Finnish venture capital firm Vendep Capital has secured €80 million for its fourth fund, reinforcing its position as a specialist backer of early-stage SaaS founders in the Nordics and Baltics. The vehicle, Vendep Fund IV, has already reached its target size, with commitments in place and the fund remaining open to additional investors until April 2026. The new capital will be deployed into B2B SaaS startups building in what the firm views as a decisive new phase for software driven by artificial intelligence.
Building a Nordic SaaS track record
Since its launch in 2013, Vendep Capital has assembled one of the most established SaaS track records in Northern Europe. The firm has backed notable companies such as AlphaSense, Hostaway, Leadfeeder, and Happeo, many of which have scaled beyond the region. This history underpins Vendep’s reputation as a focused B2B SaaS investor with deep pattern recognition across go-to-market, product, and international expansion.
Strong backing from institutional and private investors
Fund IV is anchored by a group of returning institutional limited partners, reflecting confidence in Vendep’s strategy and performance. Existing backers include Tesi, KRR, Sitra, Pension Insurance Company Elo, Saastamoinen Foundation, Gösta Serlachius Fine Arts Foundation, and Teknologiateollisuus, alongside several new institutional investors. The fund is also supported by family offices and individual investors who share the firm’s conviction in the durability of the SaaS model.
Focus on early-stage SaaS in the Nordics and Baltics
Vendep Fund IV will target roughly 20 early-stage B2B SaaS startups across the Nordics and Baltics, from pre-seed to Series A. Initial tickets will range from €0.1 million to €3 million, with reserves for follow-on funding as portfolio companies mature. The firm aims to remain a long-term partner to founders, backing them from the earliest stages through their push toward global category leadership.
SaaS evolving in the AI era
The launch of Fund IV comes at a moment when the SaaS model is being reexamined in light of rapid advances in AI. While some market observers question whether traditional SaaS can maintain its edge amid agentic AI and automation, Vendep views AI-first SaaS as the next evolution rather than a replacement. The firm argues that the core foundations of SaaS, such as cloud delivery, recurring revenues, and data-centric products, are exactly what make it an ideal vehicle for commercializing AI at scale.
From AI hype to execution and defensibility
Vendep sees the AI startup landscape shifting from hype to harder questions of execution, defensibility, and customer value. Many early entrants that raised capital on the strength of demos or generic productivity claims are now facing pressure to prove they are indispensable rather than interesting. According to the firm, building a true AI advantage that materially improves software requires years of product work, deep integration into workflows, and more than just access to a foundation model or a polished user interface.
How Vendep evaluates AI-first SaaS opportunities
In response to this shift, Vendep’s investment lens emphasizes AI as a lever for differentiation within otherwise robust businesses. The firm scrutinizes whether products solve concrete user problems, scale within real-world workflows, and are underpinned by proprietary data or other defensible assets. Rather than backing startups that lean solely on model access or superficial AI features, Vendep continues to prioritize recurring revenue quality, customer value, and structural defensibility as the core markers of a strong company.
Regional opportunity in the Nordics and Baltics
Vendep believes the Nordics and Baltics remain one of the most fertile regions globally for building category-defining software companies. The firm points to the region’s established engineering talent, global mindset, and history of producing successful SaaS and software platforms as key advantages. With a local presence and long-standing relationships across these ecosystems, Vendep positions itself as a specialized partner for founders aiming to scale beyond their home markets.
Vendep Capital has already completed two investments from Fund IV, one in Denmark and another in Finland, signaling a fast start to deployment. As the fund continues to add portfolio companies, the firm intends to back founders who treat AI as an enduring product and business advantage rather than a passing trend. With €80 million to allocate and a clear thesis at the intersection of SaaS and AI, Vendep Fund IV is set to play a prominent role in the next generation of B2B software emerging from the Nordics and Baltics.