Maki.vc Research
Investment Thesis
Maki.vc is a Helsinki-based seed-stage venture firm that calls itself "the first round partner for category-changing companies." It backs exceptional technical Nordic founders with a global mindset from day zero. The firm has a stated sweet spot in deep tech: scientific advances that rethink whole industrial processes, such as IQM in quantum computing, Onego Bio in precision-fermented egg protein, Volare in upcycled food-industry side streams, Upheat in industrial waste heat and Everdye in low-energy dyeing. It also backs brand-driven consumer and software companies, and an increasing number of AI companies (Riff, Strise, Sera, Deepdots, Distance).
In a September 2026 essay, partner Paavo Raisanen sets out six deep tech criteria: radical breakthroughs rather than incremental efficiency gains, a strong technical foundation (often years of research or novel IP), a mix of technical and commercial expertise on the founding team, a solid position in the value chain (selling the full product rather than licensing), deep customer and market understanding, and a distinctive brand.
Stage Focus
Pre-seed and seed. The firm says it invests in first rounds under EUR 5M and is not a fit for founders raising Series A or later. It follows on in later rounds for portfolio companies, which is why many portfolio entries are tagged Series A+.
Check Size
The site does not publish a check range. It describes "fast, decisive checks" for first and consequent rounds, with first rounds capped around EUR 5M of total round size. Check size fields are left empty rather than guessed.
Lead Tendency
Not stated. Language such as "first round partner" and "partnering from Day 0" suggests it often anchors first rounds, but this is an inference, so lead tendency is recorded as unknown.
Recent Activity
The firm reports EUR 260M under management across three funds, EUR 1.4B+ raised in total by its portfolio, more than 50 portfolio companies, 150+ limited partners and a 2018 founding date. Fund III, launched in 2024 at EUR 100M, is the current vehicle and is actively deploying. 2026 pre-seed additions listed on the portfolio page include Sono (AI phone assistants), Aavuus (orbital tracking) and Metaktik (metasurface antennas for defence and space). In February 2026 TechCrunch reported that portfolio company IQM, a Finnish quantum unicorn, was set to go public. Leadership changed in 2026 with Pauliina Martikainen as Managing Partner.
Portfolio Highlights
- IQM: on-premises quantum computers, invested 2019, IPO reported 2026
- Spinnova: sustainable fibre, listed (IPO)
- Enfuce: payments, Series A+
- Strise: KYC intelligence, Series A+
- Ultimate.ai: automated customer service, acquired by Zendesk
- Onego Bio: animal-free egg protein
- Supercell-era gaming bets: Blast, Glue, Mainframe
- Early-stage: Sono, Aavuus, Metaktik, Upheat, Lightsonic, Sera, TrackSights, Deepdots
Team
- Pirkka Palomaki, Founding Partner
- Pauliina Martikainen, Managing Partner
- Paavo Raisanen, General Partner (deep tech lead, [email protected])
- Wilson Tukiainen, Investment Manager
- Ilkka Kivimaki, Founding Partner and Advisor
- Support: Irina Miettinen (Head of Finance, on leave), Anette Kinnunen (Office Manager)
The firm also lists 100+ operator and founder LPs and advisors, including founders of Skype, Wise, Supercell, Wolt, Aiven, Small Giant Games and Smartly, and Niklas Zennstrom of Atomico.
Decision Process
Partnership model with several partners and an investment manager. The site does not describe the formal committee process or decision timeline.
Founder Preferences
Technical founders with credible research or engineering backgrounds who pair that with commercial depth. Teams that think global from day one, are obsessed with customers and hands-on with product, and are building a brand. The firm says it is not a fit for hands-off capital seekers, local or regional growth plans, or founders unsure about venture.
Support Model
Strategy, commercialisation and operational sparring from day one, access to an operator and talent network, and warm introductions to leading VCs globally for follow-on rounds. Founders cite hands-on help such as finance and CFO support and market research.
Geographic Focus
Nordic founders, with Finland as the home market (Helsinki office at Maria 01). The firm expects companies to be built for global markets from the start.