Top Nordic Venture Capital Firms 2026
Top Nordic Venture Capital firms 2026 - a overview of leading multi-stage, AI-focused, impact, and seed investors shaping the Nordic startup ecosystem.
Overview of the Nordic VC ecosystem
Nordic venture capital in 2024–2026 has been shaped by a few clear archetypes: large multi stage firms with long compounding portfolios, platform style investors that span early to growth capital under one umbrella, and a newer wave of highly specialized early stage funds centered on AI and impact. The firms covered here span all three, creating a useful “stack” for founders moving from day zero experimentation to late stage scaling.
Northzone stands out as one of Europe’s larger multi stage funds by it continues to combine legacy outcomes (for example, early involvement in Spotify and iZettle) with new technical bets in climate and AI.
Creandum is a long running Nordic anchored firm with a current fund size publicly reported at €500m, and the 2024–2025 investment cadence visible in public rounds shows a strong bias toward “frontier software” (AI enabled workflow and infrastructure) while retaining the ability to do meaningful follow ons at unicorn scale.
EQT Ventures and EQT Growth together represent a capital platform: EQT Ventures positions itself explicitly as an early stage lead investor with a disclosed €2–50m investment range, while EQT Growth is structured for €50–200m checks from a €2.2bn fund. This creates a broad coverage across company stages, from pre seed rounds like Camion to growth deployments like Harvey and ReliaQuest.
On the newer end, Inception Fund is a Stockholm anchored micro fund with explicit €100k–€500k “inception stage” tickets and a heavy AI and deeptech lens, while ByFounders is a community powered, founder first early stage investor from Copenhagen with a publicly stated €500k–€4m ticket range and a newly launched Fund III targeting €110m.
Impact investing is represented here by Norrsken VC, which launched Fund II at €320m and combines classic early stage impact investing with the ability to support later rounds, illustrated by its participation in a €200m Series D for Oviva.
Northzone
Northzone is a multi stage venture firm that closed a €1bn vehicle (Fund 10), described by Crunchbase News as its largest fund to date and positioning it among the larger European venture funds by that fundraising cycle. Its public materials and third party reporting point to a long running pattern of early investments in major European outcomes, including Spotify (Northzone states it invested in 2006 and led Spotify’s Series A) and iZettle (Northzone highlights the PayPal deal as a $2.2bn all cash transaction). Northzone has also described itself historically as early stage Europe focused, with sources highlighting investments such as Trustpilot, Wallapop, and Klarna.
Creandum
Creandum operates as a Nordic rooted, pan European venture firm with offices listed in Stockholm, Berlin, London, and San Francisco. Public reporting and secondary references describe Creandum’s seventh fund at €500m, consistent with multiple ecosystem notes that reference the fund size in the context of its 2024–2025 deployed rounds. The last two years show Creandum repeatedly leading or anchoring rounds at the “new software stack” intersection: AI enabled application building, healthcare data infrastructure, and finance automation.
EQT Ventures / EQT Growth
EQT Ventures describes itself as an early stage lead investor with an explicit investment range of €2–50m, domiciled in Luxembourg, with investment advisors in Stockholm, Paris, London, New York, Berlin, and Amsterdam. EQT Growth is a later stage vehicle launched in 2021, sized at €2.2bn with stated investments ranging from €50m to €200m and a sector frame spanning enterprise, consumer/prosumer, health, and climate. Taken together, the combined EQT Ventures/Growth setup is structurally suited to “stage bridging,” where early conviction positions can later be reinforced through growth capital without requiring external fund transitions.
Inception Fund
Inception Fund positions itself as a fast moving AI focused “super angel” style investor, explicitly stating that it invests €100k–€500k at the inception stage and also runs an opportunity fund for larger follow ons at seed and beyond. The fund’s official launch is reported as a €21m micro fund focused on day zero technical founders across the New Nordics (Nordic and Baltic regions), with a team spanning Finland and Sweden and a stated Stockholm center of gravity.
Norrsken VC
Norrsken VC is positioned as an impact focused venture investor and announced Fund II at €320m in 2024, marking a significant step up in capital base for an impact specialist. Its portfolio coverage spans climate, industrial decarbonization, and health, and the last two years show a notable breadth: from €13m Series A rounds to €200m Series D participation, indicating both seed and later stage impact exposure. Norrsken VC’s listed contact location places it at Norrsken House in Stockholm.
Up and coming: Scale Capital
Scale Capital is presented here as an up an coming compared to its peers, but it is operationally mature. The firm invests in Seed and Series A rounds with €1–3m ticket sizes, with a 33 company portfolio, 9 portfolio exits, and a high “investments led” ratio (90 percent), plus an explicit emphasis on helping European teams expand into the US. The firm describes itself as headquartered in Copenhagen with a presence in the Nordics and Silicon Valley. They have recently invested in companies such as Blykalla, Arx robotics and Bsure.