NATO Innovation Fund – Kelluu’s EUR 15 million Series A funding round

NATO Innovation Fund – Kelluu’s EUR 15 million Series A funding round

With EU member states implementing and expanding their foreign direct investment regimes and increasingly scrutinising reviews of foreign investments in critical sectors, the regulatory environment for cross-border investments and other change of ownership arrangements is more complex than ever before.

In many corporate transactions, it is necessary to consider whether the transaction could impact the national interests of Finland or another country and therefore require a regulatory filing with the authorities in one or more jurisdictions. As foreign direct investments (FDI) and cross-border corporate transactions more often require regulatory filings under different regulatory regimes and jurisdictions, it is increasingly important to carefully assess the implications of possible FDI regulatory filings on deal certainty and transaction timeline. It is also advisable to carefully plan the filing process and to customise the relevant deal terms appropriately.

Our experienced FDI regulation experts regularly perform FDI reviews and advise clients in authority proceedings related to investments and other ownership arrangements. We evaluate the applicability of the regulatory filing requirements as well as the likelihood of success and the potential risks of contemplated investments for our clients in the Finnish regulatory framework and determine how the filing requirements should be taken into consideration in the timeline and conditions of the transaction.

We know the changing FDI regulatory environment thoroughly. As our client, you will benefit from our extensive service offering, successful project management and recognised ability to execute complex transactions. In international regulatory matters, your project is supported by our unique global network of law firms.

Our clients include international corporations as well as private equity funds and other investors acquiring or establishing businesses in Finland or carrying out corporate transactions that directly or indirectly affect the ownership of a Finnish business. Through our international partner network, we also advise Finnish clients in their corporate and ownership arrangements that may require an analysis of FDI issues in jurisdictions outside Finland.

Our services include

  • Strategic advice related to the FDI approval process
  • Analysing the need for application and/or notification under Finnish FDI regulation in relation to agreements, investments and other transactions
  • Coordinating the work of foreign counsel with regard to the FDI analysis in other jurisdictions
  • Drafting and submitting the applications and notifications
  • Advice during the proceedings and project management of the FDI notification process as a whole

Latest references

We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.
Case published 10.6.2026
We advised the NATO Innovation Fund as lead investor on Kelluu’s EUR 15 million Series A funding round, with participation from Keen Venture Partners, Gungnir Capital, and Tesi. Kelluu is a Finnish deep tech company operating the world’s largest autonomous airship fleet. We advised NIF on this transaction alongside global law firm Latham & Watkins.
Case published 17.4.2026
We are assisting CapMan Growth in its significant investment in Kuntokeskus Liikku, a Finnish gym chain known for its high-quality self-service facilities and excellent value for money. The investment will further strengthen Liikku’s position as a market leader and support the continued execution of its growth strategy. Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth. The company’s main shareholder is COR Group, a long-time partner of CapMan Growth, and a Finnish health and wellness conglomerate known for active ownership and long-term value creation. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with a turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 27.2.2026
We are assisting CapMan Growth in making a significant investment in Factory, a Finnish restaurant chain known for its high-quality homemade meals and excellent value for money. The investment supports Factory’s ambitious growth strategy to expand nationwide and strengthen its presence also in shopping centres. Industry veteran Aku Vikström also joins as a co-investor and member of the board to support the company. Factory is a restaurant chain that specialises in high-quality homemade meals. In addition to buffet offerings, Factory provides catering services for meetings and events. All dishes are prepared in Factory’s own restaurant kitchens by the restaurants’ own chefs, and the menu focuses on diverse, high-quality home cooking. The company currently operates 22 restaurants in Southern Finland and employs around 200 people. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 2.12.2025