Maki.vc

Maki.vc is a venture capital firm based in Helsinki, Finland, established in 2018. The firm specializes in early-stage investments, focusing on seed and Series A rounds, with the possibility of participating in Series B rounds as well. Maki.vc targets a diverse range of industries, placing particular emphasis on deep tech, artificial intelligence, machine learning, healthcare technology, and consumer products. Investment amounts vary from €0.2 million to €750,000 at the seed stage and from €750,000 to €5 million at Series A. While the firm primarily focuses on the Nordic region, it also seeks opportunities globally, particularly in markets such as Germany, France, the United Kingdom, and the United States. Maki.vc partners with innovative companies that challenge category norms and demonstrate strong intellectual property and customer insights.

Caroline Gattner

Investment Manager

Ilkka Kivimaki

Founding Partner

Petra Koivuvaara

Investor

Jaakko Lehtinen

Partner

Pauliina Martikainen

Partner

Pirkka Palomäki

Founding Partner

Paavo Räisänen

Partner

52 past transactions

Happeo

Series B in 2022
The all-in-one enterprise social intranet, knowledge base, digital workplace, Internal Communications tool and people directory – all working perfectly with Google Suite. Happeo turns G Suite into a unified hub for teamwork. It facilitates managing remote teams and collaboration for enterprise and fast-growing organizations. In 2019, Gartner named Happeo a Cool Vendor. That same year, The Next Web recognized Happeo as one of Europe's fastest-growing scale-ups. Happeo’s own talent is spread across locations, generations, and time zones, helping Happeo’s continued growth of 280% year on year. To learn more visit https://www.happeo.com.

QDI systems

Seed Round in 2022
QDI Systems B.V., located in Groningen, the Netherlands, specializes in the development of advanced imaging devices utilizing quantum dot technology for medical applications. The company focuses on creating X-ray sensors that enhance the quality of medical imaging by providing high contrast and resolution in mammograms. These innovations not only improve diagnostic capabilities for healthcare professionals but also aim to reduce radiation exposure for patients, promoting safer imaging practices. QDI Systems offers a detailed methodology for producing high-performance devices, ensuring accessibility and ease of use for medical providers seeking to implement cutting-edge imaging solutions.

Lollipop

Seed Round in 2022
Lollipop is an online grocery shopping platform that includes personalized meal plans.

Outshifter

Pre Seed Round in 2022
Outshifter is a developer of embedded e-commerce software that facilitates online distribution by allowing businesses to sell products or services directly within content, eliminating the need for upfront costs or inventory management. Its platform provides access to standardized product data from multiple suppliers in a universal format, enabling clients to easily discover and collaborate with new suppliers. Outshifter's technology supports native multi-vendor checkout, enhances customer retention, and allows users to earn commissions through a streamlined sales process. Additionally, the platform enables bi-directional data synchronization with any e-commerce system, empowering clients to make informed decisions based on comprehensive statistics. This innovative approach positions Outshifter as a valuable partner for businesses looking to scale their online sales efficiently.

AISTI

Seed Round in 2022
AISTI develops wood fiber-based acoustic tiles that are carbon negative, easy to recycle and plastic-free – bringing sustainability to construction tile by tile.

Valpas

Seed Round in 2022
Valpas Enterprises Oy is a Finnish company based in Helsinki that specializes in developing and manufacturing solutions to prevent bed bug infestations in the hospitality industry. The company's primary product is the Smart bed leg, a hardware technology designed to trap bed bugs, ensuring safety for both guests and hotels. Additionally, Valpas offers a web service that provides real-time updates on room status, enhancing operational efficiency. Valpas's solutions are highly regarded by notable hotels and temporary living providers, helping them maintain high hygiene standards while alleviating concerns over bed bugs. Founded in 2013 and previously known as Totem Hospitality Oy, Valpas aims to boost bookings and minimize operational headaches for its clients.

Zevoy

Series A in 2022
Developer of an expense management technology designed to to provide companies with simple financial services so that they have more time for their business. The company offers business payment cards and fast software with a receipt scanning application and administration hub which automates all company expenses in real-time, enabling organizations to save time and money while increasing employee satisfaction.

Onego Bio

Seed Round in 2022
Onego Bio is a biotechnology company focused on producing animal-free egg white protein through precision fermentation. Their innovative ingredient, Bioalbumen, offers a sustainable alternative with the same taste and nutritional profile as traditional egg whites, while boasting superior functional characteristics and over a 90% reduction in environmental impact compared to conventional egg production. Onego Bio's scalable technology meets the growing demand from the food industry for stable, sustainable functional ingredients. The company has received recognition for its contributions to sustainability, including being named a winner of Fast Company’s 2023 World Changing Ideas awards. Additionally, Onego Bio is a co-founder of two industry associations, the Precision Fermentation Alliance and Food Fermentation Europe, further solidifying its role in advancing sustainable food technologies.

Enfuce

Series C in 2021
Enfuce Financial Services Oy, founded in 2016 and based in Espoo, Finland, specializes in providing a cloud-based payment platform tailored for banks, fintechs, and merchants. The company offers a range of services, including open banking, payment processing, issuing and acquiring solutions, as well as sustainability services like a carbon footprint tracker. Enfuce's innovative technology and compliance expertise enable it to deliver scalable and secure solutions to its clients, facilitating their financial operations and expansions. With a workforce of over 50 professionals in the Nordics, Enfuce supports nearly 10 million end-users on its platform, ensuring efficient monitoring, reporting, and handling of disputes and errors in financial transactions.

Singa

Funding Round in 2021
Singa is the Spotify of karaoke for personal and commercial use. Access a catalog of 20 000+ songs to sing effortlessly anywhere, any time and with any platform. Easy to use is Singa’s main operating principle. You don’t need to buy a console, or a microphone, or even a DVD-player. Singa is platform agnostic. To use Singa, you’ve already got everything you need either in your pocket (mobile phone), on your table (PC) or in your living room (TV). * One account works on all devices, mobile, browser or Smart TV * Each user gets to test Singa for free before signing up to a Premium account * Singa works fluently with external accessories

OGOship

Seed Round in 2021
OGOship / Nettivarasto is an easy and flexible logistics solutions for growing online stores. It makes it possible for companies to easily outsource their entire physical goods warehousing and logistics. The company provide the entire warehousing and logistics package: warehouse and maintain stock, send goods globally with the best possible freight forwarders, and provide a variety of added value services usually available only for larger retailers.

Alvar Pet

Seed Round in 2021
Alvar Pet Oy produces dog food. The company allows the customer to create suitable recommendation for dog food according their dog’s needs. The company’s products include dog food for an adult dog, small dog, puppy, biting dog, seniors, vegetarian dog, active do, and big dog. The company also provides transportation of raw materials to the consumer’s door, and the recycling of packaging material service. The company provides home delivery service. Alvar Pet Oy was incorporated in 2019 and is based in Helsinki, Finland.

Baseimmune

Seed Round in 2021
Baseimmune is a biotech startup founded to create the next generation of vaccines.

CarbonCloud

Seed Round in 2021
Developer of a research-based food-tech startup designed to calculate and analyze climate footprint. The company's web-based Software as a service (SaaS) solution calculates the climate footprints of food products and production processes, enabling food producers across the world to calculate and analyze the climate footprints of product portfolios at a fraction of the cost and time spent on traditional consultancy-based life-cycle assessments.

Jennis

Pre Seed Round in 2021
Jennis develops an application that offers information and services on women's menstrual cycle. It provides fitness training ideas, cycle mapping data, and food nutrition related to the hormonal cycle. Jennis is based in Wimbledon, London.

CardioSignal

Seed Round in 2021
Developer of a digital cardiac biomarker designed for self-monitoring, remote care, and point-of-care diagnostics. The company's software provides features such as atrial fibrillation detection, vitals and heart physiology, measurement history, insights and news feed, measurement reminders, and more, enabling clients to prevent strokes and heart attacks and improve outcomes.

Zevoy

Funding Round in 2021
Developer of an expense management technology designed to to provide companies with simple financial services so that they have more time for their business. The company offers business payment cards and fast software with a receipt scanning application and administration hub which automates all company expenses in real-time, enabling organizations to save time and money while increasing employee satisfaction.

Lollipop

Pre Seed Round in 2021
Lollipop is an online grocery shopping platform that includes personalized meal plans.

Volare

Seed Round in 2021
Operator of a food technology company intended to reduce the environmental burden of the food chain. The company offers sustainable drop-in proteins and lipids, an amazing insect, the black soldier flies, and proprietary technology, helping food manufacturers and processors reach their sustainability targets by upcycling their side streams back into the food chain as high-quality protein and lipid ingredients.

Pixieray

Seed Round in 2021
Pixieray modernizes traditional eyeglass optics by introducing a pioneering adaptive solution giving anyone perfect vision.

Baseimmune

Seed Round in 2021
Baseimmune is a biotech startup founded to create the next generation of vaccines.

Enfuce

Series B in 2021
Enfuce Financial Services Oy, founded in 2016 and based in Espoo, Finland, specializes in providing a cloud-based payment platform tailored for banks, fintechs, and merchants. The company offers a range of services, including open banking, payment processing, issuing and acquiring solutions, as well as sustainability services like a carbon footprint tracker. Enfuce's innovative technology and compliance expertise enable it to deliver scalable and secure solutions to its clients, facilitating their financial operations and expansions. With a workforce of over 50 professionals in the Nordics, Enfuce supports nearly 10 million end-users on its platform, ensuring efficient monitoring, reporting, and handling of disputes and errors in financial transactions.

Calqulate

Seed Round in 2021
Cash Runway and Growth Metrics for SaaS

Altum Technologies

Venture Round in 2021
Altum Technologies Oy specializes in power ultrasound technology to effectively remove fouling from industrial equipment, offering solutions that enhance process efficiency across various sectors, including mining, paper, oil and gas, and chemical production. Founded in 2016 and headquartered in Helsinki, Finland, the company has developed six specialized devices for key equipment such as filters, heat exchangers, pipes, reactors, cooling towers, and tanks. Altum's innovative approach allows for cleaning without production downtime, eliminating the need for chemicals, reducing maintenance, and improving health and safety. Their unique software-guided system utilizes advanced beam-forming techniques to target and eliminate various types of fouling—such as biofouling, mineral scaling, and chemical fouling—while ensuring compliance with environmental regulations. This patented technology can be externally applied to existing equipment without requiring modifications, making it a versatile solution for industries facing significant fouling-related costs.

Ultimate

Series A in 2020
ultimate.ai is a virtual customer service agent builder bringing multilingual customer service automation to businesses. The company's s proprietary deep learning technology enables customer service automation in all languages. Automate first-line customer contact across chat, email, and social, increase agent productivity by over 30% for complex cases, and continuously learns to improve the quality of automated and assisted support.

IQM

Series A in 2020
IQM Finland Oy is a company that specializes in the development and manufacturing of hardware systems for quantum computing. Founded in 2018 and headquartered in Espoo, Finland, IQM focuses on creating scalable quantum processors based on superconducting technology. The company aims to advance quantum computing capabilities, facilitating solutions that can benefit both industry and society. As a spin-out from Aalto University and the VTT Technical Research Centre of Finland, IQM has made significant strides in areas such as thermal management, which enhances computational speed and information accuracy. These innovations establish IQM as a key player in the global movement towards practical, large-scale quantum computing solutions.

TOTEM

Seed Round in 2020
Totem SAS, based in Saint-Mandé, France, specializes in creating modular cafeterias and vending solutions for office environments. Established in 1997, the company aims to enhance workplace culture by providing spaces that promote sharing and social interaction among employees. Its offerings include healthy snacks, beverages, coffee, and fresh fruits, designed to support convenient access to nutritious options throughout the day. By focusing on employee well-being and fostering a sense of community, Totem seeks to improve the overall workplace experience.

Disior

Series A in 2020
Disior Oy is a Finnish company specializing in software solutions for diagnostics and treatment optimization in medical imaging. Established in 2016 and headquartered in Helsinki, Disior's software enables automatic measurement of critical parameters such as shapes, sizes, and volumes from CT and MRI images. By creating mathematical 3D models of tissues, the software aids in fracture detection, visualization for surgical planning, and modeling of strength and durability. It is particularly applicable for maxillofacial, wrist, and orbital fractures, allowing healthcare professionals to analyze images effectively and predict changes in critical structures over time. Disior’s technology combines expertise in engineering, research and development, and medical fields, ensuring accurate and reproducible measurements that enhance diagnostic accuracy and patient-specific treatment planning.

Rentle Oy

Seed Round in 2020
Rentle Oy develops software solutions for rental companies. The company was founded in 2014 in and is based in Espoo, Finland.

CarbonCloud

Seed Round in 2020
Developer of a research-based food-tech startup designed to calculate and analyze climate footprint. The company's web-based Software as a service (SaaS) solution calculates the climate footprints of food products and production processes, enabling food producers across the world to calculate and analyze the climate footprints of product portfolios at a fraction of the cost and time spent on traditional consultancy-based life-cycle assessments.

Alvar Pet

Seed Round in 2020
Alvar Pet Oy produces dog food. The company allows the customer to create suitable recommendation for dog food according their dog’s needs. The company’s products include dog food for an adult dog, small dog, puppy, biting dog, seniors, vegetarian dog, active do, and big dog. The company also provides transportation of raw materials to the consumer’s door, and the recycling of packaging material service. The company provides home delivery service. Alvar Pet Oy was incorporated in 2019 and is based in Helsinki, Finland.

Happeo

Series A in 2020
The all-in-one enterprise social intranet, knowledge base, digital workplace, Internal Communications tool and people directory – all working perfectly with Google Suite. Happeo turns G Suite into a unified hub for teamwork. It facilitates managing remote teams and collaboration for enterprise and fast-growing organizations. In 2019, Gartner named Happeo a Cool Vendor. That same year, The Next Web recognized Happeo as one of Europe's fastest-growing scale-ups. Happeo’s own talent is spread across locations, generations, and time zones, helping Happeo’s continued growth of 280% year on year. To learn more visit https://www.happeo.com.

BLAST Premier

Venture Round in 2020
BLAST Premier is an esports entertainment company that specializes in broadcast studio shows, arena events, and online content.

Strise

Seed Round in 2020
Strise AS, founded in 2016 and based in Trondheim, Norway, specializes in artificial intelligence and machine learning solutions tailored for financial institutions. The company offers a comprehensive data platform designed to streamline operations and enhance decision-making by integrating vast amounts of information through knowledge graphs. This platform enables organizations to tackle complex business challenges, including anti-money laundering, credit risk assessment, and sales prospecting, without the hindrance of data silos. By fostering collaboration between users and data, Strise aims to transform enterprise software and facilitate growth while minimizing risk for its clients.

Neuro Event Labs

Series A in 2020
Neuro Event Labs Oy is a Finnish medical technology company founded in 2015 and based in Tampere. The company specializes in developing artificial intelligence-powered software that monitors epilepsy patients both at home and in clinical settings. Its primary product collects and analyzes accurate data on epilepsy seizures through the use of video and various sensors, leveraging computer vision, smart analytics, and machine learning. This data is relayed to healthcare providers, allowing them to make informed treatment decisions tailored to individual patients. The solution has been crafted in collaboration with leading hospitals in Finland, enhancing its reliability and effectiveness in managing epilepsy care.

Entis

Venture Round in 2020
Entis is a brand specializing in insect-based food products that serve as an alternative source of protein. The company offers a range of snacks made from insect and vegetable proteins, designed for direct consumption or incorporation into various dishes. These products aim to provide consumers with nutritious and flavorful options to help meet their daily dietary requirements.

Mainframe

Series A in 2020
Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that the promise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.

Enfuce

Venture Round in 2019
Enfuce Financial Services Oy, founded in 2016 and based in Espoo, Finland, specializes in providing a cloud-based payment platform tailored for banks, fintechs, and merchants. The company offers a range of services, including open banking, payment processing, issuing and acquiring solutions, as well as sustainability services like a carbon footprint tracker. Enfuce's innovative technology and compliance expertise enable it to deliver scalable and secure solutions to its clients, facilitating their financial operations and expansions. With a workforce of over 50 professionals in the Nordics, Enfuce supports nearly 10 million end-users on its platform, ensuring efficient monitoring, reporting, and handling of disputes and errors in financial transactions.

Glue Collaboration

Seed Round in 2019
In 2004, Santtu Parikka founded Fake Production, a VR and gaming studio that won multiple awards for animation. In recent years, as their passion for all things VR/AR has grown, they’ve been drawn to an important challenge: to enable people thousands of miles apart to collaborate effectively in virtual environments, just as they might in a real physical setting. In 2016, Santtu and their CTO Juha Ruistola revealed the first multi-user VR prototypes. These proved an instant hit. A year later, as they crystallized their new mission, vision and strategy, Glue was born. Since then, their 30-strong team has continued to build on their legacy and break new ground in multi-user VR software, developing Glue into the fully-featured virtual collaboration platform they are today.

Ultimate

Seed Round in 2019
ultimate.ai is a virtual customer service agent builder bringing multilingual customer service automation to businesses. The company's s proprietary deep learning technology enables customer service automation in all languages. Automate first-line customer contact across chat, email, and social, increase agent productivity by over 30% for complex cases, and continuously learns to improve the quality of automated and assisted support.

Mainframe

Seed Round in 2019
Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that the promise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.

Revonte

Seed Round in 2019
Revonte Ltd. specializes in manufacturing advanced drive systems for electric bicycles. Founded in 2016 and based in Tampere, Finland, the company offers a unique solution that enhances the capabilities of e-bike manufacturers across various categories. Revonte's drive systems feature automatic transmission, ergonomic design, a flexible controller, and high-capacity batteries, all of which can be customized via a mobile application to meet specific retailer needs. The technology integrates Internet of Things (IoT) capabilities, allowing for remote diagnostics and over-the-air updates, which improve both the user experience and after-sale services. Through its innovative approach, Revonte aims to revolutionize the e-bike industry by providing manufacturers with greater flexibility and enhanced performance options.

IQM

Seed Round in 2019
IQM Finland Oy is a company that specializes in the development and manufacturing of hardware systems for quantum computing. Founded in 2018 and headquartered in Espoo, Finland, IQM focuses on creating scalable quantum processors based on superconducting technology. The company aims to advance quantum computing capabilities, facilitating solutions that can benefit both industry and society. As a spin-out from Aalto University and the VTT Technical Research Centre of Finland, IQM has made significant strides in areas such as thermal management, which enhances computational speed and information accuracy. These innovations establish IQM as a key player in the global movement towards practical, large-scale quantum computing solutions.

Ultimate

Seed Round in 2018
ultimate.ai is a virtual customer service agent builder bringing multilingual customer service automation to businesses. The company's s proprietary deep learning technology enables customer service automation in all languages. Automate first-line customer contact across chat, email, and social, increase agent productivity by over 30% for complex cases, and continuously learns to improve the quality of automated and assisted support.

Altum Technologies

Series A in 2018
Altum Technologies Oy specializes in power ultrasound technology to effectively remove fouling from industrial equipment, offering solutions that enhance process efficiency across various sectors, including mining, paper, oil and gas, and chemical production. Founded in 2016 and headquartered in Helsinki, Finland, the company has developed six specialized devices for key equipment such as filters, heat exchangers, pipes, reactors, cooling towers, and tanks. Altum's innovative approach allows for cleaning without production downtime, eliminating the need for chemicals, reducing maintenance, and improving health and safety. Their unique software-guided system utilizes advanced beam-forming techniques to target and eliminate various types of fouling—such as biofouling, mineral scaling, and chemical fouling—while ensuring compliance with environmental regulations. This patented technology can be externally applied to existing equipment without requiring modifications, making it a versatile solution for industries facing significant fouling-related costs.

Happeo

Seed Round in 2018
The all-in-one enterprise social intranet, knowledge base, digital workplace, Internal Communications tool and people directory – all working perfectly with Google Suite. Happeo turns G Suite into a unified hub for teamwork. It facilitates managing remote teams and collaboration for enterprise and fast-growing organizations. In 2019, Gartner named Happeo a Cool Vendor. That same year, The Next Web recognized Happeo as one of Europe's fastest-growing scale-ups. Happeo’s own talent is spread across locations, generations, and time zones, helping Happeo’s continued growth of 280% year on year. To learn more visit https://www.happeo.com.

Valpas

Seed Round in 2018
Valpas Enterprises Oy is a Finnish company based in Helsinki that specializes in developing and manufacturing solutions to prevent bed bug infestations in the hospitality industry. The company's primary product is the Smart bed leg, a hardware technology designed to trap bed bugs, ensuring safety for both guests and hotels. Additionally, Valpas offers a web service that provides real-time updates on room status, enhancing operational efficiency. Valpas's solutions are highly regarded by notable hotels and temporary living providers, helping them maintain high hygiene standards while alleviating concerns over bed bugs. Founded in 2013 and previously known as Totem Hospitality Oy, Valpas aims to boost bookings and minimize operational headaches for its clients.

Sumpli

Seed Round in 2018
Getting jobs and hiring has never been this easy. At Sumpli they make the impossible possible, by matching the best talent with the most awesome companies, on your mobile with just a few clicks.

Neuro Event Labs

Seed Round in 2018
Neuro Event Labs Oy is a Finnish medical technology company founded in 2015 and based in Tampere. The company specializes in developing artificial intelligence-powered software that monitors epilepsy patients both at home and in clinical settings. Its primary product collects and analyzes accurate data on epilepsy seizures through the use of video and various sensors, leveraging computer vision, smart analytics, and machine learning. This data is relayed to healthcare providers, allowing them to make informed treatment decisions tailored to individual patients. The solution has been crafted in collaboration with leading hospitals in Finland, enhancing its reliability and effectiveness in managing epilepsy care.

Glue Collaboration

Seed Round in 2018
In 2004, Santtu Parikka founded Fake Production, a VR and gaming studio that won multiple awards for animation. In recent years, as their passion for all things VR/AR has grown, they’ve been drawn to an important challenge: to enable people thousands of miles apart to collaborate effectively in virtual environments, just as they might in a real physical setting. In 2016, Santtu and their CTO Juha Ruistola revealed the first multi-user VR prototypes. These proved an instant hit. A year later, as they crystallized their new mission, vision and strategy, Glue was born. Since then, their 30-strong team has continued to build on their legacy and break new ground in multi-user VR software, developing Glue into the fully-featured virtual collaboration platform they are today.

Disior

Seed Round in 2018
Disior Oy is a Finnish company specializing in software solutions for diagnostics and treatment optimization in medical imaging. Established in 2016 and headquartered in Helsinki, Disior's software enables automatic measurement of critical parameters such as shapes, sizes, and volumes from CT and MRI images. By creating mathematical 3D models of tissues, the software aids in fracture detection, visualization for surgical planning, and modeling of strength and durability. It is particularly applicable for maxillofacial, wrist, and orbital fractures, allowing healthcare professionals to analyze images effectively and predict changes in critical structures over time. Disior’s technology combines expertise in engineering, research and development, and medical fields, ensuring accurate and reproducible measurements that enhance diagnostic accuracy and patient-specific treatment planning.
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