Maki VC
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Maki.vc is a venture capital firm that invests in early-stage deep tech and startups, with a focus on the Nordics and Europe. It positions itself as a hands-on partner, offering support such as market research, hiring, and strategy alongside capital.
Also known as Maki VC · Maki.vc
Investors · 5
Company profile
researched Aug 2026Maki.vc (Maki VC) is a venture capital firm founded in 2018 and headquartered in Helsinki, Finland, with offices at Maria 01, Lapinlahdenkatu 16. It invests at pre-seed and seed stage in deep tech and "brand-driven" companies across both consumer and enterprise sectors, describing its focus areas as scientific advances, strong intellectual property and deep customer understanding, without restriction to a particular industry or business model. The firm positions itself as a first-round partner, investing from "day 0" in rounds below €5m and writing initial tickets of roughly €300k to €3m.
The firm manages three funds: Fund I, Fund II and Fund III, the latter a €100m vehicle announced in November 2024. Roughly two-thirds of fund capital is reserved for follow-on investments. Fund III is classified as an Article 8 fund under EU sustainability disclosure rules, promoting environmental and social objectives, and the firm publishes an annual sustainability report covering ESG and diversity metrics for itself and its portfolio.
The team includes Founding Partner Pirkka Palomäki, Managing Partner Pauliina Martikainen(-Rahnu), General Partner Paavo Räisänen, Founding Partner Ilkka Kivimäki, Investment Manager Wilson Tukiainen, Head of Finance Irina Miettinen and other operational staff. Portfolio companies cited include quantum computing firm IQM, QMill, Distance Technologies, Ever Cars, IXI, Riff, Norwegian AML platform Strise, payments company Enfuce, animal-free egg white producer Onego Bio, CardioSignal, Aivo Health, Spinnova (IPO 2021), Ultimate (acquired by Zendesk) and Revela (acquired by Oddity).
Business model
Maki.vc operates as a venture capital fund manager, raising capital from limited partners and deploying it as minority equity investments in early-stage companies. Its third fund has more than 50 limited partners (61 according to one report), including the Finnish state-owned investor Tesi (Finnish Industrial Investment), insurer Ilmarinen, pension funds Varma and Elo, banks Nordea and OP, and a significant share of family offices, founders and operators from companies such as Skype, Wise, RELEX Solutions, WithSecure, Aiven and Supercell.
Fund management, deriving returns from equity stakes in portfolio companies realised through exits such as trade sales and IPOs; the firm states it does not disclose its returns.
Traction
Three funds raised since 2018, with Fund III at €100m and more than 50 limited partners. The 2023 sustainability report surveyed 32 portfolio companies. Realised outcomes include Spinnova's 2021 IPO, Ultimate's acquisition by Zendesk and Revela's acquisition by Oddity; portfolio company IQM has been reported as planning a US listing at an initial $1.8bn valuation.
Latest developments
Fund III (€100m) was announced in November 2024 and is listed as open from November 2024. The firm published its 2023 and 2025 sustainability reports, and announced Pauliina Martikainen-Rahnu as Managing Partner. Portfolio company IQM has been reported as preparing a US share listing at an initial $1.8bn valuation.
▸Full profile — market position, go-to-market, geography, history
Market position
Maki.vc is described as a Helsinki-based deep tech investor and, alongside firms such as Inventure and Lifeline Ventures, frequently the first institutional investor in Finnish startups. Its €100m third fund makes it one of the larger dedicated pre-seed/seed vehicles in the region. The firm reports that 35% of portfolio companies have a founder or co-founder identifying as female, 15% have gender-diverse boards (against a cited industry average of 12.2%), 65% of its employees and 25% of its partners are female.
Positioning as a first-round, day-zero partner with fast decisions, a large follow-on reserve (two-thirds of fund capital) relative to other pre-seed funds, deep technical diligence capability, and hands-on operational support including interim finance help, market research, hiring and introductions to later-stage global investors. Fund III's Article 8 classification and annual ESG/diversity reporting further distinguish it among regional peers.
Go-to-market
The firm sources deals as an often-first institutional investor in Nordic startups, competing with other Finnish early-stage funds. It markets itself on speed of decision-making, reserved follow-on capital, operator and talent networks, warm introductions to global VCs, and hands-on operational support such as market research, hiring and strategy; founder testimonials and published sustainability reporting are used as positioning tools.
Technical founders of pre-seed and seed-stage companies with global ambitions, primarily in the Nordics and selectively across Northern Europe; the firm has also invested in startups based in Germany, France, the UK and the US. On the capital-raising side, its customers are institutional limited partners, family offices and founder/operator angels.
Geography
Single office in Helsinki, Finland. Investment focus on the Nordics with selective activity across Northern Europe; portfolio companies have been based in Finland, Sweden, Norway, Germany, France, the UK and the US.
History
The firm was founded in 2018 in Helsinki. Its first two funds backed companies including Spinnova, which listed publicly in 2021, Ultimate, acquired by Zendesk, Revela, acquired by Oddity, IQM, Onego Bio, Strise, Enfuce and CardioSignal. Fundraising for the third fund began in autumn 2023, and the €100m Fund III was announced in November 2024, by which point it had already made three to seven investments including Distance Technologies, QMill and Ever Cars. In 2025 Pauliina Martikainen-Rahnu was announced as Managing Partner.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 6
launches, deals, and filingsThe firm announced a new chapter with Pauliina Martikainen-Rahnu as Managing Partner; she is listed as Managing Partner on the firm's team page.
Maki.vc published key takeaways from its Sustainability Report 2025.
Maki.vc announced the close of its third fund, a €100m vehicle for pre-seed and seed investments in the Nordics and Northern Europe. Reported to have 61 LPs (over 50 per another report), including Tesi, Ilmarinen, Varma, Elo, Nordea and OP, plus family offices and founders/operators from Skype, Wise, RELEX Solutions, WithSecure, Aiven and Supercell. Classified as an Article 8 fund; two-thirds reserved for follow-ons.
Maki.vc released its 2023 Sustainability Report, surveying 32 portfolio companies on diversity and ESG metrics.
Maki.vc led a €2.2m seed round for health technology company CardioSignal.
Maki VC invested alongside Courage Ventures and angel investors in a €2m ($2.4m) seed round for Espoo-based Aivo Health.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 8
primary sources listed
- Maki VCmaki.vc · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Maki VC do?
- Helsinki-based early-stage venture capital firm backing deep tech and brand-driven founders in the Nordics and Northern Europe.
- Who are Maki VC's investors?
- Maki VC's investors include Beast Ventures, Peak, Tesi (Finnish Industry Investment Ltd), Maki.vc, Specialist VC.