Icebreaker.vc’s first year, part I – increasing the fund size

Hey there! It's time to wrap up our first year.

I guess it’s fair to say that it has been a rather busy year for us. While increasing our fund size we’ve also been the most active VC investor in Finland. In addition, we've invested in developing our community and venturing tools for pre-founders and founders. 

This post (part I) focuses on our fund's final closing. Stay tuned for the part II and III where we talk more about the investments and community development.

From €14 million to €20 million 

On December 19, 2016 we needed to buy a new printer for the firm 🖨  in order to file a big pile of paper to the Finnish Patent and Registration Office. The papers included €14 million worth of subscription forms from our LPs (i.e. fund’s investors). The first & bold investors who believed in our vision and mission – before we have made any investments as the Icebreaker team – were Tekes VC, OP Financial Group, Elo Mutual Pension Insurance Company, Merimieseläkekassa (Seafarers' Pension Fund, Tradeka Investment, Ålands Ömsesidiga Försäkringsbolag together with several family offices, business angles and seasoned tech entrepreneurs. 

Today, we are happy to announce that our first fund was oversubscribed and reached its maximum size of €20 million in December 2017 🚀  

As we’re mainly investing in Finnish startups, and in the spirit of #suomi100 🇫🇮 💯 we’re proud to announce that roughly 10% of the fund was subscribed by foreign investors, mostly from the UK and Germany (e.g. Draper Esprit and HR Ventures). In addition, we're excited that the largest private investor in Finland, i.e. Varma Mutual Pension Insurance Company came on board subscribing 10% of the fund. Other investors – who capitalized on the opportunity before it was too late – were few Finnish family offices and tech entrepreneurs. 

At this point we want to thank all of our investors for supporting us with our mission 🙏 . Icebreaker was founded to build better companies together. We've already witnessed that great things happen when talented people help and push each other forward. Next week we are going to talk more about the investments, Pre-Founder Projects, team formation and how ambitious people have found their next thing through the Icebreaker Community. So stay tuned for the part II and III 👀

Best,

Lasse, Riku, Aleksi & Teddie