Wave Ventures, Europe’s largest Gen Z-run VC fund, has announced its third fund, which is €7 million ($7.8 million), tripling the size of its previous fund. The fund is supported by a diverse group of investors, such as Slack, Bolt, Skype, Supercell, Wolt, Silo AI, and Smartly.io, as well as European early-stage VCs, and family offices, according to a press release.
The fund comes at a crucial time for early-stage investing across the Nordics and Baltics. The quick advancement of generative AI, no-code tools, and open-source technologies makes entrepreneurship more attainable than ever, while the Nordic startup ecosystem grows globally.
Who are Wave Ventures?
The VC firm was founded in 2016 and has a strong track record in finding outstanding early-stage talent. Its first two funds made over 50 initial investments as the first backer and invested in nearly 80% of VC-backed Finnish startups led by CEOs under 30. Wave Ventures’ previous investments include, for example, Inven, Intergrid, Exa Laboratories (YC S24), Vetnio (YC W25), Paebbl, Normative, and Carbo Culture.
Wave Ventures’ third fund
Wave’s model focuses on a core principle: proximity to the next generation of builders. The fund is operated by a small rotating team of top Gen Z investors embedded in startup ecosystems across Helsinki, Stockholm, and Tallinn. This structure gives Wave real-time access to the communities where the most ambitious Gen Z founders are found.
With this third fund, Wave hopes to expand this approach across the Nordics and Baltics. It plans to invest in 3 to 10 new teams per country each year, focusing on first-ticket angel and pre-seed rounds up to €100,000.
“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,” Antonia Eneh, CEO of Wave Ventures, said.
Image: Wave Ventures
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