Helsinki, Finland

As we prepare to launch our 2024 ESG Report, we’re shifting the spotlight from environmental achievements to the social and governance impacts that are equally vital to our mission. This week, we’re excited to delve into how diversity and inclusion are not just values we uphold but essential drivers of innovation and success within our portfolio.

I recently had a chat with Inka Mero, our Founder and Managing Partner, to explore the significant role of gender diversity in DeepTech and the broader venture capital space. Inka shared insights into how we’re leading the way, backed by key statistics from our latest ESG performance.


Q: Inka, Voima Ventures places a strong emphasis on gender diversity, especially in leadership roles. Why is this important for the firm and how does it impact your investment approach?

Inka Mero:
Diversity is close to my heart personally and integral to who we are at Voima Ventures. Having been a female tech entrepreneur and investor, and today DeepTech VC founder and managing partner, the reasons are quite obvious.

Currently, 50% of our partners are female, which is quite significant considering that globally, only 26.7% of VC partners are women according to the World Economic Forum’s 2023 report. Our team includes three nationalities, with 8 of our 13 members identifying as female or non-binary, and ages ranging from 19 to 75. Our diversity goes beyond demographics, our team’s experience combines entrepreneurial and investment backgrounds with scientific and commercial expertise.

A diverse investment team brings a wide range of perspectives and experiences, helping us build strong teams in our portfolio companies. This boosts our ability to create quality investment opportunities and better support the innovative companies we invest in by attracting and retaining top talent.

Diversity also drives performance and value creation when building growth companies. Hence for us, the team diversity in our portfolio companies is not a nice to have, it is a must have for driving better performance and results.

Q: Our latest ESG Report highlights that 44% of employees in Voima Ventures Fund III portfolio companies identify as female or non-binary. How does this level of diversity influence these companies’ performance and governance?

Inka Mero:
In the DeepTech sector, where we face complex global challenges, diversity is crucial. It helps us access a broader pool of talent and fosters creativity, pushing teams to think beyond the usual approaches. This leads to more impactful solutions and better financial performance.
We believe that diverse teams contribute to stronger governance and better decision-making by bringing a variety of perspectives to the table. This diversity of thought encourages innovation, allows for more comprehensive risk assessments, and ultimately improves company performance.

We’ve seen this play out time and time again in our portfolio, where companies with more diverse leadership are not only quicker to identify challenges but also more adaptive in navigating them. It’s about creating an inclusive environment that drives both business success and sustainable impact.

Q: The venture capital industry still shows a significant gender gap. How does Voima Ventures compare to other Nordic firms, and what steps are you taking to further promote diversity?

Inka Mero:
Although the Nordics are viewed as progressive, the VC industry here remains male-dominated, particularly in DeepTech, and still has progress to make on gender diversity. We strive to lead in our industry by example, and we walk the talk when it comes to our own team, simple as that.
Voima Ventures has a role to play in the ecosystem and we’re also actively working on improving diversity not only in our portfolio companies, but also at the board level through various initiatives. One good example is our ‘Women to Boards’ program. Last year alone, the program reached over 1,000 professionals from three continents, with the aim of increasing gender diversity at the board level in our portfolio companies. Given its success, we’re planning to expand the initiative next year to include C-level positions and advisory roles by launching the ‘Women in Science’ initiative. By providing VC platform benefits and networking opportunities for our portfolio, we aim to level the playing field and encourage more women to step into leadership roles in this space, and hopefully planting a few seeds for future founder teams and board members.

Q: How does diversity tie into Voima Ventures’ overall ESG strategy and impact objectives?

Inka Mero:
Diversity is one cornerstone of our ESG strategy, particularly under the social and governance pillars, and we have measured ESG development from the start. Voima Ventures commitment is reflected in the numbers from our 2024 ESG Report:

– On average, 24% of teams across Funds I, II, and III have a female or non-binary founder.
– 44% of all employees are women or non-binary.
– 35% of all leadership positions are held by women or non-binary professionals
– 81.8% of our Fund II companies (total 23) report that their boards are committed to addressing ESG risks and issues.
– 72% of Fund II companies have a diversity and equal opportunity policy, up from 54.2% the previous year.
– 57.1% of Fund I companies provide ESG training (41.7% the previous year), showing a growing emphasis on these values across all funds.

By fostering diversity and strong governance practices, we’re not only creating positive social impact but also enhancing the long-term performance and resilience of our investments. It’s about building companies that are equipped to thrive sustainably and foster an inclusive working culture.”

Q: Can you share an example of how diversity within a portfolio company has led to better outcomes?

Inka Mero:

Certainly. Take ÄIO, one of our Fund III portfolio companies that’s revolutionising sustainable fat and oil production. Led by a female CEO founder, their team is diverse in terms of gender, nationality, and professional backgrounds. This mix has enabled them to approach challenges from multiple angles—be it scientific research, market strategy, or operational efficiency.

Their diverse perspectives were crucial when scaling up their production and their latest seed financing round raised €6.1M, which is a clear validation that this approach works. They identified innovative ways to turn forestry side streams into high value fats and oils, which are being used to replace palm oil. We see such achievements as being a direct result of an inclusive and collaborative team.

Another example is Kuva Space, a Voima Ventures Fund II company, who really exemplify diversity with a team of 29 members representing eight nationalities, including nine female employees. 33% of their key personnel identify as women. This inclusive environment has been instrumental in driving their success, including their recent launch of Hyperfield-1 satellite on a SpaceX rideshare mission. Kuva Space’s focus on environmental impact and global safety fosters a uniquely diverse team, attracting above-average female representation in the space technology sector.

Q: Any final thoughts on the importance of diversity in venture capital and DeepTech?

Inka Mero:
Diversity isn’t just a nice-to-have; it’s a must-have. In DeepTech, where we’re often venturing into uncharted territory, teams with a wider array of experiences are better equipped to navigate complexities and develop competitive alternate solutions.
We’re committed to continuing our efforts in promoting diversity, not just within Voima Ventures but across our portfolio and the broader industry. We encourage other firms to join us in making diversity a priority, it’s beneficial for everyone involved.

Inka Mero and Voima Ventures newest Investment Director Stina Wallmark 

Feeling inspired? Want to see how diversity and ESG integration can drive real impact?
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