In December 2023, Innovestor, in collaboration with Business Finland Venture Capital, launched the €30 million Angel CoFund to support Finnish startups. Now, the fund announces its first rounds in Hytrade and Coiniverse. The total investment from both rounds amounted to €480,000 with €210,000 invested by the Angel CoFund.
About Angel CoFund
- Angel CoFund is an agnostic fund, with a primary focus on companies promoting green transition and sustainable development. Its goal is to invest in approximately a hundred Finnish seed-stage companies.
- The fund’s initial investments are ranging from €50,000 to €300,000, aligning with the investment amounts of angel investor groups in the first round.
The first two investments
- Hytrade is a Helsinki-based startup that provides a SaaS platform that optimizes electricity for green hydrogen production. The platform tailored for the volatile and fast-paced green hydrogen sector to enhance operational efficiency and reduce production costs.
- Hytrade claims that its helps to make green hydrogen a competitive alternative to fossil fuels, particularly in hard-to-electrify industries like steel and heavy transportation. The startup closed a €190,000 funding round, with €95,000 provided by the Angel CoFund.
Having already gained significant traction among the players in the green hydrogen space, we are now able to speed up the technology development with the help of this pre-seed financing round,
Anne Särkilahti, CEO and co-founder at Hytrade, says.
- Coiniverse is a Helsinki-based startup developing an app for coin collecting, by enabling enthusiasts to join a global community of over 150,000 members, explore a database of over 100,000 coins.
- The app simplifies adding new coins to collections through advanced scanning and search capabilities, and engages with like-minded collectors across the globe. Coiniverse closed a funding round of €290,000, with €115,000 from the Angel CoFund.
We are thrilled to welcome the Angel Co-Fund on board. The whole startup community welcomes this initiative to help early-stage companies to grow faster. With this backing, Coiniverse is ready to accelerate its growth towards the global marketplace and continue presenting innovations in the coin-collecting industry,
Mikko Sievänen, CEO and co-founder of Coiniverse, says.
