Butterfly Ventures
Butterfly Ventures is a Helsinki- and Oulu-based seed-stage venture capital firm investing in deep tech, hardware, and hardware-interfacing software startups across the Nordics and Baltics, with €77M+ AUM and offices in five regional hubs.
- Company typePrivate
- Founded2012
- HeadquartersOulu, Finland
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Butterfly Ventures does
Butterfly Ventures is a Helsinki- and Oulu-headquartered seed-stage venture capital firm founded in 2012, focused on deep tech, hardware, and hardware-interfacing software startups across the Nordics and Baltics. The firm manages a family of funds, including Northern Startup Funds (~€15M combined), Butterfly Venture Fund III (€15M, 2016), and Butterfly Venture Fund IV (€100M target with a €47M first close in June 2022, structured under EU Article 8 SFDR), plus a third-party mandate managing Korkia's 14-company growth portfolio. Since inception, the firm has invested in approximately 100 companies across more than 200 rounds, with average initial tickets of around €0.3M and follow-on capacity through Series A and B; portfolio companies have collectively raised roughly €180M in financing and generated over €500M in revenue, with exits including KNL Networks (sold to Telenor in 2020), Sarokal Test Systems (sold to Siemens in 2018), and Sports Tracking Technologies (sold to Amer Sports in 2015).
The firm operates a relationship-driven, direct-to-founder model with offices in Oulu (headquarters), Helsinki (at Maria 01), Stockholm (at Epicenter), Tallinn, and Copenhagen, supported by a team of five full-time professionals and a network of venture partners. Deal flow is sourced through direct outreach, a co-investor network of approximately 300 business angels, family offices, and funds, structural cooperation with technical universities and research institutes such as VTT, and presence at major ecosystem events including Slush. The firm was recognized by Forbes in 2020 as the first carbon-neutral VC in Europe, validated its portfolio impact with a +35% net impact score from the Upright Project, and ranked #1 in sustainability among Finnish alternative managers in the 2024 SFR LP Survey.
Butterfly Ventures generates revenue through standard VC fund management fees on committed and deployed capital, plus carried interest on realized profits above the hurdle rate; specific fee and carry terms are not publicly disclosed. Its Limited Partner base for Fund IV is diversified across Finnish and Swedish public sector investors (42%, including Tesi), fund-of-funds (21%, including Saminvest), pension funds and insurance companies (14%), family offices (14%), foundations (5%), and the GP itself (3%). The firm is registered as an Alternative Investment Fund Manager with the Finnish Financial Supervisory Authority.
Butterfly Ventures firmographics
Firmographics- Name
- Butterfly Ventures
- Legal name
- Butterfly Ventures Ltd.
- Website
- https://butterfly.vc
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Butterfly Ventures is a Helsinki- and Oulu-based seed-stage venture capital firm investing in deep tech, hardware, and hardware-interfacing software startups across the Nordics and Baltics, with €77M+ AUM and offices in five regional hubs.
- Ownership category
- akta.pro rank
Butterfly Ventures industry classification
Industry- Product category
- Venture Capital and Private Equity
- NAICS
- Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industry
- Impact / ESG Venture Capital (FSANAAAG)
Keywords
Where Butterfly Ventures is headquartered
LocationHeadquarters
- HQ city
- Oulu
- HQ country
- Finland
- HQ region
- Europe
Offices5 records
Markets served
Butterfly Ventures 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
- Management Fees: VC firms typically charge management fees on committed capital (usually 1.5-2% annually) during the investment period, declining during the harvesting period.
- Carried Interest (Carry): Performance-based carried interest typically 20% of profits above the hurdle rate, paid to GPs after LPs receive their invested capital plus preferred return.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Standard VC fund terms with management fees and carried interest |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Butterfly Ventures product offering
Product offeringCore offering
Butterfly Ventures is a seed-stage venture capital firm that manages investment funds targeting science-based deep tech, hardware, and hardware-interfacing software startups in the Nordics and Baltics. The firm deploys seed capital (average ~€300k per company) with follow-on capacity through Series A and B, and provides value creation support, ESG coaching, and exit planning to portfolio founders. Capital is sourced from institutional limited partners and deployed via direct investments alongside a network of approximately 300 co-investors.
Product overview
Butterfly Ventures is a venture capital firm offering investment fund management services, not a product company. The company manages multiple seed-stage deep tech VC funds (Butterfly Venture Fund IV, Butterfly Venture Fund III, and Northern Startup Funds) targeting Nordic and Baltic markets. Investment services include seed entry capital deployment, active portfolio company support, ESG integration, due diligence, and exit management.
Differentiator
Problem solved
Functional benefit
Brands
- Northern Startup Funds: Pre-seed/seed stage venture capital technology fund focused on companies in Northern Ostrobothnia, Finland
- Butterfly Venture Fund III
- Butterfly Venture Fund IV
Products and services
- Butterfly Venture Fund IV Pre-seed/seed-stage €100 million venture capital technology fund based on EU Article 8 and the Sustainable Finance Disclosures Regulation (SFDR), investing in science-based deep tech and hardware startups in the Nordics and Baltics with follow-on capacity through Series A and B rounds.
- Butterfly Venture Fund III Pre-seed/seed-stage €15 million venture capital technology fund focused on hardware and deep tech seed-stage companies with unique, often protected and hard-to-reproduce technology, primarily in Finland and other Nordics/Baltics regions.
- Northern Startup Funds Pre-seed/seed-stage technology funds (Northern Startup Fund I at €5 million, Northern Startup Fund II/III at €10 million) with geographic focus on companies in Northern Ostrobothnia, Finland, covering software, services, and hardware.
Quantifiable outcome
- Portfolio companies generate revenue within 6 months of first investment
- +3 more outcomes
Companies that use Butterfly Ventures
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Butterfly Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Butterfly Ventures partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- CO2EstocoreClimate company founded by VTT researchers offering emission allowance acquisition from EU Emissions Trading Market. Partnership enables Butterfly Ventures' carbon neutrality commitment.
- ForbesminorMedia coverage recognizing Butterfly Ventures as first carbon-neutral VC in Europe, enhancing brand credibility in sustainability.
- Upright ProjectcoreHelsinki-based company providing net impact measurement methodology across four dimensions: environment, health, society, and knowledge. 5+ year collaboration for portfolio impact assessment.
- Finnish Venture Capital Association (FVCA)coreIndustry association membership promoting venture capital industry development and cooperation. Adheres to FVCA guidelines for transparency.
- Finnish Financial Supervisory Authority (FIN-FSA)coreButterfly Ventures is registered Alternative Investment Fund Manager (AIFM) by FIN-FSA, adhering to Finnish AIFM Act regulations.
- Invest EuropecoreAdheres to International Private Equity and Venture Capital Valuation Guidelines (IPEV) and Invest Europe Reporting Guidelines and Professional Standards and Code of Conduct.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Butterfly Ventures competitors and assessment
Company assessmentBroad incumbents
- EQT Ventures: Large Nordic-rooted VC fund investing across Europe with a focus on seed to growth. Broad incumbent with much larger fund sizes; overlaps with Butterfly in Nordic deal flow and occasionally co-invests.
- Atomico: European VC founded by Skype's Niklas Zennström, investing from Series A onwards with significant Nordic exposure. Broad incumbent that occasionally touches seed-stage deals in the region.
Direct peers
- Creandum: One of the leading Nordic early-stage VC firms, investing from seed to Series A across the Nordics and DACH. Directly comparable as a Pan-Nordic seed/Series A investor with overlapping geographies and target stages.
- Lifeline Ventures: Finnish early-stage VC founded by serial entrepreneurs. Comparable as a Finnish-rooted seed-stage investor, though with a broader sector mandate than Butterfly's deep tech focus.
- ByFounders: Nordic early-stage VC backed by prominent Nordic tech founders. Comparable in regional focus and seed-stage orientation with a strong LP/operator base similar in spirit to Butterfly's regional roots.
- Northzone: Pan-Nordic VC investing from seed to growth across Northern Europe. Comparable in geographic mandate and stage coverage, though typically larger fund sizes and broader sector focus than Butterfly.
- Superhero Capital: Finnish seed-stage VC investing in deep tech, digital health, and B2B software. Most directly comparable Nordic peer — Finnish-based, similar ticket sizes, and a known co-investor with Butterfly (e.g., Zenniz rounds).
- Icebreaker.vc: Finnish seed-stage VC with strong operator network. Comparable in Finnish/regional seed focus and early-stage ticket size, serving a similar founder segment.
- Heartcore Capital: Copenhagen-based early-stage VC with Nordic focus, consumer and enterprise tech mandate. Comparable as a Pan-Nordic seed-stage investor with similar LP base.
Regional players
- KPN Ventures / Kvanted: Swedish-Nordic impact and deep tech VC. Comparable in deep tech and ESG focus, regional Nordic footprint, and impact investing mandate similar to Butterfly's Article 8 positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Butterfly Ventures social profiles
Digital presenceButterfly Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Butterfly Ventures leadership team
Management profileNumber of profiles
Profiles7 records
Butterfly Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Butterfly Ventures M&A and investment
M&A and investmentM&A
Investments83 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Butterfly Ventures
What does Butterfly Ventures do?
Butterfly Ventures is a seed-stage venture capital firm that manages investment funds targeting science-based deep tech, hardware, and hardware-interfacing software startups in the Nordics and Baltics. The firm deploys seed capital (average ~€300k per company) with follow-on capacity through Series A and B, and provides value creation support, ESG coaching, and exit planning to portfolio founders. Capital is sourced from institutional limited partners and deployed via direct investments alongside a network of approximately 300 co-investors.
Is Butterfly Ventures a public or private company?
Butterfly Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Butterfly Ventures founded?
Butterfly Ventures was founded in 2012. It employs 1 to 10 people.
Where is Butterfly Ventures based?
Butterfly Ventures is headquartered in Oulu, Finland, in the Europe region.
How does Butterfly Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Carry).
Who are Butterfly Ventures's main competitors?
Broad incumbents on record are EQT Ventures and Atomico. Direct peers are Creandum, Lifeline Ventures, ByFounders, Northzone, Superhero Capital, Icebreaker.vc and Heartcore Capital. KPN Ventures / Kvanted is listed as a regional player.
Does Butterfly Ventures have an API?
No public API is recorded for Butterfly Ventures.
What industry is Butterfly Ventures in?
Butterfly Ventures's product category is Venture Capital and Private Equity. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAG, Impact / ESG Venture Capital. Its NAICS code is 52394 and its SIC code is 6282.