Business Kuopio


A 10-million-euro Venture Capital Fund to be established in North Savo / Selection of Management Company


In a meeting on 28 October 2019, the City Board of Kuopio selected HeLeMi VC Ltd, with Kuopio-based investment company Nostetta Ltd as its main shareholder, as the management company of North Savo Venture Capital Fund. HeLeMi VC will operate under the name Nostetta Venture Ltd. The selection of the management company was based on points awarded for price and quality and the most advantageous in overall financial terms was chosen.

HeLeMi VC’s team consists of top business experts, professionals with experience in capital funds, business developers and successful serial entrepreneurs from North Savo with a high degree of competence in sectors such as wellbeing and health care technology, as well as university-level competence in science and technology. The management company will be operated by professionals in their field with long and versatile experience in management of venture capital funds.

North Savo will be home of a local venture capital fund North Savo Startup Fund that will invest mainly on startups in their early phase with intention to grow in North Savo. During a period of ten years, the venture capital fund will invest in some 15-20 target companies, the first investments scheduled for early spring 2020.

The venture capital fund has both public and private investors. The grant allocated by ELY Centre forms a major part of the fund as well.

City of Kuopio, 1.2 M €
City of Iisalmi, 0.5 M €
City of Varkaus, 0.5 M €
ELY Centre (grant), 4.9 M €
Private investors, 2.5 M €
Management Company (requirement), 0.4 M €

– The new venture capital fund is an excellent example of collaboration between the cities of Kuopio, Iisalmi and Varkaus. The fund brings positive contribution to the economic growth in the region by developing business activities, supporting existing businesses and stimulating the development of new ones and, at the same time, increases employment in North Savo, says Jukka Pitkänen, Director of Economic Development, City of Kuopio.

– As for Varkaus and Iisalmi, establishment of a regional fund is considered to have significant spill- over effects on businesses operating in the region’s key sectors and to spur early-stage startups in the entire region, state Jouko Laitinen from Navitas Kehitys Ltd and Terho Savolainen from the City of Iisalmi.

Chief Director Kari Virranta is pleased that the administrative part of the long-term joint project of the entire region has been completed and that the tool can now be put into service. He also wishes to express his warmest thanks to all actors both in the region and in the Ministry of Economic Affairs and Employment for their contribution to the successful implementation of the project.

– As might be expected, we are delighted to be able to contribute to the development of businesses in the region. The fund is long-awaited and the preparation process has taken quite some time. We will ensure that the fund is set up and starts to operate as soon as possible, says Heidi Ahonen, Manging Director of HeLeMi VC.

Funding to boost growth

The venture capital fund is expected to improve the growth potential of growth companies. It will speed up and fuel growth and entry into both domestic and international markets of businesses in the region, and secure the availability of funds.

Further information:

  • Jukka Pitkänen, Director, Business Development Services, jukka.pitkanen(at), 0447182085
  • Kari Virranta, Chief Director, ELY Centre, kari.virranta(at), 0400 371 094
  • Heidi Ahonen, Managing Director, HeLeMi VC Ltd, heidi.m.ahonen(at), 0400 606 122