESG due diligence and exclusion criteria (no fossil fuels, weapons, pornography, alcohol, tobacco, or gambling) are applied to every investment opportunity.
Quantifiable outcome
- Portfolio companies have raised €1.4B+ in total follow-on capital
- +4 more outcomes
Companies that use Maki.vc
Customer profileNamed customers17 records
Segments4 records
Ideal customer profiles2 records
Maki.vc technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Maki.vc partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Nvidia (Timo Aila, Samuli Laine)coreNvidia Research Scientists Timo Aila and Samuli Laine are part of Maki.vc's broader advisor network contributing technical expertise.
- Epishine, Exeger, Powerfoyle (ONiO ecosystem)coreIndoor solar cell makers Epishine, Exeger, and Powerfoyle are partners for Maki.vc portfolio company ONiO, whose battery-free microcontrollers harvest ambient energy including indoor solar.
- Aisti co-investors (forest industry partners)minorMaki.vc portfolio company Aisti raised €29M Series A with co-investors to scale production of sustainable wood-fibre acoustic tiles — specific co-investor identities not named in source.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Maki.vc competitors and assessment
Company assessmentBroad incumbents
- Atomico: London-based global VC founded by Skype's Niklas Zennström — an Maki.vc LP and co-investor in Strise. Provides global-stage capital for Maki.vc portfolio graduates.
- Creandum: Stockholm-based leading Nordic early- and growth-stage VC. Maki.vc connects portfolio founders to Creandum for warm intros and follow-on capital, operating in the broader Nordic venture ecosystem with a wider stage range.
- Northzone: Stockholm-based pan-European early- and growth-stage VC. Led Riff's $16M Series A (Maki.vc follow-on) and Distance's round; functions as a key follow-on capital partner for Maki.vc's portfolio.
Direct peers
- Lifeline Ventures: Helsinki-based pre-seed and seed-stage VC investing across the Nordics. Co-invests with Maki.vc on multiple rounds (Metaktik, Ever Cars) and is among Finland's top 10 VCs operating in the same stages and geographies.
- Voima Ventures: Helsinki-based early-stage VC focused on deep tech and science-based founders. Listed alongside Maki.vc among Finland's top 10 VCs driving the €1.5B+ Nordic startup surge in 2025.
- Wave Ventures: Helsinki-based student-run VC and Founder House operator (now professionalized). Co-invested with Maki.vc in SONO's pre-seed and was co-founded by Pauliina Martikainen-Rahnu before she became Maki.vc's Managing Partner.
- byFounders: Copenhagen-based early-stage VC backing Nordic founders from day 0, anchored by a network of Nordic tech founders. Co-invested with Maki.vc in IXI's $36.5M Series A.
- First Fellow Partners: Helsinki-based early-stage investor. Co-invested with Maki.vc in FinanceKey, Quanscient and IXI rounds, operating in the same Nordic pre-seed/seed segment.
Emerging players
- Antler: Global early-stage VC with strong Nordic presence. Co-invested with Maki.vc in QMill's €4M seed round and competes for early Nordic deal flow.
- NordicNinja: Nordic-Japan deep tech VC that led Onego Bio's €40M Series A alongside Maki.vc. Highly comparable as a deep tech investor in the same geographies, with a stronger Japan market angle.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Maki.vc social profiles
Digital presenceMaki.vc compliance and trust
Trust signalCompliance4 records
Maki.vc financial estimates
Financial estimateRevenue estimate
Valuation estimate
Maki.vc leadership team
Management profileNumber of profiles
Profiles8 records
Maki.vc subsidiaries and ownership
Company hierarchySubsidiaries3 records
Maki.vc funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Maki.vc M&A and investment
M&A and investmentM&A
Investments98 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Maki.vc
What does Maki.vc do?
Maki.vc is a Helsinki-based venture capital firm that invests pre-seed and seed-stage capital (€300k–€3M initial tickets plus follow-on reserves) in deep tech and brand-driven startups across the Nordics and Northern Europe. The firm operates through three successive Finnish limited partnership funds (Fund I, II, III) and provides portfolio companies with strategic sparring, ESG integration, talent and operator network access, and warm introductions to global VC funds for follow-on financing.
Is Maki.vc a public or private company?
Maki.vc is a private company. It is classified as management employee owned and is currently operating.
When was Maki.vc founded?
Maki.vc was founded in 2017. It employs 1 to 10 people.
Where is Maki.vc based?
Maki.vc is headquartered in Helsinki, Finland, in the Europe region.
How does Maki.vc make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest / Fund Returns and fund III Capital Deployment (€82.2M).
Who are Maki.vc's main competitors?
Broad incumbents on record are Atomico, Creandum and Northzone. Direct peers are Lifeline Ventures, Voima Ventures, Wave Ventures, byFounders and First Fellow Partners. Emerging players are Antler and NordicNinja.
Does Maki.vc have an API?
No public API is recorded for Maki.vc.
What industry is Maki.vc in?
Maki.vc's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 523940 and its SIC code is 6282.