About Maki
Maki is a venture capital firm founded in 2018. It is primarily based out of Helsinki, Finland. As of Jun 2026, Maki is an active investor, having invested in 63 companies, with 6 new investments in the last 12 months. It primarily invests in Seed round in Finland based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and HealthTech. Most recently it participated in the $***** Seed round of Aavuus Overall, Maki portfolio has seen 1 unicorn, 1 IPO and 4 acquisitions including key companies like IQM, Spinnova and Ultimate. A lot of funds co-invest with Maki, with names like Businessfinland sharing a substantial percentage of its portfolio. Maki has team of 41 people including 5 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Seed, Series A & 2 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Maki's List of Top Investments
Maki has a portfolio of 63 companies, one of which is a Unicorn. Their most notable investments are in Pixieray and Valpas.Their portfolio spans across Finland, Denmark, Norway and 7 more locations. They have invested in Enterprise Applications, High Tech, HealthTech and 25 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Maki:1. IQM
Developer of superconducting quantum computers. Its features include quantum processors with on-chip components that increase QPU clock speed for error correction, as well as application-specific processors and quantum operations.
Key facts about IQM
- Founded Year: 2018
- Location: Espoo (Finland)
- Annual Revenue: €10M - €50M as on Dec 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $600M
- Employee Count: 399 as on May 31, 2026
- Investors: Ten Eleven Ventures, BlackRock and 26 Others
- Latest Funding Round: Conventional Debt, Mar 30, 2026, $*****
- Highlight: Editors' Pick
2. Singa
Singa is an online music karaoke platform. Users can search and sing songs on the basis of the genre, language, and artists and can connect with other users. They can sing karaoke songs with subtitles as well. They offer iOS, Android, web, Apple TV apps, which provide access to over 20,000 fully licensed karaoke songs. For bars, restaurants, hotels and other entertainment venues, they offer a pro-version which is a fully digital, commercial turn-key karaoke solution.
Key facts about Singa
- Founded Year: 2013
- Location: Helsinki (Finland)
- Stage: Series A
- Total Funding till date: $5.09M
- Employee Count: 82 as on Aug 31, 2026
- Investors: Nordic Makers, Initial Capital and 10 Others
- Latest Funding Round: Series A, Jan 20, 2022, $*****
- Highlight: Editors' Pick
3. BLAST
Esports organization to hosts professional games. It is an esports organization that hosts professional Counter-Strike - Global Offensive (CSGO) tournaments to participate and win rewards.
Key facts about BLAST
- Founded Year: 2010
- Location: Copenhagen (Denmark)
- Annual Revenue: €1M - €10M as on Dec 31, 2023
- Stage: Series B
- Total Funding till date: $35M
- Employee Count: 454 as on May 31, 2026
- Investors: Heartcore Capital, Creandum and 6 Others
- Latest Funding Round: Series B, Sep 28, 2023, $*****
- Highlight: Editors' Pick
4. Spinnova
Developer of cellulose-based textile fibres. It converts wood and wood pulp into micro-fibrillated cellulose fibres that can be woven into biodegradable and sustainable fabric. It has applications in apparel, footwear, accessories, home textiles.
Key facts about Spinnova
5. Distance
Glass free mixed-reality displays. It designs and manufcatures light-based mixed reality sysetems for various applications.
Key facts about Distance
- Founded Year: 2024
- Location: Helsinki (Finland)
- Stage: Seed
- Total Funding till date: $13.9M
- Employee Count: 55 as on Aug 31, 2026
- Investors: HELLA, Google Ventures and 4 Others
- Latest Funding Round: Seed, Sep 09, 2026, $*****
- Highlight: Editors' Pick
Maki's Year-on-Year Investment Trends
Maki has invested in 63 companies over the last 8 years, with an average of 7 new investments annually in the last 5 years. In 2025, it made 11 investments, while as of Jun 2026, it has made 5 investments in this year. Its most recent first time investment was in Aavuus and most recent follow-on round was in Quanscient.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 1 | 5 |
2025 | 8 | 3 | 11 |
2024 | 4 | 6 | 10 |
2023 | 4 | 3 | 7 |
2022 | 10 | 5 | 15 |
2021 | 11 | 4 | 15 |
2020 | 7 | 6 | 13 |
2019 | 4 | 2 | 6 |
2018 | 8 | 0 | 8 |
Maki's Investments by Stage
Maki has made 47 investments in Seed stage with an average round size of $3.21M, 11 investments in Series A stage with an average round size of $12.7M, 1 investment in Series B stage with an average round size of $13.6M and 1 investment in Series C stage with an average round size of $18.8M.Stage of entry | No. of Investments |
|---|---|
Seed | 47 |
Series A | 11 |
Series B | 1 |
Series C | 1 |
Note: We have considered here, only first round of investments
Maki's Investments by Sector
Maki has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Sustainability Tech, Vertical SaaS and Consumer. Notably, it has invested in 58 Tech companies, 43 Enterprise (B2B) companies, 34 Software companies and at least 20 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 23 |
High Tech | 14 |
Sustainability Tech | 12 |
Vertical SaaS | 7 |
Consumer | 6 |
Others | 70 |
Note: We have considered here, only first round of investments
Maki's Investments by Geography
Maki has made most investments in Finland (35), followed by Norway where it has made 6 investments.Country | No. of Investments |
|---|---|
Finland | 35 |
Norway | 6 |
Denmark | 4 |
United Kingdom | 3 |
United States | 3 |
Others | 8 |
Note: We have considered here, only first round of investments
Maki's recent investments
Maki has made 5 investments in 2026 so far. Aavuus and Sono are the latest among them.Here are the most recent investments by Maki:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 09, 2026 | Finland | Seed | 9168 | - | |
Jun 03, 2026 | Finland | Seed | 2619 | [+1] | |
May 26, 2026 | Finland | Series A | 2951 | [+4] | |
Apr 02, 2026 | - | Seed | 3436 | - | |
Feb 12, 2026 | United States | Series A | 6949 | [+4] |
Unicorns in Maki's Portfolio
Maki has 1 unicorn in its portfolio - IQM. The most recent unicorn in their portfolio is IQM which became a unicorn in 2025, 6 years after Maki first invested in it.Here is a list of unicorns in Maki's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
76 | Developer of superconducting quantum computers | 2018 | Espoo | Series B | vgldyxg |
IPOs and Publicly Listed companies in Maki's Portfolio
1 of Maki's portfolio company became public - Spinnova. It got listed on the Athens Exchange (ATHEX), in Jun 2021.Here are Maki's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 24, 2021 | - | - | 7796 |
Acquired companies in Maki's Portfolio
4 companies from Maki's portfolio have been acquired. The most recent acquisition was Membrane Finance in Nov 2024 by Paxos for $*****.Here are Maki's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 19, 2024 | Dec 07, 2022 | Seed | 7820 | |
Mar 14, 2024 | Sep 18, 2018 | Seed | 9355 | |
Apr 27, 2023 | Apr 11, 2022 | Seed | 3985 | |
Jan 12, 2022 | Mar 16, 2018 | Seed | 3315 |
Team profile of Maki
Maki has a team of 41 members including 5 Partners, 1 Venture Partner and 1 Principal located in Finland. Maki's team does not sit on the board of any company as of now.Here is a list of top team members in Maki:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | - | |
Partner | Helsinki | - | ||
Partner | Helsinki | - | ||
Partner | Helsinki | - | - | |
Partner | Helsinki | - | - | |
Venture Partner | - | - | ||
Principal | Helsinki | - |
Co-investors of Maki
Over the past 8 years, 229 investors have co-invested in Maki's portfolio companies. This includes funds and angels.
- Invested before Maki: Creandum, David Helgason and 26 others have invested in rounds before Maki. There are 2 companies where Creandum has invested before Maki and 2 companies where David Helgason has invested before Maki.
- Top Co-investors of Maki: 97 investors entered a company along with Maki. These include investors like Businessfinland (4 companies).
- Invested after Maki: A total of 104 investors have invested in Maki's portfolio after their investments. Top Investors include Tesi (4 companies), EIC Fund (3 companies) and Europa (3 companies).
Recent News related to Maki
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Finnish Space-Tech Startup Aavuus Secures Pre-Seed Funding for Orbital Safety ImprovementStartup Rise EU•Jun 10, 2026•Maki, Aavuus
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Quanscient lands €10M to advance AI- and quantum-native hardware engineeringTech.eu•May 26, 2026•Maki, Quanscient, QAi Ventures, 55 North Mining and 3 others
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Quanscient Raises €10 Million in Series A FundingStartup Rise EU•May 26, 2026•Quanscient, B&C Group, QAi Ventures, First Fellow Partners and 2 others
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Ever raises $31m in Series A fundingFinTech Collective•Feb 13, 2026•Evercars, Eclipse, Joint Effects, Jimco and 3 others
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Finland's Top 10 VCs Drive €1.5B Startup SurgeTech Funding News•Jan 26, 2026•Kvanted, Businessfinland, Voima Ventures, Maki and 2 others
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Oslo's Riff raises €14M from Northzone to develop its vibe coding startup platformSilicon Canals•Oct 23, 2025•Twilio, Cognite, Northzone, Skyfall Ventures and 2 others
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Riff Secures $16M Series A Led by Northzone to Expand Business-Ready AI App PlatformStartup Rise EU•Oct 23, 2025•Skyfall Ventures, Global Founders Capital, Maki, Northzone and 4 others
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Ever Dye secures €15 million to advance to industrial stage with biosourced textile dyesFashion Network•Jun 30, 2025•Ever Dye, Crédit Mutuel Innovation, Daphni, Ring Capital and 3 others
