Voland Partners launches a new €120M growth fund in record time
Voland Technology Growth Fund II is becoming one of the largest growth funds in Finland. This second fund from private equity firm Voland Partners is targeting a size of 120 million euros.
Voland Partners' new fund will become one of the largest private equity growth funds in Finland. There are only a few growth funds in Finland with a capital of over 100 million euros. The largest funds in Finland are typically venture capital and buyout funds.
Founded in 2022, Voland Partners has invested in eight Finnish companies from its first fund of 57 million euros.
"It is exceptional that we are only just over three years old to start operating our second fund. We are particularly grateful to the investors in our first fund and the entrepreneurs in our portfolio. With them, we have been able to prove our place and build a Finland based on technological competitiveness. Now, with the new fund, our work will continue even more impressively," says Veera Sylvius, founding partner and CEO of Voland Partners.
Voland invests in technology-driven companies that are doing profitable business. Typically, the turnover of the investment target is 10-50 million euros and it employs hundreds of people.
“Raising funds for the fund is not easy at the moment. In addition to geopolitical uncertainty and Finland’s slow economic growth, investors’ capital is currently tied up, as significant exits have been lacking in recent years. The cycle is still waiting for a turn. This directly affects operators like us,” says Sylvius.
Technology-driven Finland is growing
Over the course of three years, Voland reviewed over 2,000 companies. Of these, several hundred were taken for closer examination. Meetings with dozens of entrepreneurs led to eight investments.
“Often the best companies, i.e. the ones we would like to invest in, do not actually have an acute need for money. They are growing, profitable and well-managed. For these successful entrepreneurs, it is necessary to justify with particular care what added value Voland brings,” says Erkka Niemi, founder and chairman of the board of Voland.
Voland Technology Growth Fund I portfolio companies:
- Balanco, Flovi, IQI, Luxid Group, Norrin, PlusTerveys, Readpeak, Receptum
- Combined revenue 240M€.
- Employ over 1.500 persons
- Average annual growth 27%
- Completed 15 acquisitions, 8 outside Finland
- Operate in 17 countries
The co-entrepreneurship launched by Voland is a growth capital investment model where, in addition to euros, it is essential to provide the founders and management of portfolio companies with practical support for the development and internationalization of the company.
This has proven to be valuable for founders who are in the management of companies when the company's turnover exceeds the threshold of approximately 10 million euros.
“We aim to multiply the company value by growing to a genuinely larger and more international size. We also bring technology companies the ability to survive as winners in this current AI revolution,” says Niemi.
The strong growth, profitability, and evidence of successful internationalization of the technology companies in Voland's portfolio show that there is no reason to be discouraged in Finland.
“We are doing our part to build a stronger group of employing and growing medium-sized companies in Finland. This long-needed Mittelstand would be essential to strengthening the foundations of the Finnish economy and employment,” says Sylvius.
The Voland Technology Growth Fund II will invest in around ten companies over four years.
Read more:
- Talouselämä article about Voland Fund II (in Finnish) 11.6.2026