Unconventional Ventures nears €30M fund close for diverse European startups

Unconventional Ventures targets €30M fund for early-stage startups led by underrepresented founders in Europe, focusing on climatetech, healthtech, edtech, and fintech.
Unconventional Ventures nears €30M fund close for diverse European startups

Unconventional Ventures, a Copenhagen-based venture capital firm focusing on investing in early-stage startups led by underrepresented founders in Europe, has announced the second close of a targeted €30 million fund.

The firm focuses on the climatetech, healthtech, edtech, and fintech verticals, and this second close is aimed at continued Pre-Seed and Seed investments.

According to TechCrunch, the firm is, “now passed the ‘half-way’ close” of the fund.

Unconventional Ventures’ thesis is structured around four criteria:

  • Scalable impact tech
  • at the Pre-seed/seed stage
  • Founded by underrepresented founders: women, LGBTQ, POC, and
  • Targeting global market opportunities

LPs backing the fund include Atomico, Export and Investment Fund of Denmark (EIFO), Investinor, an investment company funded by the Norwegian government, and Chr. Augustinus Fabrikker, the former Danish tobacco company which now serves as the investment company of the Augustinus Foundation. This second close sees The Case for Her, a Stockholm-based firm specialised in investments in women’s health issues joining the list.

Founded in 2018, Unconventional Ventures has invested in femtech Leia Health, climate fintech Climate X, diversity and inclusiontech Equality Check, climatetech Ocean Oasis, Saas platform SciFree, fashiontech Fjong, and sustainable transportation startup Dora.

UV founder and general partner Thea Messel commented:

“Since the first initial close, we've proudly invested in nine impactful companies solving some of the biggest challenges for people and the planet. From the very beginning, it has been our unwavering belief that the fusion of diversity and sustainability represents the most significant investment opportunity. With this fund, we now have the financial power to further support the remarkable founders we've encountered. They are the visionaries behind companies dedicated to forging a brighter future for all of us.”

In 2021, Unconventional Ventures launched its first digital European accelerator programme targeting diverse founders, and the ecosystem is eagerly anticipating the 2023 edition of the firm’s funding report. Tech.eu recapped the 2022 edition here.

Lead image: Unconventional Ventures founders Nora Bavey and Thea Messel. Photo: Maja Karen.

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