The operations of Aloitusrahasto Vera Oy are based on the strategy to revise the system of seed financing and services for starting innovative enterprises, published by the Ministry of Trade and Industry in October 2004. In this strategy, the Ministry proposed the establishment of a new national seed fund for venture capital investments.
In June 2005, the Ministry of Trade and Industry decided to grant a capital loan of EUR 11.5 million from the State’s Supplementary Budget to Finnvera plc for use as the share capital and above par value fund of the new national seed financing company. Finnvera invested these assets in Aloitusrahasto Vera Oy. Aloitusrahasto Vera Oy began operations on 15 August 2005.
In the share issue on 26 October 2005, the Finnish Association of Graduate Engineers invested EUR 1.1 million in Aloitusrahasto Vera Oy, and in the share issue on 23 November 2005, the Finnish National Fund for Research and Development (Sitra) invested one million euros. During the financial year, the shareholders’ investments in the fund totalled EUR 13.6 million.