Greencode Ventures launches €40M fund to support green startups in Europe

Helsinki-based VC firm Greencode Ventures has announced the first close of a €40 million fund. It will focus on supporting European green startups while uplifting female founders at the same time. The final fund size is expected to reach €60 — €100 million, Tech.eu reports.

• Founded in late 2022 by Dr. Terhi Vapola and Kaisa Hietala, Greencode Ventures invests in the most ambitious and impactful digital-first green transition startups from seed to series A+, primarily in Europe and Israel. The fund’s priority industries are green energy, green mobility, and green cities.
• The fund’s backers include Business Finland Venture Capital, Nordea Life Assurance Finland, Pohjola Insurance, OP Life Assurance Company, Konstsamfundet Ventures, Kelonia, Stephen Industries, Atavus, Nidoco, Halton Ventures, Ikorni Invest, Tre Smeder, KJL Consulting and other experienced LPs.

Greencode Ventures has already made its first investment through the fund. The firm invested in Supercritical, a cutting-edge marketplace for carbon removal, during its €13 million Series A round.