nils forsblom

ArcticEvening Helsinki Registration Open

ArcticEvening Tallinn
ArcticEvening in Tallinn was a success in January.

ArcticEvening Helsinki registration is open. You can get your free ticket below. ArcticEvening will be held in Dubrovnik Lounge and Lobby on the 3rd of March, from 6pm to 9pm.

Just to summarise, we’ll have one excellent panel on startup financing with Artturi Tarjanne, Jussi Harvela, Nils Forsblom and Jouko Kiesi. These gentlemen have a lot of experience and I’m sure we’ll hear some interesting stories. You can read more about the panelists on the ArcticEvening page.

Sponsors
We’d also like to thank our sponsors Sombiz and Hammarström Puhakka Partners for making the event possible.

Get your ticket here:

Sold out!

ArcticEvening Helsinki – 3rd of March, 2009

ArcticStartup will be hosting its 5th event in Helsinki, in the good old Dubrovnik Lounge and Lobby on the 3rd of March from 6pm to 9pm. The evening’s theme will be financing which will surely be of interest to many startups and early stage companies as it’s one of the corner stones of building a successful business.

The structure of the evening will take into account the wishes of participants from earlier events. We have been asked to leave more time for networking, but still with build the evening with some presentations and talks. Therefore, we will have one panel with very strong industry experts and the rest of the evening will be left for networking and discussions between participants. Each panel participant will have a chance to introduce themselves before the panel.

We will have a sign-up system to the event, which we will be opening on the 18th of February at 9am. We will have at least 100 tickets available for participants. Last time we organised our event in Tallinn, the tickets sold out extremely fast, so make sure you are here to get your ticket. We are able to host the event free of charge for participants due to our wonderful sponsors. Our sponsors are presented below.

Panelists

Artturi Tarjanne, General Partner, Nexit Ventures

Artturi TarjanneArtturi Tarjanne is one of the most experienced Finnish investors out there, he has more than 20 years’ investing experience from various industries – mainly telecom.

Jussi Harvela, Partner, Veturi Growth Partners

Jussi HarvelaJussi Harvela has more than 20 years’ experience in running and managing high tech startups and corporations. He successfully transformed a small Finnish startup to an established global software company, from Finland to Cupertino, California.

Nils Forsblom, Founder, Fruugo

Nils ForsblomNils Forsblom has a colorful career starting companies here and there. His latest thrill has been the hyped, feared and appreciated e-commerce startup named Fruugo. He has gathered financing in many different economical conditions so he will surely have a say in the panel.

Jouko Kiesi, Attorney at law, senior advicer, Hammarström Puhakka Partners

Jouko KiesiJouko Kiesi is one of the corner stones of HPP’s success. He has a strong background in startup financing, about 30 years worth. He has worked with legendary startups such as Riot-E and Iobox. Needless to say, there will be some interesting stories told.

With more than 80 years’ worth of experience on the panel – it’ll surely be one of the most anticipated get togethers ever experienced in Finland. Make sure you get your ticket on the morning of the 18th of February. If Madonna’s concert in Helsinki sold out in a few hours – we’ll be quicker.

The ticket’s will be available on this blog on the morning of the 18th of February and on the ArcticEvening page.

Sponsors

Our event is made available by our Sponsors. Do take time to get to know them – they are one of the most interesting organisations in the industry. We hand pick our sponsors to bring value to the evenings – these guys are truly worth your time.

Sombiz

sombizSombiz is a Social Media Business Network of Finnish social media & Web 2.0 companies, research institutions, and other organisations and individuals operating in the field of social media.

Sombiz provides a network for organisations to collaborate, learn from each other, and create partnerships. By connecting business with research Sombiz is stimulating the creation of new innovations. The ultimate goal for Sombiz is to find new business opportunities and help companies to grow and go international.

Sombiz operates as a thematic network of the Finnish Digibusiness Cluster and is a part of the government funded Centre of Expertise Programme (OSKE). In 2008 the building of the Sombiz network was selected as the national “OSKE Top Project”. The project is funded by the Ministry of Employment and the Economy.

The background organisation of Sombiz is Technology Centre Hermia Ltd.

Sombiz is a Finnish-based network operating internationally. The strategy of Sombiz is a “BUGC” approach: linking Business, Universities, Government, and Communities in order to build and boost the social media business ecosystem.

Hammarström Puhakka Partners

hpplaw
Hammarström Puhakka Partners, Attorneys Ltd is a law firm specialised in business law. The firm has a good corporate practice with experienced M&A advisers acting constantly for domestic and cross-border clients. Specialists provide M&A services to public and private companies relating to assignments concerning private equity and venture capital transactions. The firm is constantly involved with complex transactions in connection with private equity firms and experienced in advising private equity/venture capital investors in divesting their investments.

Fruugo’s Ownership Structure Revealed

Fruugo logo

Adding to the yesterday’s news on Fruugo’s service launch plans, just this morning the Finnish business media Talouselämä has published the ownership structure of Fruugo.

Risto Siilasmaa, founder and chairman F-Secure, is the biggest owner with 30,9 % share. Fruugo’s founder and Evangelist, Nils ”Nippe” Forsblom is the second biggest owner with almost 30 %. Risto Siilasmaa came aboard in the very beginning and brougth in Nokia chairman Jorma Ollila and the ex-CEO Reijo Syrjäläinen. Jorma Ollila owns 9,4 % of the company. A year ago, Seppo Sairanen (the previous main owner of FIM financial group) invested in the company, and last summer the Finnish media group Sanoma, who’s Kim Ignatius recently entered the board. Sixth biggest owner is Kalle Vuoristo, the CTO of Fruugo.

The full ownership structure of Fruugo, as published by Talouselämä:

Ownership %
First Fellow (Risto Siilasmaa) 30,9
Queensway Dev. (Nils Forsblom) 29,2
Kestrel (Jorma Ollila) 9,4
Optiopaja (Seppo Sairanen) 6,8
Sanoma 5,9
Kalle Vuoristo 5,0

According to the article, Fruugo has burned around 10-15M  euros so far, maybe even more. They have slightly above 60 own employees at the moment, plus tens of consults.

Fruugo is an aggregator bringing the online web stores under one service. Pan-European web commerce is still difficult, but through Fruugo the European web stores can sell their products to the whole Europe, and all consumers can buy the products of all merchant integrated with the service, using their native language and local payment methods. The business model, as we reported yesterday, is based on transaction commissions. The cut Fruugo takes is around 10 percent, more or less depending on the product category. The company believes the rate is justifiable to merchants, as using the service Fruugo will take care of payment systems, fraud management, customer service, and currency exchange.

Fruugo’s public launch is coming up in Q2, but the exact countries are not disclosed. Next Fruugo faces the challenge to make itself known to the millions of European online shoppers.

(See our previous coverage on Fruugo.)