As our survey results of 2016 prove, the startup financing ecosystem is in change. New money, providers and choice is desperately needed in to the ecosystem. Crowdfinancing has grown well, as has also the amount of international investmentments in Finland. And now we have a new option – EAF Finland, which was launched 3rd of May by the Finnish public fund

For angel investors EAF ensures delegated access to additional capital and a large European network of high level angel investors. It also helps to create stronger syndicates and also to later co-fund with smaller VC’s. For startups EAF means more choice, especially at challenging post-seed phases for internationalisation. It also naturally enables more angel follow-on investments before larger, usually VC driven rounds. And what I specially like is the full delegation for the angel investor.

Torsti Tenhunen
Chairman of the Board
Finnish Business Angels Network

European Angel Fund (EAF) by EIF

The European Investment Fund (EIF) and Tekes Venture Capital Ltd have launched the Finnish compartment of European Angels Fund (EAF Finland), which will support business angels’ financing activities to early stage companies through co-investments. The Fund will be advised by EIF and is part of the pan-European initiative European Angels Fund (EAF).
Read the news here

In short:

  • EAF Finland is a EUR 30 million co-investment fund
  • Investments typically range between EUR 250k and EUR 5m
  • EAF requires no fee but a carried interest: Profits shared 60:40, losses are split 50:50
  • Requires 10 year exclusivity to join angel investments
  • In EAF Finland 15% can be invested in foreign startups outside Finland 
  • The contract is done directly with an approved business angel, not with investment groups. 

For additional questions, please contact  Juho Aminoff, j.aminoff(at),