# Risto Siilasmaa

> Risto Siilasmaa is a seed investor at First Fellow Partners backing Software. See 24 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [First Fellow Partners](https://shizune.co/investors/profile/first-fellow-partners)
- Location: Helsinki, Finland
- Total investments: 24
- Last investment: Jul 2025
- Lead investor: 42%
- Last updated: Aug 2026
- LinkedIn: http://www.linkedin.com/pub/risto-siilasmaa/0/7b8/47
- X (Twitter): https://twitter.com/rsiilasmaa

Risto Siilasmaa is a seed investor at First Fellow Partners in Helsinki focused on Software and Information Technology. Risto Siilasmaa is based out of Helsinki, Southern Finland and is the Board of Direcctor of Donut Lab. He previously worked as Founder of F-Secure. Risto Siilasmaa attended Aalto University.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1.7M–$29M |
| Pre-Seed | $228k–$393k |
| Series A | $1.3M–$13M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 5 | 21% |
| Information Technology | 4 | 17% |
| Artificial Intelligence | 4 | 17% |
| SaaS | 3 | 13% |
| E-Commerce | 3 | 13% |

51 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 10 | 42% |
| Series A | 5 | 21% |
| Pre-Seed | 3 | 13% |
| Funding Round | 2 | 8% |
| Angel | 1 | 4% |

6 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Finland | 16 | 67% |
| Sweden | 1 | 4% |
| Estonia | 1 | 4% |
| United States | 1 | 4% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Donut Lab | Donut Lab supplies all of the components required to build an electric car and makes them available to operators. The Donut Platform provides a variety of intercompatible components with the goal of making electric car manufacture quick and inexpensive. | $29.3M | Seed | Jul 08, 2025 |  |
| Inven | Inven is an AI company that develops B2B SaaS solutions for M&A, private equity, and management consulting professionals. Its key source of value creation is based on our state-of-the-art artificial intelligence and machine learning models that enable us to leverage vast amounts of unstructured data sources at scale. | $12.6M | Series A | May 28, 2025 |  |
| IXI | Pixieray modernizes traditional eyeglass optics by introducing a pioneering adaptive solution giving anyone perfect vision. |  | Series A | Apr 28, 2025 |  |
| Donut Lab | Donut Lab supplies all of the components required to build an electric car and makes them available to operators. The Donut Platform provides a variety of intercompatible components with the goal of making electric car manufacture quick and inexpensive. | $15.7M | Seed | Feb 26, 2025 |  |
| Louhe | Louhe provides data driven security culture with explainable AI. |  | Seed | Dec 01, 2023 |  |
| The Upright Project | A Helsinki-based company building a quantification model to measure the net impact of businesses. | $5.3M | Seed | Dec 13, 2022 |  |
| CybExer Technologies | CybExer Technologies is a NATO-awarded Estonian cybersecurity company established in 2016. We have wide-ranging experience in providing and maintaining highly sophisticated cyber security training platforms with a special focus on cyber capability development. Our platforms are the key to our successful delivery of a plethora of cybersecuritytrainings and exercises aimed at ordinary users, technical responders and the very top of strategic leadership.CybExer's flagship solution is our proprietary cyber range solutions and the highly realistic live-fire exercises conducted on the range. Our capabilities and solutions have been used to conduct some of the world's largest cyber exercises. | $5.7M |  | Feb 15, 2022 |  |
| Rens Original | Rens Original is a manufacturing company. It upcycles post-industrial plastic and spent coffee grounds into finished items. The company offers waterproof sneakers made from coffee. It recycles plastic air intake placed at the heel and sole to increase ventilation and breathability while maintaining waterproof protection. | $3.4M | Seed | Dec 31, 2021 |  |
| IXI | Pixieray modernizes traditional eyeglass optics by introducing a pioneering adaptive solution giving anyone perfect vision. | $4.4M | Seed | Jun 10, 2021 |  |
| IXI | IXI was founded in 2021 in Espoo, Finland, with a simple premise: to create eyewear that provides optimal vision in every situation. Using cutting-edge technology, IXI glasses intelligently adapt to your eye movements, automatically focusing to help you see more—sharper—all within beautifully designed frames. Their first-generation product iscurrently in development, with more details to follow closer to launch. Sign up for early access here: https://ixieyewear.com | $4.4M | Seed | Jun 10, 2021 |  |

10 of 24 investments shown.

## Co-investors
- [First Fellow Partners](https://shizune.co/investors/profile/first-fellow-partners) — VC Fund, 10 deals together
- [Tesi](https://shizune.co/investors/profile/tesi) — VC Fund, 5 deals together
- [Amazon Alexa Fund](https://shizune.co/investors/profile/amazon-alexa-fund) — VC Fund, 3 deals together
- [Firstminute Capital](https://shizune.co/investors/profile/firstminute-capital) — VC Fund, 3 deals together
- [Illusian Founder Office](https://shizune.co/investors/profile/illusian-family-office) — VC Fund, 3 deals together
- [Inventure](https://shizune.co/investors/profile/inventure-oy) — VC Fund, 3 deals together

## About First Fellow Partners

VC Fund · Helsinki, Finland

A private investment firm run by Risto Siilasmaa and Kim Groop. Grounded in a deeply held set of values around entrepreneurship, trust, integrity and helping solve the world’s problems. We partner with strong and ambitious technology entrepreneurs driven by a mission to fix or build something important in the world.

2 contacts available at First Fellow Partners.

| Name | Title | Profile |
| --- | --- | --- |
| Kim Groop | Managing Partner & co-founder | https://shizune.co/investors/profile/kim-groop |
| Risto Siilasmaa | Co-Founder | https://shizune.co/investors/profile/risto-siilasmaa |

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## FAQ

### What does Risto Siilasmaa invest in?

Risto Siilasmaa invests primarily in Software, Information Technology and Artificial Intelligence startups, most often at Seed and Series A stage. Most of the 24 investments tracked by Shizune back companies in Finland. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Risto Siilasmaa's check size?

Risto Siilasmaa typically joins rounds of $1.7M–$29M at Seed, $228k–$393k at Pre-Seed and $1.3M–$13M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Risto Siilasmaa participates in.

### When did Risto Siilasmaa last invest?

The most recent investment recorded for Risto Siilasmaa closed in Jul 2025. Shizune tracks 24 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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