Wave Ventures is a Helsinki-based venture capital firm founded in 2016, recognized as Europe's largest Gen Z-led VC fund. The firm is operated by a rotating team of top university students embedded in startup ecosystems across Helsinki, Stockholm, and Tallinn. This unique structure provides Wave with real-time access to emerging innovation communities, allowing them to identify and support promising Gen Z founders across the Nordics and Baltics.
Wave Ventures concentrates on backing Gen Z founders at the earliest stages, particularly in angel and pre-seed rounds. The firm targets investments across various sectors, including climate tech, health, fintech, and infrastructure, with a keen interest in startups leveraging generative AI, no-code platforms, and open-source tools.
Wave aims to invest in 3 to 10 new teams per country each year, with typical investment sizes up to €100,000.
In May 2025, Wave Ventures announced the closing of its third fund at €7 million, tripling the size of its previous fund. This milestone solidifies Wave's position as the leading early-stage backer of Gen Z founders in the Nordics and Baltics. Fund III is supported by a diverse group of investors, including the founders of Slack, Bolt, Skype, Supercell, Wolt, Silo AI, and Smartly.io, as well as European early-stage VCs and family offices.
With Fund III, Wave Ventures plans to scale its investment approach across the Nordics and Baltics, deepening its presence in university startup ecosystems. The firm will continue to focus on first-ticket angel and pre-seed investments, aiming to support 3 to 10 new teams per country each year with investments up to €100,000. This strategy aligns with Wave's mission to identify and back exceptional Gen Z founders earlier than any other investor.
Wave Ventures' distinctive model, operated entirely by a rotating team of Gen Z investors, enables the firm to maintain close proximity to emerging startup communities. This approach allows Wave to engage with promising founders often before they gain attention from other investors. The firm's CEO, Antonia Eneh, emphasizes the importance of this strategy, stating that being peers with the founders they back gives Wave a real advantage in finding the next standout entrepreneurs.
Notable Investments
Wave Ventures has made over 50 early-stage investments, including Inven, Intergrid, Exa Laboratories (YC S24), Vetnio (YC W25), Paebbl, Normative, Carbo Culture, Noice, ThirdTime Games, Iona Health, and Calqulate. These investments span various sectors, reflecting Wave's commitment to supporting diverse and innovative Gen Z-led startups across the Nordics and Baltics.
