Wave Ventures, Europe’s largest Gen Z-led venture capital firm, has announced the close of Wave Ventures Fund III at €7 million, tripling the size of its previous fund. Based in Finland, the student-run VC is doubling down on its mission to back the most ambitious Gen Z founders in the Nordics and Baltics, offering angel and pre-seed investments up to €100,000.
The new fund is backed by an elite group of investors, including the founders of Slack, Skype, Supercell, Wolt, Bolt, Smartly.io, Silo AI, as well as top Nordic VCs and family offices. This positions Wave Ventures to fund 3 to 10 new startups per country per year, while deepening its grassroots presence across the region.
A VC Built by and for Gen Z
Founded in 2016 and currently led by Antonia Eneh, Wave Ventures is operated entirely by university students from leading institutions in Helsinki, Stockholm, and Tallinn. This model gives the fund unparalleled access to early innovation in university startup ecosystems—often before ideas reach traditional VC radars.
This approach is working: nearly 80% of VC-backed Finnish startups led by under-30 CEOs received early investment from Wave. With more than 50 early-stage investments, the firm has become a top choice for young founders launching bold tech ventures.
The timing of Wave Ventures Fund III aligns with a surge in youth-led entrepreneurship. Thanks to GenAI, no-code tools, and open-source frameworks, Gen Z founders are launching startups faster and with fewer resources than ever before.
“AI is unlocking a new era of speed and scale,” said Antonia Eneh, CEO of Wave Ventures. “Young founders are thinking globally from day one. Wave is built to find them and back them first.”
Backing the Future: Climate Tech, Health, Fintech & Gaming
Wave Ventures’ diverse portfolio already showcases the firm’s ability to spot next-generation founders across key verticals:
- Carbo Culture – Climate tech converting carbon into biochar
- Normative – Carbon accounting, backed by Google and 2150
- Paebbl – Carbon-negative materials for manufacturing
- Intergrid – Smart grid infrastructure startup
- Noice – Social gaming voice platform
- ThirdTime Games – Web3 game studio
- Iona Health – AI-driven women’s health startup
- Calqulate – Financial analytics for startups
This cross-sector reach highlights Wave’s strength in discovering emerging winners before they hit the mainstream.
With Fund III now live, Wave Ventures plans to:
- Expand operations across the Nordics and Baltics
- Embed deeper into university ecosystems
- Support 30+ new teams over the next few years
- Provide long-term support and capital access to young founders
Cal Henderson, co-founder of Slack and one of Wave’s backers, said:
“Wave Ventures has a unique advantage: connecting with Europe’s most promising Gen Z founders before other investors even notice them. We’re about to witness a wave of groundbreaking startups led by this generation.”
Wave Ventures is not just betting on Gen Z—it is built by Gen Z. And with Fund III, it’s ready to reshape how early-stage venture capital works for a generation that builds differently, scales faster, and thinks globally.
