Wave Ventures, Europe’s largest Gen Z-led venture capital firm, has announced the closure of its third fund, raising €7 million, which is triple the size of its previous fund. Based in Finland, Wave Ventures has established itself as a key backer of the most ambitious young founders across the Nordics and Baltics, and this latest fund will enable it to strengthen its unique approach as a student-led investment firm.
The new fund is supported by a remarkable group of investors, including the founders of major tech companies such as Slack, Skype, Supercell, Wolt, Bolt, Smartly.io, and Silo AI, alongside top-tier Nordic venture capitalists and family offices. This funding boost will allow Wave Ventures to increase its first-ticket investments, offering angel and pre-seed funding of up to €100,000 per startup, with plans to support between three and ten new teams per country each year.
Gen Z’s gateway to venture capital
Founded in 2016 and led by Antonia Eneh, Wave Ventures operates with a distinctive model- its investment team is entirely composed of top university students. This setup gives the firm an unparalleled view of emerging talent within the startup ecosystems of Helsinki, Stockholm, and Tallinn. By connecting directly with young entrepreneurs at the earliest stages, Wave is often able to identify promising startups before they appear on the radar of traditional venture capital firms.
This approach has paid off. Wave Ventures has built an impressive track record, with nearly 80% of Finnish startups led by CEOs under 30 that have received VC backing securing early-stage investment from the firm. To date, it has supported over 50 startups at the seed stage, cementing its reputation as a leader in backing Gen Z founders.
A perfect moment for young entrepreneurs
The launch of Wave’s third fund comes at a time when entrepreneurship is more accessible than ever, thanks to developments such as no-code tools, open-source frameworks, and the growing impact of artificial intelligence. For Gen Z founders, who are digital natives with a global outlook, these tools have significantly reduced the barriers to starting and scaling a technology company.
Wave Ventures’ model is perfectly positioned to seize this opportunity. The firm can quickly deploy capital, connect founders with high-quality mentorship, and provide them with the support they need to turn ideas into thriving businesses.
A diverse portfolio of emerging innovators
Since its inception, Wave Ventures has built an impressive portfolio of innovative startups across various sectors, reflecting its focus on Gen Z founders. Some of its notable investments include:
- Carbo Culture: A climate technology company transforming carbon into biochar.
- Normative: A carbon accounting platform backed by Google and 2150.
- Paebbl: A company developing carbon-negative materials for sustainable manufacturing.
- Intergrid: A next-generation smart grid infrastructure provider.
- Noice: A social gaming voice platform.
- ThirdTime Games: A Web3 gaming studio.
- Iona Health: An AI-driven women’s health platform.
- Calqulate: A financial analytics service for startups.
These investments showcase Wave’s ability to spot and back high-potential startups across diverse industries, from climate technology and digital health to gaming and financial technology.
Ambitious plans for expansion
With Fund III now fully secured, Wave Ventures plans to expand its reach across the Nordic and Baltic regions, increasing its presence in university startup ecosystems. The firm aims to maintain its hands-on, founder-first approach while leveraging its powerful network of investors and mentors.
Antonia Eneh, CEO of Wave Ventures, expressed her confidence in the new generation of founders the firm is targeting. “AI is unlocking a new era of speed and scale: young founders are moving faster than ever, thinking bigger, and building globally from day one. This generation understands the problems that matter and has the tools to solve them. Wave is built to find them and back them first.”
Investors have also expressed enthusiasm about Wave’s potential. Cal Henderson, co-founder of Slack, praised the firm’s ability to identify talent early. “Wave Ventures has a unique advantage, connecting to the most promising young European entrepreneurs before any other investors could ever have them on their radar. Having seen firsthand the incredible talent and drive of the youth emerging from Finland and the Nordics, we’re about to witness a wave of incredible new companies built by this next generation of founders.”
With a fresh €7 million fund and a growing network of experienced backers, Wave Ventures is set to continue its mission of discovering and supporting the most driven young entrepreneurs in Europe.
