Sweden’s node.vc closes €71M fund for early-stage Nordic startups

Stockholm-based node.vc has closed a €71mn fund to back early-stage startups in the Nordics.

“The Nordic tech ecosystem is thriving, especially in areas like AI, gaming, fintech, and climate tech,” John Elvesjö, managing partner at node.vc, told TNW.

“We’re seeing experienced talent, particularly from companies like Klarna, Spotify, Voi, Kry, and Pleo, stepping up to become founders,” Elvesjö said. The devaluation of employee stock options and increasing layoffs have sparked “fresh entrepreneurial energy,” he added.

The fund is sector-agnostic. This means that any startup with “innovative technology” can apply. The size of initial investment per company will be around €1-2mn, although this amount can rise up to €10mn over time.

Node.vc aims to build a portfolio of 22-26 investments. To date, it has backed three companies: no-code startup Lemonado, data management platform Starhive, and creative play studio Roro.

Led by former founders and startup veterans, the VC firm boasts what it labels a “founder-first” approach.

This, said Elvesjö, translates into “being there for the entrepreneur, getting hands-on, and helping remove roadblocks.” Some examples include support with fundraising, recruitment, and networking, as well as crafting product and go-to-market strategies. The aim is to accelerate growth and increase a startup’s probability of success.

Despite a more, according to Elvesjö, “cautious” funding environment, node.vc’s fund attracted the backing of a series of investors, including Saminvest — a venture capital firm formed by the Swedish government in 2016.

Other backers include several Nordic institutional investors and founders of a number of companies, such as Axis Communications and Yubico. Overall, norde.vc has built an investor base that counts over 70 entrepreneurs.

“Early-stage funding still feels accessible,” Elvesjö said. “And the Nordics’ global outlook and collaborative nature keep it competitive, even in tighter markets.”