Greencode Ventures raises €40m to drive green transition in Europe

28 Aug 2023

The Greencode Ventures team. Image: Karoliina Paavilainen

The VC firm also announced its first investment, supporting carbon-removal marketplace Supercritical.

Finland-based venture capital (VC) firm Greencode Ventures has announced today (28 August) the first close of its fund which aims to assist European digital-first start-ups in accelerating the green transition.

The investment firm raised €40m and was backed by organisations Business Finland Venture Capital, Nordea Life Assurance Finland, Pohjola Insurance and Konstsamfundet Ventures, among others.

Speaking about the close, Petri Serenius, investment director of Business Finland Venture Capital, said that the company is “delighted” to support the launch of Greencode’s fund.

“We couldn’t think of a more relevant and impactful investment topic for a venture fund,” he said. “Greencode boasts experienced personnel capable of creating substantial value for their portfolio companies.”

Along with the announcement of its first close, Greencode Ventures also revealed details of its first investment. The firm contributed to a $13m Series A funding round for carbon-removal marketplace Supercritical, along with other investors such as Lightspeed Venture Partners.

“Supercritical’s mission aligns with our investment thesis to support innovative digital solutions that combat climate change and promote a sustainable future,” stated Greencode in a blogpost.

Greencode Ventures was founded earlier this year by industrial transformist Kaisa Hietala and green energy venture capitalists Terhi Vapola and Ines Bergmann-Nolting, along with entrepreneurs Manuel Heckmann and Karin Henriksson. The company says its mission is to support the green transition “with rapidly scaling digital solutions that create impact within this decade”.

Joining its advisory board as announced today are Sari Baldauf, the chair of the Nokia board, and Mika Anttonen, the majority owner of energy company St1.

Along with supporting start-ups in accelerating the green transition, the women-led firm also aims to address the underrepresentation of women-founded teams in the VC landscape.

“We firmly believe that diversity drives innovation and progress, and we are determined to lead by example.”

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

Colin Ryan is a copywriter/copyeditor at Silicon Republic