Ellex Raidla has helped Tera Ventures, one of the longest-running seed-stage funds in the Nordic & Baltic countries, bring its fund size to EUR 43 million with several global investors stepping in as limited partners.
Ellex describes Tera as "an early-stage venture capital firm with more than ten years of experience in propelling Nordic and Baltic founders to the global stage." According to the firm, "it has invested in several prominent European startups, including the UK-based neobank Monese, business management software Scoro, proptech platform Rendin, and IP-licensing management platform Brainbase. Previous successes include GrabCAD (acquired by Stratasys) and Vitalfields (acquired by Monsanto)."
Limited partners in the fund now include the European Investment Fund (under the EstFund), LHV Pension Funds (Estonia), ITOCHU Corporation, Mistletoe Venture Partners International (Japan), Perot Jain, MasterBorn, Inc., and Jonas E. Neihardt (USA), as well as other investors from the Nordics and Estonia. Stepping in as advisors are Par Nuder, long term advisor to NorthZone and EQT, who also joins as an investor, and Barbara Piette of Knightsbridge Advisers.
Ellex helped Tera Ventures with drafting and negotiating the limited partnership agreement, registering the fund manager as sub-threshold AIFM, preparing internal rules and procedures and all related fund documents. The firm's team was led by Counsel Antti Perli and included Tax Counsel Dmitri Rozenblat and Senior Associate Anneli Krunks.