# Nuard Ventures

Nuard Ventures is a Venture Capital based in Espoo, Finland.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Espoo, Finland
- **Region:** Europe
- **Address:** Linnoitustie 3, 02600 Espoo, Finland
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** nuard.com
- **LinkedIn:** https://www.linkedin.com/company/nuard-ventures

## Regulatory record

- **Reports private funds:** No

## About

Nuard Ventures backs founders using AI to solve real problems, not just add sparkle to a pitch deck. They know games, communities and interactive products, and like teams building things people want to return to. They invest in tools that make work faster, cleaner and less painful, and prefer useful companies with staying power over whatever is loud this week.

## Sectors

- AI/ML
- Gaming
- Enterprise Software
- Cybersecurity
- ClimateTech
- Defence

## People

- Otto Keravuori — Partner
- Pietari Päivänen — Partner
- Kalle Hiitola — Partner

## Questions

### Who runs investment decisions at Nuard Ventures?

Three equal partners — Otto Keravuori, Pietari Päivänen, and Kalle Hiitola — form the entire investment committee. The firm’s website describes them as generalist operators who directly support portfolio companies; there is no separate CIO or external investment committee disclosed.

### What investment stages does Nuard Ventures target?

Nuard explicitly positions itself as a provider of very early capital, backing founders at pre-seed and seed stages. The portfolio confirms this: most named companies raised their Nuard check as one of the first institutional tickets, often alongside other Nordic pre-seed funds such as Wave Ventures and Superangel.

### Does Nuard Ventures make fund commitments or only direct investments?

Both. Direct equity positions — Crown Defence, Elevatix, Complink — are the core activity, but Nuard also commits as a limited partner to select early-stage funds. Confirmed fund investments include First Circle Capital (Africa fintech), Wave Ventures (Nordic pre-seed), FOV Ventures (European metaverse and spatial computing), and Superangel (Baltic AI and mobility).

### Which sectors does Nuard Ventures explicitly avoid?

Nuard’s public materials define a positive thesis — AI, games, productivity tools, and cross-border ideas — rather than a list of excluded sectors. The firm does not mention cleantech hardware, biotech, or regulated financial infrastructure. Its curated portfolio and fund commitments suggest an intentional distance from deep-tech physics risk and capital-intensive manufacturing.

### Where does Nuard Ventures source its deals?

The partnership’s operator history in Finnish and Nordic tech is the primary sourcing engine, augmented by a network of early-stage fund relationships — Wave Ventures, Superangel, FOV Ventures, First Circle Capital — that collectively surface founders across Northern Europe, the Baltics, and select African fintech markets. Nuard’s website frames the network as a core part of its value proposition to founders.

### Does Nuard Ventures disclose assets under management?

No. Nuard has not published an AUM figure on its website or in any captured public filing. The firm’s investment vehicle is structured as a private Finnish limited partnership without a regulatory requirement to publicly report fund size. The portfolio count and stage focus suggest a sub-$100 million capital base, but this is not confirmed.

## Related profiles

- [Nuance Capital](https://altss.com/profile/nuance-capital)
- [Nubian Square Investment Advisors](https://altss.com/profile/nubian-square-investment-advisors)

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Last updated: 2026-08-11T15:07:34.613Z

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