Finnish energy investor acquires deep tech VC ahead of second fund: 'Our ambition is to expand into larger funds'

Finnish renewable energy-focused asset manager Taaleri has acquired a 51% stake in Nordic Science Investments (NSI), a Finnish venture capital firm focused on early-stage deep tech spin-outs from universities across the Nordics and Baltics.

The deal marks Helsinki-listed Taaleri's first move into venture capital - and according to both firms speaking to Impact Loop, positions NSI to raise a significantly larger second fund.

NSI was founded by Alexandra Gylfe, Matti Hautsalo, Jari Strandman and Anssi Uimonen, all of whom will remain in their current roles. The firm also has partners operating regionally: Mart Maasik in Estonia and Gerard de Bourbon in Sweden.

NSI's debut fund, a €45m vehicle, closed in 2024, and has backed 22 companies across Finland, Sweden and the Baltic states. LPs include Tesi (Finnish Industry Investment), Lieto Savings Bank Foundation, Fennia and Estonian state fund SmartCap. The investment period remains open.

Taaleri manages around €3bn in assets, primarily through renewable energy infrastructure and bio-industry growth funds.

NSI CEO Jari Strandman told Impact Loop the deal was driven by ambition rather than necessity.

"We want to expand into larger funds and also geographically to larger areas in Europe," he says. "This was a really good match for us with Taaleri and their platform."

Second fund in the works

Fund II is in the pipeline but has not yet launched, according to Strandman.

Linda Tierala, Taaleri's head of investor relations, communications and sustainability, confirmed to Impact Loop that the fundraise for a successor vehicle had not yet begun.

Strandman declined to give a target size or timeline, saying only that the ambition is for it to be "significantly larger."

On the LP strategy for Fund II, Strandman said NSI hopes to retain its existing investor base while expanding internationally.

"We're looking to continue also with the current LPs, but of course seeking others, particularly international ones, maybe in Europe," he says.

Strandman said the firm is actively looking at opportunities beyond the Nordics and Baltics, with broader European expansion a possibility depending on market conditions.

Whether Taaleri itself will invest in the NSI fund as an LP remains undecided.

Tierala noted that the firm typically makes a small seed investment in the funds it manages, but said no commitment has been made.

Strandman, when asked the same question separately, said it "remains to be seen."

A focus on Nordic spin-outs

NSI's thesis centres on backing university spin-outs at the earliest possible stage, often before a founding CEO is in place.

Strandman described active team-building as a core part of the firm's offer. "One of the things that differentiates us from other VCs is that we really work with the team and help them develop, and in many cases also help them find the CEOs," he says.

The current portfolio of 22 companies spans health tech, life sciences, advanced materials, and AI.

Climate and energy themes enter indirectly, primarily through advanced materials research with downstream applications in energy production, says Strandman.

Tierala pointed to EV charging and electric vehicle technology as concrete examples of where NSI's portfolio companies connect to the energy transition - an overlap she described as a deal flow synergy the two firms are "very happy to explore."