Taaleri as an investment

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Good points, but I wouldn’t necessarily approach this in such a black-and-white manner.

Regarding the size issue:

  • Of course, the “if” is the essential part here – a 100–200 MEUR fund doesn’t just emerge on its own.

  • But I don’t see it as an exceptional challenge: in practice, the money comes from the exact same place as in Taaleri’s other funds, i.e., institutional investors + Taaleri’s own seed capital.

  • Taaleri already has a track record in fundraising across other asset classes → this isn’t exactly “starting from scratch.”

Regarding the research-driven approach:

  • I agree that everyone says they’re looking for the next ICEYE or IQM.

  • But in practice, not everyone has organized their operations around it. This might be more about execution than narrative – it remains to be seen if there’s actually a difference.

Regarding the person-driven nature:

  • VC is definitely partly person-driven; there’s probably no disagreement there.

  • My point was more that this isn’t entirely a “one-star show”: if there’s an established distribution channel, existing LP relations, and the possibility for follow-on funding from within the house, that already changes the dynamics a bit compared to a small standalone fund.

  • Additionally, from a startup’s perspective, this can have real value: Taaleri’s expertise in infra, real estate, energy, and finance is genuinely relevant to certain companies.

  • If you’re in those industries, for example, the investor isn’t just capital, but can bring networks and understanding → this can partly diminish that “purely person-driven” angle.

And perhaps more generally:

  • Personally, I don’t buy into the narrative that “Finland is full of VCs → this is useless.”

  • There are plenty of early-stage funds, but quite few have the ability to combine early stage + later-stage capital + industry-specific expertise under the same roof.

And quite honestly, from a startup entrepreneur’s perspective:

  • I don’t know if, in the end, I value an investor more who has time and the actual ability to help, or the fact that their name is “Jyri” or “Timo.”

  • Brands and names matter, but in the day-to-day, what often stands out is who is actually involved in building.

But yeah, this is still clearly a case that relies on proof – it’s not worth overpaying for this before we see if they actually get that next fund together and what kind of deal flow comes in :+1:

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