Helsinki-based education technology investment firm Sparkmind has announced the first close of its venture fund, totalling €40 million, EdSurge has reported.
The fund’s biggest financial backers are Tesi, an investment company owned by the Finnish government, and KRR III, a separate fund that Tesi helped establish.
Other investors include OP Banking Group, Elo Mutual Pension Insurance Company, the University of Jyväskylä and the City of Espoo.
Sparkmind partner Antti Korhonen said this is the first Nordic-based fund focused on the ed tech sector, adding “first and foremost we are a European fund”, which will focus its investment activity in Northern Europe and the Baltic regions.
While up to 25% of its capital can be invested in companies based outside of Europe, Korhonen said “we will not count out great companies from another region if they come along”.