Nordic early-stage venture capital
We back the
ugly ducklings.
The best companies rarely look like the best companies at the start. We invest early in Nordic B2B software and technology that the market has overlooked — and we work closely with founders until the rest of the world catches up.
What we look for
- Nordic
- B2B
- Post-revenue
- Pre-seed / Early seed
- ~€1m initial ticket
- 50% reserved for follow-ons
What we believe
Overlooked is not the same as unremarkable.
Venture capital has a herd problem. Attention concentrates on a few cities, a few networks and a few obvious narratives — and genuinely good companies get passed over for looking early, technical, regional or simply unfashionable.
We were founders and operators before we were investors. We have built, scaled, financed and sold companies ourselves, which is why we are comfortable underwriting things that still look rough.
Our job is to recognise the swan early, then be useful enough that the transformation actually happens.
Where we invest
Three themes where we have conviction.
Medtech
Clinical and health technology where regulation, data and workflow are genuine barriers — a space we have come to know through Eupry, our most progressed Fund I company.
Resilience tech
Security, compliance, infrastructure and continuity software for a world where robustness has become a budget line rather than an afterthought.
Business software
B2B software solving unglamorous, expensive problems for real customers who pay real money for it.
Portfolio
The flock.
For investors
Fund II
A concentrated Nordic early-stage strategy: a focused portfolio, roughly half the fund reserved for follow-on investments, and GPs who do the investing themselves and stay close to every company.
Founders
If people keep telling you it's too early, too technical or too niche — talk to us.
