Vendep Capital: 10 Key Things You Must Know

Overview

Vendep Capital is a Finnish venture capital firm specializing in early-stage investments in B2B Software-as-a-Service (SaaS) startups primarily across the Nordic and Baltic regions. Established in 2013 and headquartered in Espoo, Finland, the firm has built a remarkable reputation for identifying and nurturing SaaS companies with significant global potential. Known for its concentrated focus on AI-first SaaS ventures, Vendep plays a pivotal role in enabling startups to scale internationally by providing substantial capital, expert guidance, and a strong founder community. With its recent fourth fund closure of €80 million, Vendep Capital continues to strengthen its influence in one of Europe's most dynamic tech ecosystems. Read on to discover ten key insights that illuminate why Vendep Capital stands out in the SaaS investment landscape.

1. Founded in 2013 with a Clear SaaS Focus

Vendep Capital was founded in 2013 by partners with complementary backgrounds spanning entrepreneurship, investment, and general management. The firm differentiates itself as one of the few venture capital funds exclusively dedicated to early-stage B2B SaaS startups in the Nordics and Baltics. This specialization allows Vendep to deliver tailored value beyond capital by leveraging deep domain expertise in SaaS business models, growth strategies, and technology trends, resulting in a strong track record of successful investments.

2. Managing Nearly €200 Million in Capital

Over its more than a decade of operation, Vendep Capital has raised several funds, accumulating close to €200 million under management. The firm's latest fund, Vendep Fund IV, secured €80 million from a diverse range of investors including Finland's state-owned investment arms Tesi and Elo, family offices, and angel investors. This robust financial backing empowers Vendep to provide meaningful equity investments, typically ranging from €100,000 to €3 million, supporting startups from pre-seed through Series A funding rounds.

3. Pioneering the AI-First SaaS Era

Vendep has actively embraced the paradigm shift toward AI-driven software solutions. Contrary to critiques suggesting SaaS models may lose relevance in the age of artificial intelligence, Vendep views AI as a transformative accelerant for SaaS. Nearly every impactful AI product is delivered and monetized as SaaS, making Vendep's focus on AI-native startups a strategic bet on the most promising future opportunities. This positions the firm at the forefront of supporting founders who build intelligent, scalable, and defensible software solutions.

4. Supporting Founders with Hands-On Expertise

Beyond capital, Vendep Capital prides itself on being a close partner to its founders. The firm’s team comprises experienced operators and former entrepreneurs who actively assist portfolio companies with strategic decisions, scaling challenges, sales acceleration, talent acquisition, and follow-on funding rounds. This hands-on support framework not only accelerates growth but also fosters strong community bonds among Nordic and Baltic SaaS innovators.

5. Impressive Portfolio of SaaS Scaleups

Vendep's portfolio includes over 35 investments, many of which have evolved into notable scaleups with global footprints. Renowned companies like AlphaSense, Hostaway, Leadfeeder, and Happeo are among its successful alumni. These firms exemplify Vendep’s ability to spot SaaS ventures with the potential to disrupt markets and lead their categories internationally, reinforcing the firm's reputation as a top early-stage SaaS investor in the region.

6. Strategic Focus on Nordic and Baltic Markets

Vendep Capital specifically targets startups originating from Nordic and Baltic countries, recognizing these regions as hotbeds for innovation in software development and AI application. The relatively small home markets push founders to think global from inception, fostering products built to scale internationally. Vendep’s local expertise enables it to identify promising founders early, provide the right advice, and leverage close networks to help portfolio companies expand beyond their regional bases.

7. The Importance of Workflow Ownership in Vertical SaaS

Vendep Capital underscores a strategic insight for SaaS startups, especially in vertical markets: defensibility increasingly comes not from owning data but from owning critical workflows where business operations actually run. As AI commoditizes data, controlling and optimizing workflows gives SaaS companies a competitive edge. This understanding guides Vendep’s investment thesis, helping it back companies that build robust, workflow-centric solutions to thrive sustainably.

8. Recent Fundraising Success: Vendep Fund IV

In 2025, Vendep Capital closed its fourth fund with €80 million in commitments, marking the firm's largest fundraise to date. The fund is earmarked to invest in approximately 20 early-stage SaaS startups over the coming years. Vendep also commits to follow-on investments to support portfolio companies in scaling globally. This fundraising milestone reflects investor confidence in Vendep’s proven strategy and the long-term growth prospects of the SaaS sector enhanced by AI.

9. Impactful Investments in Behavioral Data and Hospitality SaaS

Vendep's recent investments emphasize innovative SaaS niches such as behavioral intelligence and hospitality CRM. For example, in early 2025, Vendep led a $2.5 million seed round for Behavix, a company leveraging ethical consumer behavioral data for business insights. Additionally, it invested in Bookboost, a hospitality CRM platform serving the global hotel industry. These targeted investments demonstrate Vendep’s commitment to backing SaaS startups solving real-world problems with scalable and defensible technologies.

10. Vision for the Future of SaaS and AI Integration

Vendep Capital's leadership believes that while the SaaS business model is evolving with AI integration, its fundamental strengths—scalable cloud infrastructure, predictable recurring revenues, and data-centric architectures—remain intact. The firm predicts the next generation of success in SaaS will come from companies that build AI-driven products with true defensibility, emphasizing real customer impact and strategic differentiation rather than superficial AI adoption. This forward-looking vision positions Vendep as a key partner for startups defining the future of software.

Conclusion

Vendep Capital stands as a distinguished venture capital firm dedicated to nurturing early-stage B2B SaaS companies within the Nordic and Baltic regions. Its specialized focus on AI-first SaaS, coupled with its substantial €80 million Fund IV and nearly €200 million total assets under management, uniquely positions it to fuel the next wave of global SaaS champions. By providing founders with not just capital but hands-on expertise and a vibrant community, Vendep empowers startups to overcome scaling hurdles and innovate boldly. As AI reshapes software, Vendep’s vision and investments suggest a promising future where SaaS remains central to technological progress. What remarkable SaaS innovations will emerge next from this dynamic partnership?