Helsinki-based venture capital firm Vendep Capital has raised €80 million for its fourth fund, marking the firm’s largest vehicle to date as it aims to accelerate the next generation of early-stage B2B SaaS companies in the Nordics and Baltics.
The new fund, Vendep Fund IV, has attracted strong backing from both returning and new limited partners, including institutional investors, family offices, and individual LPs who align with the firm’s long-term conviction in the region’s SaaS potential. The close represents a significant milestone for the firm and reflects growing investor appetite for AI-first and defensible software businesses emerging from Northern Europe.
With the fresh capital, Vendep Capital plans to invest from pre-seed through Series A, targeting approximately 20 new portfolio companies. The firm is prioritizing founders building AI-first B2B SaaS products that address meaningful and defensible problems. This category continues to attract global interest as enterprises adopt automation and intelligent tooling at an increasing scale.
In recent years, the Nordic and Baltic startup ecosystem has established itself as a prolific source of high-performing SaaS companies, driven by deep technical talent, founder-friendly policies, and a culture of global ambition. Vendep Capital has been an active participant in this momentum, backing early breakout companies and helping to cultivate a pipeline of export-ready software businesses. The firm states that these dynamics have only intensified as AI infrastructure improves and enterprise adoption accelerates across various industries.
Vendep Capital’s previous funds have supported several notable SaaS startups that have scaled internationally, reinforcing the firm’s reputation as a leading early-stage specialist in the region. With Fund IV, Vendep aims to double down on the qualities it believes give Nordic and Baltic founders a competitive edge, including strong engineering roots, resource-efficient scaling discipline, and a data-driven approach to product development.
The firm also plans to expand its platform and founder support capabilities with the new vehicle, offering portfolio companies increased access to talent networks, go-to-market expertise, and early customer introductions across Europe and beyond. As SaaS founders face heightened competition and faster product cycles, Vendep Capital believes hands-on support will play an increasingly important role in building long-term category leaders.
The fund is already active, and Vendep Capital has completed its first two investments from Fund IV, with additional announcements expected in the coming weeks.
