Helsinki-based VC firm Wave Ventures has unveiled a new €7 million fund—the largest Gen Z-led and Gen Z-focused fund in Europe.
Tripling the size of its previous fund, Fund III is designed to support emerging founders under 30 across the Nordics and Baltics at the angel and pre-seed stages.
Supported by high-profile founders and firms
The fund is backed by an impressive lineup of investors, including the founders of Slack, Skype, Bolt, Wolt, Supercell, and Smartly.io, along with leading European early-stage VCs and family offices. Slack co-founder Cal Henderson called the positioning “a unique advantage” in identifying Europe’s top young talent before they reach other investors’ radar.
Advertisement
Investing in early innovation
Founded in 2016, Wave Ventures has already backed more than 50 companies through its first two funds. The firm claims to have supported nearly 80% of Finnish startups led by CEOs under 30. Past portfolio companies include Inven, Intergrid, Exa Laboratories (YC S24), Vetnio (YC W25), and Carbo Culture.
A rotating Gen Z investment team
The fund is run by a rotating team of Gen Z investors based in Helsinki, Stockholm, and Tallinn. This structure allows the company to stay close to grassroots innovation and emerging founder communities. The new fund will invest in 3–10 new teams per country each year, with typical investments of up to €100,000.
Building globally from day one
Wave Ventures’ CEO Antonia Eneh emphasized the urgency and ambition of Gen Z founders: “AI is unlocking a new era of speed and scale. This generation understands the problems that matter and has the tools to solve them. Our company is built to find them and back them first.”
Wave Fund III comes at a time when early-stage startups are scaling faster and entering global markets earlier, particularly in AI and no-code spaces—areas where young innovators are leading the charge.
