First Fellow Partners

First Fellow Partners Research

Investment Thesis

First Fellow Partners (FFP) is a private investment firm founded by Risto Siilasmaa (former Nokia Chairman and F-Secure founder) and Kim Groop. Unlike traditional venture capital firms, FFP operates exclusively with its own capital, meaning there are no external LP stakeholders. This founder-first philosophy enables the firm to focus entirely on the entrepreneurs they back rather than institutional return requirements. The firm explicitly states their mission is to back "bold, mission-driven technology entrepreneurs determined to build or fix something that truly matters." They view technology as a force for good and seek partners who combine uncompromising integrity with bold vision.

Investment Philosophy and Decision-Making

FFP's manifesto emphasizes three core values: entrepreneurship, trust, and integrity. This shapes their investment approach fundamentally. As a private firm with founder capital, they have complete autonomy in decision-making without needing to justify to LPs, which allows for longer-term thinking and alignment with founder objectives rather than predetermined return multiples. The firm's statement of backing "entrepreneurs with bold visions and uncompromising integrity" suggests they prioritize founder quality and mission alignment over pure return optimization.

Stage Focus

Based on the portfolio companies and recent activity, FFP invests across multiple stages:

• Pre-seed and seed: Early technical founders with technology focus (Aito, Youredi, Donut Lab)
• Series A and later: Growth equity stakes in established companies (ePassi €41.5M investment in 2025)
• Mix of capital efficiency and growth: Portfolio spans from early AI startups to mature profitable companies like Wolt (acquisition exit)

The firm appears stage-agnostic, focusing instead on mission fit and founder quality regardless of stage.

Check Size and Investment Range

Based on disclosed recent investments:

• €1M pre-seed (Aito, 2019)
• €1.1M seed (Youredi, recent)
• €41.5M growth equity (ePassi, 2025)
• Estimated typical range: €1M-€10M+ depending on stage and company quality

As a private capital firm with no LP obligations, check sizes likely scale based on opportunity quality rather than fixed fund size constraints.

Sector and Focus Areas

The portfolio demonstrates remarkable breadth across technology sectors:

• Enterprise/B2B SaaS: Aiven (cloud data platform), Efecte (IT service management), Detectify (security testing)
• AI/ML: Aito (predictive database), Sprint AI, Quanscient (physics simulation AI)
• Security/Cybersecurity: Hoxhunt (security training), Cybexer (cyber range), Detectify (security testing)
• Fintech/Digital payments: ePassi (digital wallet/ID)
• Workplace/HR: TalentAdore (recruitment), Futurice (consulting)
• Deep tech/Hardware: Picosun (atomic layer deposition), Futuremark (benchmarking)
• Consumer/Platforms: Wolt (food delivery, acquired 2022), Kickstarter (platform, acquired stake)
• Gaming/Media: Small Giant Games (mobile gaming), Dodreams
• Impact/Social: The Upright Project (impact assessment)

No clear exclusions stated, though the emphasis on "building solutions that truly matter" suggests an implicit preference for technology that solves real problems.

Geographic Focus

Primarily Nordic/European, with especially strong focus on Finland:

• Headquarters: Helsinki, Finland
• Portfolio concentration: Heavy in Finnish companies (Wolt, ePassi, Aiven, Detectify, etc.)
• Nordic presence: Swedish and other European companies represented
• International: Some portfolio reach beyond Nordics (Kickstarter US-based)

The firm's location and founders' backgrounds strongly shape Nordic/European focus, particularly Finland.

Team and Expertise

Key Personnel:

• Risto Siilasmaa, Co-Founder: Former Chairman of Nokia (2012-2014), founder of F-Secure (cybersecurity), extensive board experience across tech companies, deep technology understanding
• Kim Groop, Co-Founder: Investment and business development background, operational partner in investment decisions

The team is deliberately small and focused, with Siilasmaa's legendary Finnish tech credibility and network being a primary asset. This is not a large institutional team but rather a focused partnership.

Recent Investment Activity

2025 Activity:

• ePassi strategic growth investment (€41.5M with Bregal Milestone, late 2024/early 2025)
• Youredi seed round (€1.1M)
• Donut Lab seed round (July 2025)

Portfolio Exits and Performance:

• Wolt: Acquired by DoorDash (2022) - major exit
• Kickstarter: Equity stake in major US platform
• Futuremark, Small Giant Games, and others showing strong operational metrics

The firm remains actively deploying capital across stage and sector while maintaining portfolio through market cycles.

Lead/Follow Tendency

Based on portfolio composition, FFP demonstrates:

• Lead role in many early-stage investments where they are sole or primary institutional investor
• Co-investment partnerships (e.g., Bregal Milestone on ePassi, indicating willingness to co-lead larger rounds)
• Follow-on investing in existing portfolio companies to support growth

As a private firm with patient capital, they likely adopt flexible roles based on opportunity rather than rigid lead/follow positioning.

Founder Preferences

FFP explicitly seeks:

• "Bold, mission-driven technology entrepreneurs"
• Leaders with "uncompromising integrity"
• Founders building "solutions that truly matter"
• Technical expertise and deep domain understanding
• Entrepreneurs willing to prioritize mission alignment over short-term gains

The firm's philosophy suggests preference for founders with deep technology credentials and genuine commitment to solving meaningful problems rather than pure financial optimization.

Fund Status

FFP appears to be actively deploying with continuous investment activity. As a private firm with founder capital rather than traditional fund structures, they likely operate with evergreen investing model rather than distinct fund closes.

Key Differentiators

1. Founder capital only - No LP obligations allows long-term, mission-aligned investing
2. Strong founder pedigree - Risto Siilasmaa's legendary status in Finnish tech opens doors
3. Mission-driven philosophy - Explicit focus on entrepreneurs building "solutions that matter"
4. Nordic/European network - Deep embedded relationships in strongest tech ecosystems
5. Integrity-first culture - Emphasis on founder character as much as business metrics