Gerako, AI Partners and several insurance providers have backed Butterfly Venture Fund III, which will invest in seed-stage Nordic-based startups.

Finland-based venture capital firm Butterfly Ventures yesterday launched a €24m ($25m) seed fund called Butterfly Venture Fund III with backing from a range of corporate limited partners.

The fund’s LPs include insurance companies Elo Mutual Pension Insurance, Fennia Mutual Insurance and LocalTapiola Pohjoinen Mutual Insurance, information management services provider Gerako, executive search firm AI Partners and Tradeka-Invest, the investment arm of cooperative Tradeka.

Tekes Venture Capital, the investment arm of Tekes, the state-owned Finnish Funding Agency for Innovation, also contributed.

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