Accelerating the Nordic Ecosystem: Introducing The Nordic Web Angel Fund


When I started The Nordic Web four years ago, the intention was to create a resource that provided the region with the coverage it deserved and to alert more people to the incredible amount of innovation that was happening in the region.

A lot has changed in those four years. Capital has flowed freely into the region, billion-dollar exits have occurred and the Nordics are now rightly regarded as one of the world’s biggest contributors to technology, the mission I originally set out to achieve.

That’s not to say that everything is perfect, in fact there is plenty to fix in order for the region to continue growing on the trajectory it has been.

Today I am delighted to announce The Nordic Web Angel Fund.

  • The Nordic Web Ventures will invest in 10-15 Nordic startups over the next 12 months making it one of the most active investors in the region.
  • I’m proud to be backed by community builders and entrepreneurs from across the region including Thomas Madsen-Mygdal (TwentyThree), Linda Liukus (Hello Ruby) and Johan Brand (Kahoot!) as well as experienced investors from around Europe, such as Martin Mignot (Index Ventures), Christoph Janz (Point Nine Capital), Martin Hauge and Philipp Moehring and Andy Chung (AngelList Europe).
  • In total, 50+ individuals make up The Nordic Web Ventures, with a diverse mix of location, gender and experience.
  • The AngelList team (Philipp Moehring and Andy Chung) helped me raise the fund and provide legal and back-end support for the ongoing operations.

Most important are the people who are behind this angel fund and the effect that this will have on accelerating the whole ecosystem –  aligned with our original mission of supporting Nordic entrepreneurs.

The Nordic Web Ventures democratises startup investing in the Nordics, allowing the grassroots ecosystem to support the region’s strongest companies.

Individuals who are contributing to an ecosystem either through community building, hosting meet-ups or by being a current active entrepreneur naturally have the best insight as they are at the grassroots level and regularly come across new startups, projects, ideas and people before other actors higher up the chain. I am proud to have so many like minded people from across the Nordics as supporters.

Despite this, no investor is currently leveraging this knowledge effectively.  The Nordic Web Ventures does so by allowing these individuals to directly back and support these companies.

In addition to Nordic entrepreneurs and community builders, we also have experienced investors from around Europe backing the fund. This means that these individuals and their funds are engaging earlier than ever in the Nordic ecosystem, with our portfolio companies being given the opportunity to build relationships with them from day one.

Where do we fit into the Nordic investment landscape?

Deal terms in the Nordics from angels and early-stage investors typically offer terms that significantly hinder startups chances of surviving and raising subsequent funding and polluting the pipeline of promising companies coming from the region.

The Nordic Web Ventures provides founder-friendly and leading, market standard terms benefitting the whole ecosystem

Despite an influx of capital, there’s a huge gap in the relationships between early entrepreneurs in the Nordics and those that can provide funding at $1 million and beyond. This is due to poorly connected angels and subsequently a lack of dealflow for $1 million+ investors.

The Nordic Web Ventures leverages their network to bridge this gap, helping startups raise their next round and providing institutional investors access to these companies.

With the explosion of capital and interest in the Nordics in the last three years, we are now beginning to see early entrepreneurs leave other companies and start their own.

There are a lot of former CTO’s and other C-level Executives that have now started their own ventures that remain under-the-radar due to their personal profiles not being known by Institutional Investors.

The Nordic Web Ventures leverages their network to discover and back these companies

Who are your backers?

They are a diverse mix of of location, gender and experience and include:

  • Aki Soudunsaari, John Nicols, Niko Jarvinen, Aslak De Silva
  • Amalie Kristoffersen
  • Andreas Cleve
  • Anne Worsoe
  • Barend Van den Brande, Firat IIleri, Cameron McLain
  • Benjamin Page
  • Bo Wase
  • Carlo Schmid
  • Christian Jantzen
  • Christian Meermann
  • Christoph Janz
  • Christoffer H. Malling
  • Daniel Kipowski
  • Daniel Mierzwinski
  • Ekaterina Gianelli
  • Erik Ålgård, Magnus Jepson, Halvor Ogreid, Christian Rokseth
  • Florian Heinemann, Anton Waitz
  • Georg Ludviksson
  • Helder Almeida
  • Helga Valfells, Hekla Arnardottir, Jenny Ruth Hrafnsdottir
  • Johan Brand
  • Kenneth Dreyer
  • Kjartan Slette and Thomas Walle
  • Kristinn Árni Lár Hróbjartsson
  • Lasse Chor
  • Linda Liukas
  • Lukas Graf
  • Philipp Moehring and Andy Chung
  • Martin Ferro-Thomsen
  • Martin Hauge
  • Martin Mignot
  • Michael Hoy
  • Miia and Aapo Bovellan
  • Mikkel Marius Winther
  • Nicolas Michaelsen
  • Pierre-Eric Leibovici, Willy Braun, Melinda Elmborg
  • Ritu Jain and Sune Theodorsen
  • Rudi Skogman
  • Stefan Lindeberg
  • Steffen Fagerström Christensen
  • Tharald Nustad, Anders Lier and Lise Rechsteiner
  • Thomas Madsen-Mygdal
  • Thomas Nymark Horsted
  • Ville Vesterinen

How and who are we looking to invest in?

The Nordic Web Ventures invests between $25-75,000 into the most ambitious Nordic startups with our average cheque size being $50,000. We are happy to write the first cheque or to be part of the first financing round.

We are vertical agnostic but have a preference for big markets and most importantly we are looking for founder/market fit.

How will we work with our companies?

After investment we help our companies define their most important goal for the next three months e.g. ‘get product to market’.

We then set up an informal advisory board from our LP support network around that goal who will meet (online or offline) with the startup for a minimum of one hour each month. We refocus and refresh the advisory boards every three months, maximising our company’s exposure to our experienced and talented support network throughout the first year following our investment.

From three months onwards: We begin and lead (if required) the fundraising process for our company’s first institutional round of investment.

In addition our portfolio has monthly meetings with myself and informal advisory board (for the first year), full access to the The Nordic Web’s support network through ad hoc online communication and ongoing assistance with hiring, fundraising and problem solving.

What does this mean for The Nordic Web?

This is a natural evolution of my activities with The Nordic Web. The Nordic Web will continue to be a free and available data and content resource for those looking to engage with the Nordic ecosystem, however, the majority of my energy will be spent on the angel fund.

I am an ambitious Nordic entrepreneur looking for angel investment, how can I contact you?

I’d love to hear from you, please contact me on, send me your deck or come and find me in person if you are going to Slush this week.

Neil S W Murray founded The Nordic Web in 2014 in order to provide the Nordics with the quality coverage it deserves. As well as being Founding Editor of The Nordic Web, Neil is also an active community builder in the region, participating in a number of initiatives, and has previously worked for