BlackWood Ventures closes debut fund at $25M to back Europe’s next-gen founders

BlackWood Ventures, a network- and technology-driven early-stage fund focused on European founders, has closed its debut $25 million fund.

Since its first close in April 2023, BlackWood has made 19 investments across nine countries, with a plan to build a portfolio of around 30 fintech, cleantech, and Web 3.0 companies. 

Bastian Larsen, Founder and CEO of BlackWood Ventures, shared:

Europe is not short on talent; it’s short on conviction capital. That’s the gap we’re here to fill. We built BlackWood to be truly European in scope and disciplined in approach, seeing hundreds of opportunities each month and backing founders whose ambition and focus stand out.

BlackWood’s investments cover a diverse range of high-growth startups, including:

• beSirius (Netherlands): A B2B SaaS platform for the mining and metals industry, already used by global leaders like ArcelorMittal. Recently closed an up-round led by Berlin-based NAP.
• IVM Markets (UK): A fintech SaaS company revolutionising structured product distribution for financial institutions. Founded by former Deutsche Bank executives.
• Sidekick (UK): A digital wealth management platform targeting mass-affluent customers. Recently surpassed £100 million in assets under management.
• Yonder (UK): A rewards credit card company valued at over £100 million, named to the 2025 Future Fifty—Tech Nation’s flagship programme for late-stage UK tech scaleups.
• Particula (Germany): A provider of AI-driven risk intelligence for digital assets, enabling institutional adoption of tokenised finance through real-time, automated risk ratings across both DeFi and traditional finance.

Matthew Ford, Founder and CEO of Sidekick, added: 

BlackWood backed us early last year and has been fantastic to work with. They invest with conviction and it’s refreshing how fast and efficient they were throughout. Their fintech-experienced team has been hands-on at every turn and supported us throughout. Whether that’s in fundraising processes, helping with sales, or general support and guidance. It’s been a great partnership! 

BlackWood’s sourcing model combines a network of over 1,000 angel investors with systematic screening of hundreds of opportunities each month, increasingly supported by tech-enabled sourcing platforms. Frequent co-investments with leading firms, such as LocalGlobe, Y Combinator, Seedcamp, Northzone, Octopus Ventures, Firstminute Capital, RTP Global, Giant Ventures, Norrsken, and others, demonstrate the fund’s ability to identify and back high-quality opportunities. 

Steffen Saltofte, Limited Partner and Board Member at BlackWood, and CEO of Zentiva, a multinational pharmaceutical company with over 5,000 employees, said: 

I continue to be impressed by the clarity of the strategy and intensity of execution this team has demonstrated. BlackWood has built a strong European footprint, moves quickly, and is backing companies many Nordic VCs overlook due to geographic constraints. This ambition and focused execution is exactly what we aimed for with Fund I, and I’m excited to see it continue.