Startup Scouting and Due Diligence for Greencode Ventures


Greencode Ventures

Greencode Ventures (Greencode Ventures Oy) is a Helsinki-based venture capital firm that backs digital-first “green transition” startups. Their portfolio consists of mostly software accelerating decarbonization, in pan-Western Europe from seed through Series A. Focus areas include green energy, mobility, industry and cities. The fund is classified as SFDR Article 9 (sustainable investments). The firm is described as Finland’s first green-transition fund, and as of March 2025 had raised €70M+ toward its first fund.

My task

For this task, I conducted a brief analysis of a company from the Norrsken Accelerator batch of 2024. In the analysis, I focused on why it would be a good fit for Greencode as a potential investment.


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Due Diligence Process

For this project, I combined systems thinking and comparative due diligence to identify investment-ready software startups within a sustainability accelerator cohort. The process began with portfolio screening guided by GreenCode’s investment thesis and sectoral focus. A multi-criteria evaluation followed, which covered governance, compliance, and impact-tracking readiness. Financial potential was approximated through ARR estimation and peer benchmarking using secondary data sources. The steps below guided my analysis:

  1. Investment Thesis Alignment: Defined screening criteria based on GreenCode Ventures’ investment scope (Seed–Series A, B2B SaaS, Climate Tech, EU market).
  2. Pipeline Screening: Reviewed accelerator portfolios to identify candidates with verifiable traction and ESG relevance.
  3. Due Diligence Framework: Assessed governance maturity, process compliance, and data-tracking capacity using public and proxy indicators.
  4. Comparative Valuation: Benchmarked ARR and scalability with peer cohort data (Norrsken 2024, Tracxn) and sector benchmarks (PwC Strategy&).
  5. Stakeholder Value Modelling: Applied Bain & Company’s 30 Elements of Value to quantify stakeholder-perceived functional and emotional value.
  6. Feasibility & Risk Mapping: Evaluated AI-model defensibility, regulatory exposure, and workflow-integration risks, and proposed quality-assurance mitigations.
  7. Strategic Fit Analysis: Prioritised startups by synergy potential within GreenCode’s climate-tech portfolio, culminating in the selection of the company.