An angel with the power of two - European Angel Fund Finland co-investing with Finnish Business Angels
Almost a year ago we published that the European Investment Fund (EIF) has selected the first two Business Angels under the Finnish European Angels Fund (EAF Finland): Leena Niemistö and Janne Jormalainen. As their first year is closing in, we wanted to follow-up and ask EIF and Leena and Janne and about how the past year has been.
2018 was a great year for the European Angels Fund, a co-investment initiative that doubles the firepower of Business Angels across Europe. The program has reached a total size of EUR 700m of commitments available to Business Angels in 7 EU countries and, as of the start of 2019, also on a pan-European level. 100 high quality and experienced Business Angels have enrolled in the program and invested EUR 150m in 450 companies. The first EAF co-funded exits have already materialized in Germany and Spain, where the Business Angels have managed to sell a number of ICT companies to leading tech and VC players like Facebook and Atomico VC.
EAF Finland, a program of EUR 30m in size funded by EIF and Business Finland VC, has hit the ground running with two high-calibre business angels enrolling: Janne Jormalainen, Chairman of FiBAN, and Leena Niemistö, ex-CEO of the healthcare company Dextra and Chairwoman of the Finnish National Opera and Ballet. Both, Janne and Leena, have already put the money at work and co-invested with EAF Finland in Finnish early stage companies.
Building on these achievements, EAF Finland is looking to enrol new Finnish business angels in 2019!
If you recognize yourself in the criteria below, EAF Finland program might be a great choice for you to double the investment capacity:
EIF will have a keynote “EAF Finland: doubling the firepower of Finnish Business Angels” at the next FiBAN Pitch Finland April 16th, so come hear them out.
Can’t remember what happened a year ago? Check out our former article here.
Kriss Spulis, Investment Manager, European Investment Fund
Amel Gaily, FiBAN Deal Flow Manager
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