Vendep Capital is a Helsinki based venture capital firm founded in 2013 that backs early stage SaaS founders across the Nordics and Baltics. The firm has built a strong reputation as a specialist investor in enterprise software, with a track record of supporting founders through go to market expansion, international scaling, and repeatable revenue growth. Vendep positions itself as an operationally minded partner with deep regional knowledge and global networks, consistently backing companies that evolve into internationally competitive SaaS leaders.
Vendep invests in AI first SaaS companies, enterprise software platforms, and data driven digital products originating in the Nordic and Baltic markets.
Over the past decade the firm has become one of the most recognized early stage B2B software investors in the region, with a focus on scalable recurring revenue models and product led growth.
Its thesis emphasizes AI native software, workflow automation, data infrastructure, and vertical SaaS categories with clear global potential.
Vendep Capital closed its fourth fund at 80 million euros to continue backing early stage AI first SaaS companies in the Nordics and Baltics.
The fund secured commitments from Tesi, the Finnish state owned investment company, as well as pension fund Elo, several family offices, and a group of experienced angel investors.Fund IV is designed to invest in approximately twenty startups, with initial ticket sizes ranging from 0.1 to 3 million euros and follow on reserves for companies that demonstrate strong traction.
The vehicle expands the firm’s long term strategy of investing at pre seed, seed, and Series A stages, while doubling down on artificial intelligence as a foundational driver of the next generation of European SaaS companies.
Vendep’s team highlights AI as a transformative force that enables software systems to learn, adapt, and automate complex workflows without sacrificing the predictable economics of SaaS.With this fund the firm reinforces its goal of partnering with founders from the earliest stages of company building, providing hands on mentorship, community access, and a network of international operators to support global market expansion.
The fund also extends Vendep’s role as a key institutional leader within the Nordic and Baltic SaaS ecosystem.
Leadership
Vendep Capital is led by General Partners Sakari Pihlava and Sami Ahvenniemi, supported by a broader investment and platform team with strong backgrounds in enterprise software, technical product development, and international go to market execution. The partners bring experience as operators, investors, and advisors within the European software landscape, and have been central figures in the growth of the Nordic SaaS community through initiatives such as the SaaS Camp program and multiple founder education platforms.
Investment Strategy
Vendep follows a focused and conviction driven strategy centered on early stage enterprise SaaS and AI native software companies. The firm looks for founders with strong domain knowledge, early signs of customer validation, defensible product advantages, and scalable recurring revenue models.
Vendep places a strong emphasis on predictable unit economics, product led growth fundamentals, and early indicators of international market fit. The strategy includes close involvement with portfolio teams, particularly on sales readiness, early enterprise customer development, and expansion into North American and Western European markets.
Notable Investments
Vendep has backed several successful Nordic and Baltic SaaS companies, including:
These companies reflect the firm’s focus on globally scalable enterprise software with strong market demand, robust data driven capabilities, and repeatable revenue models. Vendep’s earlier funds also participated in the growth of multiple regional SaaS leaders that have since expanded internationally.
Notable Exits
Vendep has achieved multiple exits through acquisitions and secondary transactions, consistent with the long development cycles typical of enterprise SaaS.
Its historical portfolio includes companies that have scaled into international markets and been acquired by larger technology players, although specific public disclosures vary by company and region.
Other
Vendep Capital is one of the most experienced SaaS focused early stage investors in Northern Europe, with a decade long track record of backing companies from the Nordics and Baltics that grow into globally competitive software businesses.
Its operational programs, especially SaaS Camp, offer structured support for founders building go to market strategies and preparing for international expansion.
Vendep’s emphasis on AI first SaaS gives the firm a differentiated position in a rapidly evolving European software landscape.
Finland
