The vehicle will feature contributions from the Finnish government and the European Investment Fund to support research and science-orientated businesses across Finland.
VTT Technical Research Centre of Finland is to launch a tech transfer fund with a target size of €40m ($46.3m) alongside limited partners including the Finnish government and the EU-owned European Investment Fund (EIF).
The as yet unnamed vehicle is expected to support early-stage research and science-orientated businesses across Finland. The Finnish state will invest $17.4m, contingent on EIF’s contribution amounting to at least 50% of the vehicle’s overall funding.
The fund was announced by the Ministry of Economic Affairs and Employment yesterday as part of a draft amending budget. Mika Lintilä, the Finnish minister of economy, said the initiative would drive the country’s cutting-edge research.
The research institute already operates a venture arm, VTT Ventures, that initially takes seed-stage stakes in research projects from the university. VTT Ventures’ portfolio includes spinouts such as 3D-moulded part producer TactoTek, which closed a $14.5m round in February 2018.
