The report highlights how sustainability, impact, and diversity have become central to value creation across its portfolio, while also tracking the environmental and social performance of the deep tech companies within our portfolios.
Covering Voima Ventures Funds I, II, and III and a portfolio of 38 active companies to the end of 2024, the report showcases strong progress in ESG adoption, measurable job creation, and advancing diversity in the Nordic deep tech ecosystem. By aligning our purpose with performance, Voima Ventures continues to set a benchmark for responsible innovation and inclusive growth across the region.
Impact
- 137 new jobs created across the highly R&D-focused portfolio up from last year, going against broader economic headwinds.
- Each euro invested in Voima Ventures Fund III achieves a +52% net impact, according to Upright modelling, up from +48% last year and compared to ca. 5% for a portfolio of US Fortune 500 companies.
“At Voima Ventures, we believe that science-based innovation is one of the most powerful levers for solving global challenges.” Reflected investment director Niko Elers on our investment strategy ”By backing deep tech founders who combine purpose with performance, we’re proving that meaningful impact and strong returns are not mutually exclusive but mutually reinforcing.”
Among Voima Ventures’ new portfolio companies, several stand out for their tangible contributions to both planetary and human wellbeing. Liquid Sun is pioneering a breakthrough in climate technology by converting CO₂ and water into sustainable aviation fuel (eSAF), offering up to a 90% reduction in aviation-related emissions. The company is now building Finland’s first eSAF pilot factory, directly supporting the EU’s ReFuelEU Aviation targets and paving the way for large-scale decarbonization of air travel.
In the built environment, Aisti is redefining sustainable construction through renewable acoustic tiles made from wood fibers, replacing plastics and rock wool with natural alternatives. Its first commercial factory in Kitee operates on renewable energy and is expected to significantly cut building-sector emissions while improving indoor air quality through innovative bio-based materials.
On the health and wellbeing front, Hormona is closing the global gender data gap in medicine with its AI-driven at-home hormone testing platform, enabling accurate, personalized insights into hormonal health conditions such as PCOS, thyroid disorders, and menopause. As a 100% female-founded team, Hormona embodies Voima Ventures’ commitment to both scientific innovation and diversity in entrepreneurship.
Similarly, Avenue Biosciences is addressing one of biotechnology’s most critical bottlenecks like the scalability of protein production and by combining synthetic biology and artificial intelligence. Its platform accelerates the development of life-saving therapies, from mRNA vaccines to gene and antibody treatments, expanding access to advanced biopharmaceuticals worldwide.
About Voima Ventures
Voima Ventures is a Nordic DeepTech venture capital firm that helps founders scale global solutions for 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 €107M Article 8–compliant Voima Ventures Fund III, the firm supports high-potential companies through strategic investment, guidance, and access to an extensive network across the Nordics and beyond.
