Nordic Startup Movement Continues to Thrive
Neil Murray, founder and general partner at Copenhagen-based firm The Nordic Web Ventures, has announced the close of a $6 million Fund III to continue investing in early-stage founders in the region. This is a significant milestone for Murray, who has been a driving force behind the Nordic startup movement.
Focusing on Robotics, AI, and Deep Tech
The fund will focus on writing the first institutional checks to companies focused on robotics, AI-native companies, and deep tech founders. Murray’s limited partner base includes institutional backers such as Allocater One, founder Christoph Janz, and Pacenotes. Founders from Kahoot! And Pleo, in addition to operators from Meta and Google, are also LPs in Fund III.
A Proven Track Record
Murray’s first two funds were “test vehicles” to prove his ability to spot and invest in top talent in the region. Now, seven years later, he has written the first check into more than 50 companies, with a portfolio including the unicorn Lovable and the remote worker insurance company SafetyWing, and exits like the UI design company Uizard.
The Nordic Ecosystem on Fire
The Nordic ecosystem, which includes Denmark, Sweden, and Norway, is now valued at more than half a trillion dollars and received more than $8 billion in venture funding in 2024. Murray said Fund III had more than $20 million in investor interest, but he decided to cap it at $6 million because he cares “more about alignment than AUM.”
Staying Small, Staying Focused
Murray’s strategy is to stay small and focus on investing in Tier 1 founders rather than over-optimizing for ownership. He hopes to back between 30 and 35 companies with check sizes around $200,000. “I believe it is more important to be investing in Tier 1 founders than to back Tier 2 founders and over-optimizing for ownership,” he said.
A Compounding Wave
Murray believes that the Nordics are experiencing a compounding wave, not just a moment. The depth of talent, the ambition level, and the maturity of the ecosystem mean this wave is not a spike; it’s the foundation of the next decade of Nordic breakout companies.
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