As 2024 draws to a close, Voima Ventures takes stock of a year defined by ambitious investments, fresh faces, and measurable impact in the Nordic deep tech ecosystem. From charting new frontiers in technology to celebrating milestones across our portfolio, this year has reaffirmed our commitment to scaling solutions that serve both people and the planet.

Investments

Liquid Suns Industrial Demo Machine for producing eSAF

This year, we backed visionary founders with big ideas:

Sooma Medical Oy: In March, we joined their €5M funding round to advance at-home brain stimulation treatments for depression—a global health issue in urgent need of innovative solutions.

N-Ink: May saw us investing €1M in conductive polymer inks that promises amongst other things, to enhance the performance of batteries and solar cells.

ArgusEye: Also in May, we participated in a €2.8M round to scale their optical sensing technology, used by BioPharma for quality control in their production pipeline.

Avenue Biosciences: In October, we led their €2.5M seed round, supporting their mission to shorten development times and lower costs for critical therapies, making treatments such as monoclonal antibodies, gene therapies, and mRNA-based vaccines more accessible to patients globally

Stealth mode company: They are operating in the Life Sciences domain and have a founder who has been there and done this before. Expect news on this particular case in 2025

Liquid Sun: In December we led a €4M euro round to support Finland’s first eSAF production testing facility, turning carbon dioxide and water into sustainable aviation fuel.

Aisti: Also in December we joined their funding round backing their wood-fibre acoustic tiles, an elegant answer to modern construction challenges and with Carbon sequestering properties.

Team

Jenny Engerfelt and Voima Ventures newest Investment Director Stina Wallmark

2024 was also a year of growth within our own ranks

New Additions: In November, we welcomed Stina Wallmark to the team. Her expertise in life sciences and healthcare strengthens our ability to identify and nurture transformative biotech ventures.

Leadership Promotion: In June, Jenny Engerfelt took a well-deserved step up to partner. From expanding Voima’s Nordic footprint to leading the investment in ArgusEye, Jenny has been a driving force behind our success in the region, demonstrating both strategic vision and commitment to impact & innovation.

Opportunities Ahead: We have two open positions for new VC Analyst Trainee positions in early 2025. If your interested in the opportunity to work at the intersection of science, technology, and venture capital, be sure to apply ahead of our January 10th deadline!

Impact Report & Highlights

This November, we unveiled our first-ever Impact Report, capturing the meaningful progress achieved across our portfolio:

864 jobs across the portfolio, an increase of 253 from the previous year.

100% ESG adoption among Fund III companies.

Net impact score of +48%, a striking contrast to the average of -8% for Fortune 500 companies.

Read the full report here.

Deep Dives

In 2024, we continued to share insights on the technologies shaping the future:

Next-Generation Biofuels: Pontus Stråhlmans comprehensive look at the potential of biofuels in reducing greenhouse gas emissions, setting the stage for our investment in Liquid Sun.

Cultivated Meats: Anna Pölönen’s deep dive explored the intricate challenges and opportunities of scaling lab-grown proteins, providing valuable guidance for entrepreneurs and investors alike.

Vertical Farming: Cameron Murphy explores the promise and challenges of vertical farming, offering insights for shaping the future of sustainable agriculture.

Portfolio Highlights

First Image of Helsinki Captured by Kuva Space’s Hyperfield-1 Satellite

Our portfolio companies achieved remarkable milestones this year:

Kuva Space: Launched their first commercial micro satellite, paving the way for advancements in climate monitoring and food security. Stay tuned to their LinkedIn for more information on launches in 2025

NADMED: Raised €3.5 million to expand its breakthrough NAD testing technology internationally, enabling precise, non-invasive measurement of cellular health and metabolism.

Nucu: Finnish baby tech startup introduced its multisensory baby pads, now available online, embodying innovation that enhances quality of life.

ÄIO: Estonian biotech startup, ÄIO, raised €6.1 million The funds will be used to build a demo plant in Estonia to produce environmentally friendly oils and fats from wood and agricultural residues, offering an alternative to the widely used oils in the food industry.

Fund Closing

This year, we celebrated the final closing of Voima Ventures Fund III at €100 million. This milestone underscores our position as the leading deep tech VC in the Nordics and enables us to continue backing transformative founders.

Outlook for 2025

Looking ahead, 2025 promises to build on the strong foundations of this year. With 3-4 new investments planned in the first quarter and an unwavering focus on impactful partnerships, we’re ready for another year of progress and innovation.

To our investors, partners, and portfolio companies, thank you for being part of this journey. Here’s to another year of growth, innovation, and collaboration.