From left to right: Margus Uudam, Marili Merendi, Federico Fini, Riin Vähk, Tommi Uhari, Kristjan Laanemaa.
London – November 29, 2021, Karma.vc, an early-stage venture capital fund committed to European early-stage deep-tech entrepreneurs, has today announced the closing of its second fund ‘Karma Ventures II’ at a hard cap of 100 million euros. The new fund will target investment in early stage deep-tech start-ups across Europe that focus on commercialising technology innovation needed to solve significant global challenges.
Karma.vc is led by Tommi Uhari, Margus Uudam and Kristjan Laanemaa; an international team with expertise in building and scaling deep tech companies. The trio have 10+ years’ experience working with and investing in multiple deep-tech start-ups, with successful exits to global technology leaders (e.g. SAP, Dynatrace, Splunk) from more than 20 companies including AppGyver, Treatwell, Modesat, SpectX and MyHeritage.
Karma II is backed by a number of high-profile advisors, including the founding engineers of Skype, Jaan Tallinn and Ahti Heinla (currently at Starship Technologies), as well as Till Quack (Qualcomm, Apple, Mapillary), Jani Huoponen (Google) and Sergei Anikin (CTO at Pipedrive).
The support of Karma’s long standing key investors such as the European Investment Fund (EIF), Isomer, Skype founder’s investment company ASI and the pension funds of Swedbank and LHV was complemented by a number of notable new investors for this second fund. This included Finnish Industry Investments (Tesi), Taavet+Sten and institutional investors from France and Germany.
“We are very grateful for the extremely strong vote of confidence from our existing and new investors,” said Margus Uudam, Founding Partner at Karma.vc. “Closing Karma II marks another significant milestone in our mission to partner with deep-tech start-ups in Europe solving significant global challenges. Having a strong background in deep-tech and being confident with the technological risks involved, we aim to help founders build companies with positive global impact.”
“Karma II allows us to keep building on the back of our maiden fund Karma I, which we launched five years ago,” Tommi Uhari, Founding Partner at Karma, added. “We want to see Europe building not only unicorns but global technology leaders. We have all the talent in Europe to do that.”
“The Nordic Baltic region has the highest density of unicorns per capita in Europe. This is creating an inspiring environment for strong deep tech startups. We are excited to leverage our deep tech startup expertise in all of Europe,” said Kristjan Laanemaa, Founding Partner at Karma.
Karma.vc’s first fund, Karma I, raised 70 million euros and was backed by limited partners EIF, Isomer Capital and Skype founders’ investment company ASI, with the rest of the capital coming from family offices, pension funds and existing investors. Karma’s investments in the Karma I fund portfolio include Infermedica, Wirepas, Tuum, CGTrader and Lucinity, among others.