Irish private equity firm VentureWave has acquired a majority stake in Funderbeam, a blockchain-based startup for angel investors in growth companies, founded by former Nasdaq Tallinn stock exchange head Kaidi Ruusalepp.
VentureWave’s investment is part of a €40 million funding round that also saw participation from existing investors, including Mistletoe, Draper Associates, and FunderBeam CEO Ruusalepp. This deal enables VentureWave to leverage technology that targets the entire life cycle of global venture investments and secondaries, ranging from early-stage angel funding to pre-IPO secondaries.
For Funderbeam, this transaction presents an opportunity to expand beyond angel markets and serve institutional clients such as venture capital funds, family offices, brokers, and investment banks. Alan Foy, chairman of VentureWave, describes the investment as a “game-changer” for venture markets. He emphasizes that the partnership combines essential assets, technology, and capital to encompass the entire venture investment life cycle, marking a transformative moment to center impact within the investment industry.
The company aims to extend its reach beyond Europe and scale globally through VentureWave subsidiary Vestiver, which assists founders in managing their venture-stage fundraising process digitally and maintaining investor relations post-funding. VentureWave is preparing to enter the US market in 2024.