Start Up Fund Joensuu – Growth Funding for Startups

The start-up company ForteAI Oy is launching a smart resume service platform to the market, revolutionizing the job search and recruitment experience. Service fully automates resumes and streamlines job searches through artificial intelligence and machine learning. ForteAI platform transforms resumes into artificial intelligence agents that provide career advice, represent talent in the job market and work with other profiles on the platform.

The growth company received a total of € 90,000 in new funding from Start Up Fund Joensuu and the North Karelia Growth Fund. The company will present its first prototype at the Slush 2023. Read more.

PUHI Oy, which produces biochar using pyrolysis technology, has collected a total of EUR 900,000 in funding from financiers. In addition to the EUR 100,000 invested by the Start Up Fund Joensuu, the founding members of the company fund the activities with EUR 300,000 and Business Finland with EUR 500,000.

Biochar is one of the most cost-effective methods for long-term carbon storage in the soil and has diverse applications, from soil improvement to air filtration. An environmental permit for biochar production contributes to the green transition and circular economy.

The growth capital will be used for purchasing a machine, modifying the machine and the hall, as well as starting production. In addition to its ongoing domestic operations, PUHI is prepared to expand internationally, with Germany and Sweden as the initial target markets. Read more.

Materialisting is a platform service that promotes the green transition in the construction sector, allowing for the calculation of the carbon footprint of property and indoor space construction, as well as for comparing construction materials and products. This enables environmentally friendly and responsible material choices in construction projects.

The Joensuu-Helsinki-based startup, Materialisting Oy, aims to become the leading service provider for environmentally friendly building material choices in Europe by 2027. The Start Up Fund Joensuu has invested €100,000, and the North Karelia Growth Fund, managed by Redstone, has invested €90,000 in the company. Design Agency Fyra and private investors have also participated in the funding. Read more.

Carbonaide Oy is developing the world's first industrial pilot production line enabling carbon-negative concrete, with which it is possible to reduce the carbon footprint of concrete even to carbon-negative. The company is founded in Joensuu and it is currently building the first pilot production line based on the Carbonaide method at the factory of Rakennusbetoni- ja Elementti Oy in Hollola. Carbonaid's business will be further developed at the Business Accelerator in Joensuu.

Carbonaide Oy, which has raised a total of 1.8 million euros in seed funding for the commercialization of its technology, is starting to commercialize the carbon dioxide utilization and storage technology developed at VTT, Technical Research Centre of Finland. Start Up fund Joensuu invested 100,000 euros in Carbonaide Oy. Read more.

Kodia Oy is a supplier of the rental management system established in 2019. Kodia’s mission is to innovate and implement advanced housing solutions for the industry through digitalization.

In the spring of 2022, the growth company Kodia arranged a share issue. Start Up Fund Joensuu participated in the financing round with EUR 100,000. In addition to the Start Up Fund Joensuu, Kodia will be invested in by, among others, Master Group Ltd and the investment company Karvest, as well as the current investor and founding shareholders. Read more.

Niekka (eBike Finland Oy) will produce high-quality Finnish bicycles under the NIEKKA Bicycles brand in Outokumpu. Business Joensuu encourages the company’s growth as an investor through the Start-up Fund Joensuu.

ebike Finland organised a share issue at the end of 2021. Business Joensuu’s Start Up Fund Joensuu participated in the funding round with EUR 112,500, for which it received 22.5% of the company’s shareholding. Through the issue of shares, the company collected EUR 187,500, plus a loan that is 70% guaranteed by the European Central Bank. Read more.

Redkik is a global Insurtech start-up with the mission to transform and improve the insurance industry for all parties within logistics and transportation.

Start-up Fund Joensuu invested 75,000 euros in the company. The total investment of the financing round was 312,500 euros, while at the same time the North Karelia Growth Fund managed by venture capital investment company Redstone and business angel Ilari Schouwvlieger invested a total of 237,500 euros. Read more.

Kelluu Ltd, which manufactures miniature autopilot airship concept to perform many kind of airborne data transfer duties, has received a significant funding of 100,000 euros from the Start-up Fund Joensuu. The airship has an extremely long flight time thanks to low-emission hydrogen-powered technology. Kelluu Oy has an airship factory in Reijola, Joensuu.

At the end of 2019, Kelluu Oy received significant funding from Business Finland. In addition to Start-up Fund Joensuu, also Kim Väisänen, Suomen Vaikuttavussijoitus Oy, and Joen Infra Oy also invested in the company's operations. Read more.

Vaki Ltd., which is known by its brand name Vaki Games, is a gaming company established in 2016. The company currently employs 9 part-time and full-time employees. The company’s game by the name of Kingshunt (kingshunt.com) is an online multi-player game that will feature action and strategy. The game will be published in spring 2021.

Start-up Fund Joensuu has invested EUR 100,000 in the company, of which EUR 50,000 is conditional and linked to the performance indicators agreed on for the game’s launch. Read more.

Fiuge Oy is a crowdsourced and community-based delivery service that operates in the Helsinki region, Kirkkonummi, Turku, Pori, Lappeenranta, Mikkeli, Savonlinna, Kajaani and Porvoo. The service functions as a mobile application and on the website, and its clients include B2C and B2B companies. The purpose of the service is to make deliveries as flexible, affordable and ecological as possible.

Start-up Fund Joensuu will be investing EUR 100,000 in Fiuge. The company has also received funding from Gorilla Capital Ky and the Joensuu-based company Timonen Auto Oy. The Centre for Economic Development, Transport and the Environment has provided funding of approximately EUR 750,000 for service development and launching operations. Read more.

Established in Joensuu in 2009, Hypermemo is a company developing a unique carbon dioxide laser (CO2 laser) solution. At the moment, the company employs five people in its new production and development facilities in Joensuu. The company is based on a technology developed by Russian-born Vadim Kiyko. Its development started at the Russian Academy of Science and continued in Joensuu.

Hypermemo Ltd has received an investment of EUR 100,000 from the Startup Development Joensuu – Investment Fund which operates via a subsidiary of Business Joensuu. The investment will accelerate the company’s growth and enable new capital investments. Read more.