Vendep
also invests · investor profileFounded 2016 · 11 employees on LinkedIn · 1 known investors
Vendep Capital is a venture capital firm that backs AI-native B2B software founders across the Nordics and Baltics, investing in a small number of teams each year with follow-on capital and operator support.
Also known as Vendep Capital · Vendep Capital Oy
Investors · 1
Company profile
researched Aug 2026Vendep Capital is a Finnish venture capital firm focused exclusively on early-stage B2B SaaS, investing in AI-native software companies based in the Nordics and Baltics. The firm invests from pre-seed to Series A, with seed described as its sweet spot, and typically leads rounds with initial tickets of €0.1M–€3M. It reserves capital for follow-on participation in later rounds of portfolio companies. Vendep operates from an office in Keilaniemi, Espoo, Finland, and states an eight-person team of former founders and operators combining venture capital and software industry experience.
In November 2025 the firm announced the close of its fourth fund at €80 million, intended to back around 20 early-stage SaaS startups across the Nordics and Baltics, with fundraising remaining open for additional investors until April 2026. Fund IV investors include Finnish state-owned investment company Tesi, Pension Insurance Company Elo, KRR, Sitra, Saastamoinen Foundation, Gösta Serlachius Fine Arts Foundation and Teknologiateollisuus, alongside family offices and individual investors. Reported assets under management figures are €190 million (company site) and €111 million (Vestbee), with the fourth-fund press release describing almost €200 million under management.
Beyond capital, Vendep runs a portfolio platform that includes peer sessions, a Slack community, learning events with operators and experts, curated introductions for hiring and fundraising, and an annual portfolio retreat. Named portfolio and track-record companies include AlphaSense, Hostaway, Leadfeeder, Happeo, Agileday, Syncle, PatentRenewal.com, Bookboost, Inven, Complir, GitHits, Test of Things and Cluby. The firm states it has led more than 35 investments.
Business model
Vendep raises and manages closed-end venture capital funds from institutional limited partners, family offices and individual investors, deploying capital into equity stakes in early-stage B2B SaaS companies and providing follow-on capital in subsequent rounds. Returns are generated from exits of portfolio companies; the firm also provides non-capital support such as community, learning and network introductions to portfolio companies.
As a fund manager, Vendep's economics derive from managing committed capital in its funds (including the €80M Fund IV) and from returns on equity investments in portfolio companies rather than from product sales.
Traction
Vendep reports approximately €190 million under management on its website (with €111 million cited by Vestbee and almost €200 million cited in the Fund IV press release), a current fund of €80 million with a 2025 vintage, and more than 35 led investments. Self-reported platform metrics include 100% follow-on participation in the next externally led round, 78% of portfolio A-rounds originating from Vendep introductions, and 85% follow-on participation in the last fund. Fund IV had made two investments — one in Denmark and one in Finland — at the time of its announcement. Recent portfolio activity cited includes Agileday's €6.4M Series A, Vendep co-leading Inven's $12.75M Series A, an investment in hospitality CRM Bookboost, and new investments in Complir, GitHits and Test of Things.
Latest developments
In November 2025 Vendep announced the close of its fourth fund at €80 million, with fundraising open to new investors until April 2026 and two initial investments made in Denmark and Finland. Other recent firm news includes the promotion of Timo Felin to Partner, investments in Complir (Copenhagen, retail product compliance), GitHits (Helsinki, code retrieval for AI coding agents) and Test of Things (cybersecurity compliance testing for IoT/OT device makers), Complir's acceptance into the Y Combinator Spring 2026 batch, portfolio company Agileday's €6.4M Series A alongside Newion and Specialist VC, and the Vendep Portfolio Retreat 2026.
▸Full profile — market position, go-to-market, geography, history
Market position
Sources describe Vendep as a Finnish SaaS-specialist investor with one of the stronger SaaS track records in the Nordics, positioned as an early-stage specialist rather than a generalist fund. Cited evidence includes 35+ led investments, breakout portfolio names such as AlphaSense, Hostaway, Leadfeeder and Happeo, and self-reported metrics of 100% follow-on in the next externally led round and 78% of portfolio A-rounds coming from Vendep introductions. The firm's stated thesis is that AI-first products are the next chapter of SaaS rather than a replacement for it.
The firm positions itself around a deliberately narrow focus — B2B SaaS only, Nordics and Baltics only, pre-seed to Series A — and a small number of high-conviction investments per year so that each receives hands-on attention from a team of former founders and operators. Stated differentiators include meaningful follow-on capital, introductions into international VC networks for subsequent rounds, and a structured portfolio platform of peer sessions, Slack community, expert learning sessions and an annual retreat.
Go-to-market
Vendep sources deals through an open pitch form on its website — stating no warm introduction is required and that all submissions are reviewed weekly by the investment team — as well as through its founder and investor networks. Its process moves from an initial deck or call to a deeper meeting, a full-team pitch, customer reference checks, due diligence and term sheet discussions. Content marketing (insights articles, founder stories, SaaS Camp sessions), an annual portfolio retreat and a newsletter support visibility with founders.
Pre-seed to Series A B2B software companies headquartered in the Nordics or Baltics, typically with two or more co-founders, a mix of product and commercial capability, and early traction. The firm states it does not invest in consumer apps, hardware, or companies outside its core region. On the LP side, its investors include Nordic institutional funds, pension insurers, foundations, family offices and angels.
Geography
Headquartered in Espoo, Finland (Keilaranta 8, Keilaniemi), with an investment mandate covering the Nordics and Baltics; team contacts include a Latvia-based investment manager and portfolio activity in Finland and Denmark. The firm cites investor networks in London and the US to support portfolio companies' later rounds.
History
Sources state Vendep was established in 2013 as an early-stage venture capital fund focused exclusively on B2B SaaS. Sakari Pihlava is described as a founding partner. By November 2025 the firm had raised four funds, with the fourth closing at €80 million, and reported having led more than 35 investments, including AlphaSense, Hostaway, Leadfeeder and Happeo. In firm news, Timo Felin was promoted to Partner, taking equal responsibility for investments, fundraising and long-term development.
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 · 8
launches, deals, and filingsVendep Capital announced the close of its fourth fund at €80 million to invest in around 20 early-stage B2B SaaS startups across the Nordics and Baltics from pre-seed to Series A, with ticket sizes of €0.1M–€3M and a focus on AI-first products. The fund reached target size with fundraising open to new investors until April 2026. Backers include Tesi, KRR, Sitra, Pension Insurance Company Elo, Saastamoinen Foundation, Gösta Serlachius Fine Arts Foundation and Teknologiateollisuus, plus new institutional LPs, family offices and individual investors. Two investments, one in Denmark and one in Finland, had already been made.
Timo Felin became a full partner at Vendep Capital, with equal responsibility for investments, fundraising and long-term development.
Agileday raised a €6.4M Series A backed by Newion, Specialist VC and Vendep Capital to accelerate international growth.
Vendep co-led a $12.75 million Series A in portfolio company Inven, which planned to double headcount and expand in North America on the back of a 700+ client base and 670% year-over-year growth.
$12.8M source ↗
Vendep invested in Copenhagen-based Complir, which automates manual work behind retail product compliance; the company was subsequently accepted into the Y Combinator Spring 2026 batch.
Vendep invested in Helsinki-based GitHits, which helps AI coding agents and developers find accurate, up-to-date open source code examples.
Vendep invested in Test of Things, whose AI-powered platform automates cybersecurity compliance testing for IoT and OT device manufacturers.
Vendep announced an investment in Bookboost, a CRM and guest communication platform for hospitality brands.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Vendepvendep.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Vendep do?
- Finnish early-stage venture capital firm investing in AI-native B2B SaaS companies across the Nordics and Baltics.
- Who are Vendep's investors?
- Vendep's investors include Tesi (Finnish Industry Investment Ltd).