Copenhagen-based VC firm The Nordic Web Ventures has raised its second fund to invest in pre-seed and seed-stage startups across the Nordics. The exact size of the fund has not been disclosed, but the firm plans to make some 20 investments from it over the next 1.5–2 years, with an average check of $50,000 to $75,000.
The list of LPs of the new fund includes Martin Mignot (Index), Christoph Janz (Point Nine), Philipp Moehring, and Andy Chung (AngelList), all of whom also invested in the first fund, and several new faces, including Sophia Bendz and Niklas Zennstrom (Atomico).
“The Nordic Web Ventures is already well positioned to write the first cheques into the next billion-dollar companies from the Nordics, however, I believe the opportunity is even bigger than that, it’s not just about funding entrepreneurs, it’s about nurturing and improving the conditions of an ecosystem that make this possible,” said founding partner of The Nordic Web Ventures Neil S W Murray, who used to be a member of the tech.eu team.
In addition to the new fund, it's been announced that The Nordic Web Ventures will merge with The Nordic Web, which Murray started as a community-building initiative in the Nordics.
“Moving forward, The Nordic Web will primarily be a VC fund, however, its roots will remain as a community-focused entity, and money is simply one of the things we provide,” Murray told tech.eu. “We will also provide community and analytical insights that all serve to create and nurture the early-stage ecosystem the Nordics deserve.”
Launched in 2017, The Nordic Web Ventures has made 14 investments in Denmark, Finland, Iceland, Norway and Sweden to date. The publicly disclosed portfolio companies include SafetyWing, TPH, Amie, Uizard, Sanity, Meeshkan, Engaging Care, Confrere, and Versor.