Mikko Huumo has joined Finland-based oil provider Helen as director of its corporate venturing unit and will set up a fund focused on energy transition.
Huumo said Helen Ventures’ €50m ($55m) fund will focus on electric mobility, energy-related digital solutions, debcarbonisation, smart energy solutions and the circular economy, adding: “So, one could say that very strong link with e-transition.”
Helen Ventures hired Huumo last month after nearly seven years spent at local energy utility Fortum, most recently as head of external venturing.
Fortum is expected to continue in corporate venturing through an internal promotion. It has also made a cornerstone commitment to US-based venture capital firm Valo Ventures, which was launched by CapitalG alumnus Scott Tierney, raising $175m for its debut fund last summer.
Finland has been rapidly expanding its venture capital ecosystem, with VC firm Innovestor Ventures recently raising $32.6m for the first close of its third venture fund, which is backed by insurance provider Mandatum Life.
Petri Laine, managing partner at Innovestor Ventures, which acquired the portfolio from its first two funds from state-backed Finnvera in 2016, said: “We announced last week our third fund that focuses on industrial technology in the Nordics/Baltics. Even more reason to join for the [Global Corporate Venturing Symposium] June event in London.”
The largest investors in the first funds included Mandatum Life and fellow insurers Nordea Life and Ilmarinen.
