Cloudberry Launches Europe’s First Semiconductor Venture Fund

Cloudberry, a venture capital firm based in Helsinki and London, led by Rene Kromhof, Veera Pietikäinen, Lawrence Lundy-Bryan, Tuomas Hollman, and Lukas Steinmann, has announced the launch of Europe’s first semiconductor venture fund with an initial close of €30 million. The fund invests in companies advancing the technological frontier with semiconductors, photonics, and advanced materials to advance compute, connectivity, sensing, and power.  

Cloudberry’s fund, anchored by Finnish state investor Tesi and supported by international LPs including GlobalFoundries and Radiant OptoElectronics, draws 85% of its capital from outside Finland.

The launch aligns with Europe’s €43B Chips Act, targeting 20% global semiconductor market share by 2030. Semiconductor and photonics markets, currently $1.5T, are projected to surpass $2T this decade, fueling AI, space, telecom, and defense industries.

Cloudberry aims to build Europe’s semiconductor ecosystem, addressing underfunded early-stage deep-tech ventures in semiconductors, photonics, and advanced materials. The fund plans to invest up to €1 million in pre-seed and seed rounds, supporting up to 20 companies across R&D spinouts and commercial innovations, strengthening Europe’s technological sovereignty.

Cloudberry’s team of experienced deep-tech investors and operators is well-positioned to capture value in markets with significant opportunities and strategically critical technologies, according to Asseri Lehtiniemi of Tesi. Finland’s strong semiconductor and photonics legacy makes the fund a valuable addition to the local VC ecosystem.

The firm aims to build Europe’s leading platform for semiconductor investment and support, spanning early- to growth-stage capital. With expertise from companies such as ASML, Bosch, Heptagon, and top deep-tech VCs, Cloudberry is equipped to identify and scale the continent’s most promising semiconductor innovators.

GlobalFoundries highlights the need for investors who understand technical complexity and can support early-stage hardware funding, while Radiant Opto-Electronics emphasizes the fund’s role in connecting companies to Europe’s semiconductor and photonics ecosystem and providing early visibility into breakthrough teams.