Helsinki, Finland – Voima Ventures, a Nordic DeepTech Venture Capital firm, has released key insights from its 2024 Impact Report. The report shines a much-needed spotlight on diversity and inclusion in deeptech and venture capital, while also measuring the environmental impact of the research and spin-off companies it supports.
The report covers three funds (Voima Ventures I, II and III) and 35 portfolio companies. It highlights unique industry benchmarks, setting a bar for progress in advancing diversity and impact in the Nordic region.
Impact:
– 864 Jobs created amongst portfolio companies, an increase of 253 from last year, going against broader national trends of stagnation
– 57% of Fund I and 36% of Fund II deeptech companies have adopted ESG strategies
– 100% of Fund III companies have adopted ESG Strategies
Each dollar invested in Voima Ventures Fund III achieves a net impact score of +48%, a substantial improvement over the -8% average for typical US Fortune 500 companies.
Diversity:
– 50% of Voima Ventures’ partners are female.
– 44% of employees across portfolio companies identify as women.
– 35% of leadership roles across the portfolio are held by women.
Voima Ventures newest Fund III, which is set to close with €100M+ in total commitments by Q4 2024, is classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR). This classification requires that the fund promotes environmental and social characteristics while adhering to specific reporting standards on sustainability. With these commitments, Voima Ventures Fund III seeks to support high-potential and high growth Nordic DeepTech companies that demonstrate a positive net impact, prioritising innovations that contribute to an environmentally sustainable future.
From left to right: Anna Pölönen (Analyst), Jenny Engerfelt (Partner), Stina Wallmark (Investment Director), Inka Mero (CEO & Managing Partner)
“Our report gathers insights from 35 portfolio companies across our three Funds, offering a meaningful view into the societal impact of fast-growing startups,” said Inka Mero, CEO and Managing Partner at Voima Ventures. “We are glad to evidence the connection between deep tech, growth and impact. With increasing demand for responsible investment from family offices and institutional investors, impact reports provide valuable indicators into how venture capital can drive progress on environmental and social goals while fostering accountability, transparency and excellent returns”
The report also acknowledges areas for improvement in advancing gender diversity across all levels. While 46% of employees within Voima Ventures’ portfolio companies identify as women, only 35% hold leadership roles. This is notably higher than the industry average, where women account for just 34% of the European tech workforce—a figure that, as highlighted in the Atomico and Slush 2024 State of European Tech report, has remained stagnant since 2015. While Voima Ventures results are encouraging, they also underscore the ongoing need to address leadership disparities and drive meaningful progress in gender diversity.
From Left to Right: Jenny Engerfelt (Partner), Niko Elers (ESG & Investment Manager), Kalle Ă–hman (Venture Advisor), Inka Mero (CEO & Managing Partner), Pontus Strahlman (Partner), Jussi Sainiemi (Partner)
On the environmental front, several portfolio companies are setting new standards in sustainability. Solar Foods, for example, produces protein from air and renewable electricity, achieving 200 times lower COâ‚‚ emissions and using 600 times less water than conventional meat production. Similarly, Ă„IO stands out for its sustainable fats and oils, projected to offset up to 160,000 tonnes of COâ‚‚ per year as a palm oil alternative.
Niko Elers, Voima Ventures’ ESG & Investment Manager, highlighted the need for ongoing advancement in both social and environmental impact: “The progress is there, but changes of this nature take time to implement and for the full effects to unfold. Beyond setting reporting obligations, we support our portfolio with practical resources and education, offering workshops and toolkits. We plan to make an additional 3-4 investments by year-end, and each new investment allows us to strengthen our portfolio’s collective impact on environmental and societal issues.”
The 2024 Impact Report highlights venture capital’s evolving role in driving change beyond profits. Voima Ventures contributes to DeepTech by supporting solutions to global challenges that depend on both innovation and diverse teams.
For a deeper look into how diversity and environmental impact investments are shaping the future of DeepTech, download the full report on the Voima Ventures website.
About Voima Ventures:
Voima Ventures is a Nordic DeepTech venture capital firm which helps founders scale global solutions for the people, planet and industry. With a focus on sustainability, diversity, and long-term societal impact, Voima Ventures supports early-stage Research to business and university spinouts across sectors such as health, clean energy, advanced materials and AI. Managing three funds, including the €100M Article 8 compliant Voima Ventures Fund III, the firm supports high-potential companies through strategic investment, guidance, and access to an extensive network in the Nordics and beyond.
