Vendep Capital raises €80M to fund emerging AI SaaS startups

Helsinki-based venture capital firm Vendep Capital has closed its fourth fund at €80 million, aiming to accelerate the growth of early-stage B2B SaaS startups across the Nordics and Baltics. Known for its focus on software-as-a-service (SaaS) companies, the firm is now emphasizing investments in AI-native startups to address the evolving dynamics of the tech landscape.

Backed by Prominent Investors

The €80 million fund has attracted support from several notable backers, including the Finnish state-owned investment company Tesi, Pension Insurance Company Elo, as well as family offices and angel investors. Although the fund has reached its initial target, it remains open for additional investors for a limited period.

Since its inception in 2013, Vendep Capital has managed nearly €200 million in total and has invested in over 35 SaaS companies with global ambitions. Its portfolio includes successful ventures such as AlphaSense, Hostaway, Leadfeeder, and Happeo. With Fund IV, the firm plans to deploy capital into 20 early-stage SaaS startups, offering investments between €0.1 million and €3 million, along with follow-on capital for scaling internationally.

A New Era for SaaS with AI at the Core

The new fund arrives at a pivotal moment for the SaaS sector. While some have questioned SaaS's relevance in the age of artificial intelligence, Vendep Capital believes the industry is entering its most exciting chapter yet. According to the firm, SaaS continues to serve as the backbone for delivering and monetizing AI-driven products, thanks to its recurring revenue models, cloud infrastructure, and data-centric architectures.

"SaaS isn’t always seen as the most flashy investment theme, but we see it as brilliant because it keeps outperforming", said Sami Ahvenniemi, General Partner at Vendep Capital. "SaaS companies consistently deliver predictable recurring revenues and industry-leading margins. And with AI, SaaS is entering its most exciting era yet. Nearly every meaningful AI product today is delivered and monetized as SaaS."

The firm's leadership expressed their confidence in the region’s potential to foster innovation. "We are excited to continue our work. Nordics and Baltics today offer one of the most thriving grounds globally for building category-defining software companies, and Vendep is uniquely positioned to partner with the next wave of founders driving that growth", said Sakari Pihlava, founding partner at Vendep Capital.

The Role of AI in SaaS Evolution

Vendep Capital sees AI as a transformative force for SaaS, enhancing functionality and redefining user interaction. "AI helps companies solve problems at scale and get smarter with every use case, but the fundamentals haven’t changed", Ahvenniemi explained. "What’s new is that AI agents are turning SaaS products into systems that act independently, with humans in a supervisory role. Great businesses still win by building long-term defensibility, and that will never change."

As automation continues to reshape software, Vendep remains committed to fostering innovation in startups that prioritize AI integration and scalability from the outset. With Fund IV, the firm aims to leverage its expertise to identify and support the next generation of SaaS founders in the region.

By aligning with the evolving demands of AI-powered technologies, Vendep Capital is positioning itself at the forefront of a rapidly transforming industry, ensuring its portfolio companies are well-equipped to thrive in a new era of intelligent software solutions.

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