Alder & Sound provided tax, legal and financial advisory for Innovestor in the acquisition of a majority stake in Seed Fund Vera.
In a transaction finalized on December 16, 2016, Innovestor Kasvurahasto I Ky, which is managed by Innovestor Ventures Ltd, purchased an approximately 80% share of Seed Fund Vera Ltd from Finnvera Plc. The acquisition is the biggest arrangement in the history of the Finnish early-stage venture capital market.
The fund is an investor in approximately 100 Finnish rapidly internationalising growth companies in various fields of technology. They include medtech and life science companies Forendo Pharma and Physiotouch, cleantech companies Wello and Gasera, ICT company Goodmill Systems and e-commerce companies Dealdash and Swap.com. Another investee is the Finnish clothing brand Makia, which has also attracted international interest.
Together with Finnish and international investors, the seed fund has invested approximately EUR 350 million in the target companies. The combined turnover of the target companies will be approximately EUR 250 million this year, most of which will be generated by sales abroad. The companies employ approximately 1,200 people altogether.
For more information and media coverage:
- Finnvera myy suurimman osan omistuksestaan Aloitusrahasto Vera Oy:ssä (in Finnish)
- Significant arrangement in the Finnish venture capital market: Innovestor acquires majority stake in Seed Fund Vera
- YLE | Valtion pääomasijoitusrahasto Veran kohtalo ratkesi: Pääosa myydään Innovestorille (in Finnish)
A&S engagement team involved:
Reima Linnanvirta | Off Counsel
Lotta Liljelund | Senior Associate, Head of Legal Services
Suvi Vänskä | Senior Associate, Head of Tax Services
Lauri Saukkonen | Senior Associate, Tax Services
Sini Paljärvi | Associate, Tax Services
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