Nordic’s Verdane Capital: $5 Million Investment
The latest fund from a Nordic private equity manager focusing on investments in technology enabled growth companies, has invested over €5 million (c.$5.3m) in Vaadin.
This latest investment, which had mark the second investment round for Vaadin this year, has partly been made by buying secondary shares from another shareholder - Aboa Ventures of Finland - and also through a directed new issue.
Vaadin is the fourth company in which Verdane's latest fund, Verdane Capital IX, launched this summer with committed capital of SEK 3bn (c.$325m), has invested in.
Earlier investors in Vaadin includes the Nordic private eEquity-Aboa Venture Management-and Suomen Teollisuussijoitus which is also known as the Finnish Industry Investment Ltd(FII).
Finnish Industry Investment has €1 billion which is equivalent to c.$1.06bn in asset under management and altogether 660 companies in its portfolio. It had always invests together with some other investors with high quality access to Finland.
CEO of Vaadin, Joonas Lehtinen commenting on teaming up with Verdaneand said that they are very pleased to be further strengthening their position in the growing U.S and European markets. He also adds that Vaadin is known for its tools that simplify the development the business-grade web applications and thus with the new investment they will be able to expand the said tools to new and even larger markets.
Lehtinen, who holds a PhD in computer science from the University of Turku, is based in the heart of Silicon Valley in San Jose. Prior to this he was CTO of Atuline, a healthcare start-up, and before that was a researcher at Turku Centre for Computer Science, where he developed a suite of image compression algorithms for use in medical imaging.
Vaadin is an open source web framework for rich internet application. It features a server side architecture, which means that the majority of the logic runs on the servers. On the client side, Vaadin is built on top of and can be extended with Google Web Toolkit.