Redstone Venture Capital and Business Joensuu have completed the first close of North Karelia Growth Fund II, a regional early-stage vehicle with a €10 million target. The fund will back startups in Finland’s North Karelia region, with a focus on photonics, dual-use and energy transition.

Fundraising

Sep 1, 2026

< 1 min read

CryptoRank

Redstone Venture Capital has held the first close of North Karelia Growth Fund II, a regional early-stage fund targeting a total size of €10 million, the firm said in a LinkedIn announcement. The vehicle is being launched in partnership with Business Joensuu to back startups in Finland's North Karelia region.

North Karelia Growth Fund II is Redstone's second regional vintage dedicated to the area and will invest across sectors, with particular focus on photonics, dual-use technologies and the energy transition. The fund continues the strategy of deploying capital into pre-seed and seed-stage companies with a local footprint.

The new fund builds on North Karelia Growth Fund I, which has invested in 17 early-stage startups from the region. Portfolio companies from the first vintage include drone operator Kelluu, imaging and sensing firm SeeTrue Technologies, and Marginum, among others.

Redstone said it secured many returning investors for the first close, though it did not disclose the total amount committed so far. The firm framed the new vehicle as part of its mandate to support the next generation of founders emerging from North Karelia's startup ecosystem.

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