Vendep Capital
Vendep Capital is a Nordic-Baltic specialist venture capital firm investing in AI-native B2B SaaS startups from pre-seed to Series A across Finland, Sweden, Estonia, and Latvia through four sequential funds totaling ~€190M in AUM.
- Company typePrivate
- Founded2013
- HeadquartersEspoo, Finland
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Vendep Capital does
Vendep Capital is a Finland-headquartered venture capital firm that invests exclusively in B2B SaaS startups across the Nordics and Baltics, founded in 2013 and operating from Espoo. The firm operates a single unified strategy through four sequential venture funds: Vendep Startup Fund I (€5M, 2013), Fund II (€36M, 2017), Fund III (€70M, 2021), and Fund IV (€80M, 2025), with total assets under management of approximately €190M. Vendep deploys initial tickets of €0.1–3M at pre-seed through Series A, with a 100% follow-on commitment in the next externally led round and claims that 78% of portfolio A-rounds originated from its introductions.
The firm's core product is capital plus specialized SaaS operator support, delivered by an eight-person team of three General Partners (Sakari Pihlava, Sami Ahvenniemi, Jupe Arala), one Partner (Timo Felin), an Investment Director, Investment Manager, Investment Analyst, and Head of Platform & Marketing. Revenue is generated through management fees on AUM and carried interest from exits — notable outcomes include Leadfeeder, Happeo, AlphaSense, Hostaway, and RELEX Solutions (which grew for 66 consecutive quarters). Fund IV is classified as SFDR Article 8, and Vendep is a registered Alternative Investment Fund Manager supervised by the Finnish Financial Supervisory Authority and a member of FVCA.
Distribution is built on a vertical specialization in Nordic-Baltic SaaS: content marketing through an Insights blog and SaaS Camp virtual events, direct pitch submission via the firm website, warm introductions through the portfolio founder network, industry event presence, and ecosystem memberships (notably the Latvian Startup Association Startin.LV). The fund's LP base is concentrated among Finnish institutional investors (Tesi, KRR, Sitra, Pension Insurance Company Elo, OP Financial Group) with European Investment Fund as a €25M anchor in Fund III, giving the firm a stable institutional capital base for Fund IV deployment.
Vendep Capital firmographics
Firmographics- Name
- Vendep Capital
- Legal name
- Vendep Capital Oy
- Website
- https://vendep.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Vendep Capital is a Nordic-Baltic specialist venture capital firm investing in AI-native B2B SaaS startups from pre-seed to Series A across Finland, Sweden, Estonia, and Latvia through four sequential funds totaling ~€190M in AUM.
- Ownership category
- akta.pro rank
Vendep Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
- akta.pro secondary industry
- SDG / Thematic Sustainable Investment Funds (FSANAJAN)
Keywords
Where Vendep Capital is headquartered
LocationHeadquarters
- HQ city
- Espoo
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
Vendep Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- VC Fund Management: Vendep Capital generates revenue through management fees charged on funds under management and carried interest (carry) from successful portfolio exits.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Vendep Capital product offering
Product offeringCore offering
Vendep Capital is a venture capital firm that invests in early-stage AI-native B2B SaaS startups across the Nordics and Baltics. It deploys initial investment tickets of €0.1–3 million from pre-seed to Series A, with meaningful follow-on support, and operates four sequential funds (Fund I €5M, Fund II €36M, Fund III €70M, Fund IV €80M) representing approximately €190 million in assets under management.
Product overview
Vendep Capital is a B2B SaaS specialist venture capital firm operating in the Nordics and Baltics. The firm offers a single unified investment approach across four sequential funds (Fund I through Fund IV), each structured as a venture capital fund targeting early-stage B2B SaaS companies. The funds invest in AI-native B2B software founders, providing initial investment tickets ranging from €0.1 million to €3 million, with meaningful follow-on support and access to a portfolio community. Fund IV is the current active fund at €80 million vintage 2025.
Differentiator
Problem solved
Functional benefit
Products and services
- Vendep Startup Fund I Vendep's first venture capital fund, targeting early-stage B2B SaaS startups in the Nordics and Baltics, with €5 million raised in 2013.
- Vendep Capital Fund II Vendep's second venture capital fund, a €36 million fund launched in 2017 for early-stage B2B SaaS investments in the Nordics and Baltics.
- Vendep Capital Fund III Vendep's third venture capital fund, a €70 million fund launched in 2021 for seed-stage B2B SaaS investments in the Nordics and Baltics.
- Vendep Capital Fund IV Vendep's fourth and current venture capital fund, an €80 million fund launched in 2025 targeting AI-native B2B software startups in the Nordics and Baltics, investing in approximately 20 companies with initial tickets of €0.1–3 million.
Quantifiable outcome
- 78% of portfolio A-rounds came from Vendep's introductions
- +1 more outcomes
Companies that use Vendep Capital
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Vendep Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Vendep Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered ecosystem.
- Latvian Startup Association Startin.LVecosystemVendep joined as one of the first foreign VC members to connect with Latvian SaaS startups.
- Y CombinatorecosystemPortfolio company Complir accepted into Y Combinator Spring 2026 batch.
Scale indicators6 records
Recent moves11 records
Expansion highlights5 records
Vendep Capital competitors and assessment
Company assessmentDirect peers
- Trind Ventures: Estonia-based early-stage VC focused on Baltic and Nordic tech startups. Trind co-invested alongside Vendep in GitHits' pre-seed round and operates at similar check sizes and stages, making it a directly comparable peer.
- Newion: Dutch early-stage B2B software VC investing across the Nordics and Western Europe. Newion led Agileday's €6.4M Series A with Vendep participation, sharing a similar SaaS-focused, early-stage thesis and check-size profile.
- Superhero Capital: Nordic seed-stage VC focused on B2B software and deep tech. Superhero Capital co-led Behavix's $2.5M seed with Vendep, operating at directly comparable stages and geographies.
- ByFounders: Pan-Nordic early-stage VC backed by founders from the Nordic tech ecosystem. ByFounders invests in B2B software at pre-seed and seed stages across the same geographies as Vendep, making it a closely comparable peer.
- Lifeline Ventures: Helsinki-based early-stage VC investing across Finland and the Nordics. Lifeline focuses on pre-seed and seed B2B software and consumer companies, operating in the same geography and stage band as Vendep.
- Maki.vc: Helsinki-based seed-stage VC backing deep tech and B2B software founders across the Nordics. Maki operates at similar stages and in the same primary geography, with a comparable early-stage, high-conviction thesis.
- Icebreaker.vc: Finnish early-stage VC focused on operator-led seed investments across the Nordics. Icebreaker invests at pre-seed and seed in B2B software with similar check sizes and geographies as Vendep.
- Ventech: Pan-European early-stage VC investing in AI and B2B software. Ventech co-led Inven's $12.75M Series A with Vendep, sharing a focus on AI-enabled B2B SaaS and operating at overlapping Series A stages.
- Northzone: Pan-Nordic VC investing from seed through growth stages across the Nordics and Baltics. Northzone covers a broader stage range than Vendep but operates in the same geographies with significant B2B software overlap.
Broad incumbents
- Atomico: Pan-European VC founded by Skype co-founder Niklas Zennström, investing across stages in European tech. Atomico is a broader incumbent operating in the same geographies as Vendep but at significantly larger fund sizes and across more stages/sectors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks1 record
Key highlights7 records
Customer concentration
Vendep Capital social profiles
Digital presenceVendep Capital compliance and trust
Trust signalCompliance3 records
Vendep Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vendep Capital leadership team
Management profileNumber of profiles
Profiles8 records
Vendep Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vendep Capital M&A and investment
M&A and investmentM&A
Investments55 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vendep Capital
What does Vendep Capital do?
Vendep Capital is a venture capital firm that invests in early-stage AI-native B2B SaaS startups across the Nordics and Baltics. It deploys initial investment tickets of €0.1–3 million from pre-seed to Series A, with meaningful follow-on support, and operates four sequential funds (Fund I €5M, Fund II €36M, Fund III €70M, Fund IV €80M) representing approximately €190 million in assets under management.
Is Vendep Capital a public or private company?
Vendep Capital is a private company. It is classified as management employee owned and is currently operating.
When was Vendep Capital founded?
Vendep Capital was founded in 2013. It employs 1 to 10 people.
Where is Vendep Capital based?
Vendep Capital is headquartered in Espoo, Finland, in the Europe region.
How does Vendep Capital make money?
One revenue line is on record: VC Fund Management.
Who are Vendep Capital's main competitors?
Direct peers on record are Trind Ventures, Newion, Superhero Capital, ByFounders, Lifeline Ventures, Maki.vc, Icebreaker.vc, Ventech and Northzone. Atomico is listed as a broad incumbent.
Does Vendep Capital have an API?
No public API is recorded for Vendep Capital.
What industry is Vendep Capital in?
Vendep Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAC, Late-Stage Venture Capital (Series C+), with a secondary code of FSANAJAN, SDG / Thematic Sustainable Investment Funds. Its NAICS code is 52394 and its SIC code is 6282.