Hypermemo Oy has just closed the late seed funding round with Startup Development Joensuu Investment Fund and Butterfly Ventures. This funding will be used as a co-funding to the EIC Accelerator grant to secure the stable cash flow throughout the 2-years development project aiming at commercialization of our unique laser-based glass processing solution.
In this round we got a new investor as Startup Development Joensuu Investment Fund joined Butterfly Ventures, who has invested in Hypermemo already during the first seed round in 2019.
See press release by Business Joensuu:
The Startup Development Joensuu – Investment Fund helps start-up companies to grow, employ people and internationalise. The Fund obtains its capital from the City of Joensuu and private investors. The fund is managed by Joensuun Startup Kehitys Oy, a subsidiary of Business Joensuu. The Fund’s capital is EUR 2.5 million and its typical investment is EUR 50,000 – 200,000. Together with the Business Joensuu’s Business Accelerator and internationalisation services, the Fund supports the domestic and international growth of its target companies. The Fund is an avenue for companies’ second phase funding round. While the Fund is not subject to any field-specific restrictions, its main focus is on companies that specialise in digitalisation, the forest bioeconomy, and materials and innovative technology. Target companies must operate in Joensuu, want to be located in Joensuu or have a connection with the Joensuu region at the level of operative activities.
Butterfly Ventures is the leading seed stage focused VC in the Nordics.