Dobbelgänger won the Pitch Finland DefSec competition held in Riihimäki on June 7th, which led to the formation of an angel investment syndicate.
“We are, of course, pleased that the funding round was successful, though it was realized unexpectedly. This funding will ensure our operational continuity and give us the capacity to scale, market, and sell. Once sales work, everything else falls into place,” says Terho Kololuoma, CEO and founder of Dobbelgänger.
Funding Round in collaboration with Angels and Innovestor’s Angel Co-Fund
Dobbelgänger won FiBAN’s first-ever startup competition focused on the defense, dual-use and security sectors, held in Riihimäki on June 7th. The angel syndicate was led by FiBAN angel investor Pekka Samuelsson.
“The company has a unique technology, a capable team, and strong prospects,” says Pekka Samuelsson, who led the angel syndicate.
A total of 16 angel investors from the FiBAN network contributed €240,000 to Dobbelgänger.
“The high number of investors shows that companies in the defense, security, and dual-use sectors are of interest to angel investors,” adds FiBAN CEO Tiina Laisi-Puheloinen.
One of the Largest Rounds for the Angel Co-Fund
The €30 million Angel Co-Fund makes investments together with angel syndicates in Finnish seed companies. A syndicate of at least three angel investors new to a target company can submit an investment proposal to the fund, which then makes its decision based on the submitted materials.
“Once again, we’re thrilled to highlight the great partnership we have with FiBAN. Dobbelgänger’s funding round is one of the largest angel syndicates by far, and in terms of euros, it is one of the largest rounds in which the Angel Co-Fund has participated. We are very pleased with how the Angel Co-Fund is helping to increase the size of early-stage funding rounds,” says Hannu Jungman, Partner at Innovestor Venture Capital. Find out more about the Angel Co-fund and Innovestor.
The DECOI startup competition is now open for startups
FiBAN’s next defense sector event, DECOI, will take place on November 19th. The event is co-organized with FiBAN, Business Finland, Business Helsinki, Define Finland, Digital Defense Ecosystem, Finnish Venture Capital Association, Finnish Information Security Cluster, Tesi, VTT, The City of Riihimäki, Lifeline Ventures, and Summa Defence.
Got funding news to share with angel investors onboard?
Suggest content to FiBAN’s COO Milja Mäkelä at milja@fiban.org.