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Voima Ventures

Voima Ventures is a Helsinki/Stockholm-based Nordic deep-tech VC founded 2019, with Fund III €100M+ (2023 vintage). Invests pre-seed to Series A in Nordic science-based companies: quantum, advanced…

Stage Pre-Seed → Series A
Ticket $250k - $3.5M
Quantum focus Quantum Computing HW, Quantum Computing SW
Geography Nordics & Baltics (region)

Investment thesis

Voima Ventures is a Helsinki/Stockholm-based Nordic deep-tech VC founded 2019, with Fund III €100M+ (2023 vintage). Invests pre-seed to Series A in Nordic science-based companies: quantum, advanced materials, semiconductors, space, photonics. Cheques €200k-€3M initial, larger follow-ons. Co-manager Finnish state innovation agency (VTT Technical Research Centre is anchor LP).

Quantum bet focused on Nordic silicon-quantum infrastructure: SemiQon (VTT spin-out, silicon quantum chip production on 300mm CMOS line — solving the manufacturability question for silicon spin qubits; seed 2023). Adjacent Nordic quantum exposure via co-investments in CEA-Leti / VTT partnerships.

Value-add: VTT integration gives portfolio founders access to Finland's sovereign quantum research infrastructure (VTT's 20+ year silicon-qubit heritage, LUMI supercomputer), plus links to the Finnish IQM Quantum Computers ecosystem (Espoo). Strong Nordic syndication reach.

Differentiated as the only VC structurally integrated with VTT's silicon-quantum manufacturing heritage — uniquely positioned for the emerging "quantum silicon foundry" thesis.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Mandate is geography-bound (Nordics + Baltics), a French, German, or Dutch quantum founder gets passed regardless of quality
  2. 25 to 30 companies on a EUR 100M fund means EUR 200K to 3M tickets, too small to lead a credible quantum Series A and forces dependency on co-leads
  3. Heavy bias toward VTT / Aalto / KTH spin-outs (over 70% of portfolio is research-originated), non-academic operator-led quantum teams underweighted
  4. Three-pillar mandate (green transition, life sciences, breakthrough tech) means quantum competes internally with climate and biotech for partner attention and reserves
  5. IQM is a one-shot reference: no second quantum hardware bet signals concentration risk aversion rather than category conviction

Notable quantum portfolio

Full portfolio →
SemiQonBlueforsIQM Quantum Computers

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