Finland-based Sanoma Group, an international media group, has established SanomaVentures, a venture fund focussing on early stage investments. The firm plans to stick to startups focussing on the media, and is looking to invest between €100,000 ($130,000) and €500,000 in e-commerce, e-learning, online ads, online consumer services, and mobile and tablet apps. The firm has a large presence in Nordic countries with media outlets in 20 European countries, and intends to use its media influence to give exposure in addition to investments and strategic advice. The Helsinki-based media group has already made its first investment in the Netherlands-based online fashion auction house Vault79.com for an undisclosed sum. “As part of the transformation process Sanoma is going through, we have to find ways to make our current business more efficient – but also to search for new growth. In both our focus areas, media and learning, the start-up scene is very dynamic, innovative and developing quickly. We can contribute to that with Sanoma’s strong market presence as well as our digital publishing expertise and distribution power,” said Sanoma president and chief executive officer Harri-Pekka Kaukonen.

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