Node.vc raises $77.3M for new fund backed by 70 Nordic entrepreneurs

Node.vc has raised $77.3 million, or €71 million, for a new fund that is backed by 70 Nordic entrepreneurs.

This founder-first VC fund, (which is spelled node.vc by the company), is based in Stockholm and it has a “sector-agnostic” focus. Still, at least one of its early investments is in a game company. The firm is led by veterans of leading startups and scaleups (including eye tracking scaleup Tobii and Tobii Dynavox and video game pioneers Paradox Interactive).

The idea is to double down on building an ecosystem for entrepreneurs. The $77.3 million figure is the amount the fund has closed to date. I hope this means there is a sign of life in the venture capital investment climate, as recently investors have been gunshy.

Cornerstone investors in the new fund include Stockholm-based Saminvest (a venture capital company formed by the Swedish government in 2016, committed to establishing new and sustainable ventures), as well as several leading Nordic institutional investors, underscoring broad confidence in node.vc’ approach to venture capital. node.vc has built an investor base that includes more than 70 entrepreneurs.

Notable backers of the new fund include founders of Axis Communications, Yubico, Polarium, Cint, Evolution, PriceRunner, and Polar Structure. The Stockholm-headquartered VC firm’s investment philosophy is built on the power of becoming a node for the Nordic startup ecosystem, ensuring that the firm’s investor community is equipped to help identify, evaluate, and support portfolio companies.

A founder-first approach

Node.vc’s investment strategy revolves around building a founder-first ecosystem, where the firm leverages its extensive entrepreneurial network to identify, support, and scale innovative tech companies. The firm’s sector-agnostic approach is guided by the belief that disruptive innovation can emerge from any industry.

To date, the firm has already made three investments in Sweden: Lemonado, a no-code platform for building software and apps; Roro, a creative play studio; and Starhive, a next-generation unified data management platform for enterprises.

The firm’s thesis is based on the power of collaboration, connecting successful entrepreneurs with early-stage founders to accelerate growth and increase the probability of success. As the global landscape of work, innovation, and entrepreneurship evolves rapidly, Node.vc stands at the intersection of disruption and growth. The firm is committed to identifying and backing companies leading change across various industries, whether it’s reshaping virtual work, driving the future of AI, or unlocking new frontiers in interactive entertainment and enterprise technology, the company said.

Node.vc managing partner John Elvesjö said in a statement, “The Node.vc team started as founders and operators ourselves, we know what it takes to build and scale successful companies. That’s why we always put founders first; Node.vc is creating an ecosystem where entrepreneurs back entrepreneurs. Our approach is simple – when we invest in a company, we bring much more than capital.”

Elvesjö added, “Having been in the founders’ shoes ourselves, we know the challenges first-hand and deeply respect the journey. Our aim is to partner with founders, giving them the full weight of our experience, networks, and insights. With the incredible group of investors we’ve brought together, we’re certain we have built the largest entrepreneur-backed early-stage VC in the Nordics, all within one fund structure.”

Cornerstone investor Saminvest CEO Magnus Skåninger said in a statement, “Node.vc has the team and vision to deploy capital across the ecosystem in such a way that drives a new wave of entrepreneur- backed success. They are well-positioned to execute on the best investment opportunities across the tech landscape.”