References/29 Jun 2023

Borenius advised Greencode Ventures on the formation of a green transition fund

We advised Greencode Ventures on the formation of its first fund called Greencode I. The target size of the fund is EUR 60–100 million, of which EUR 25 million was committed by anchor investor Business Finland Venture Capital Ltd (BFVC). This constitutes BFVC’s largest commitment to date.

When investing in early-phase start-ups, Greencode Ventures focuses on accelerating the green transition and specialises in digital solutions that have a significant impact on decarbonisation efforts.

Greencode Ventures was founded by Kaisa Hietala and Terhi Vapola, and it is one of the few female-led VCs. Hietala is a board member of some of the largest companies in the field of green transition, including Exxon Mobil and Rio Tinto. Vapola, on the other hand, has established and headed Helen Ventures, the investment arm of leading Finnish energy company Helen.

Greencode Ventures operates from Finland, Germany, and Sweden.

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Saana Naumanen