Index Ventures have the best investment track record in the Nordics, so who are they currently backing?

Of the 10 billion dollar companies that the Nordics have created, one venture firm have been more successful than others in backing them, incredibly, Index Ventures have funded six of the ten, with five of the initial investments coming at Series A or B, proving Index’s eye for a Nordic ‘Unicorn’.

So, if you wanted an extremely basic strategy for figuring out what Nordic startups you should invest in, you could do a lot worse than following Index’s lead.  With that in mind, let’s take a look at who they are currently betting on.


Swedish iZettle is the number one mobile payments provider in Europe and Latin America and is the most likely to be the next Nordic ‘Unicorn’ in Index’s portfolio. In fact if they follow the pattern of raising a round approximately every 12 months then we can expect their Series D to be announced in the next month or so, in what will likely push them into a billion dollar plus valuation. Index invested back at Series A, in an €11.2M round back in October 2011 alongside Creandum.


Denmark’s Trustpilot is an open, review-driven community enabling a dialogue between consumers and businesses. On the back of their recent $73.5M Series D, which Index participated in, their valuation, like iZettle’s must now be pushing the billion dollar mark, and we can expect them to pass this when they raise a likely Series E towards the end of next year. Index came in on Trustpilot at their $13M Series B back in December 2012.


Denmark’s Autobutler provides information on automobile repair service providers that helps users in comparing service costs. Index invested in their latest funding round, a $7.9M Series B mid-last year with Creandum.


Instead of traditional user testing, Swedish Lookback wants to empower existing users with a tool that enables them to contribute an improved user experience. Index have invested early in their ambitions, participating in their only round to date, a $2.2M seed round in March 2014, alongside Lakestar.

Ministry of Games

Finnish Ministry of Games, a mobile development studio are Index’s latest Nordic bet, announcing a $2M seed a couple of weeks ago. Interestingly, the announcement practically immediately followed Index exiting from Supercell, almost signifying the confidence they have in MOG having the potential to follow in Supercell’s rather large footsteps.

With iZettle and Trustpilot practically ‘Unicorns’ in waiting, it seems that Index will continue to possess an untouchable track record in backing Nordic startups, and with strong bets to follow these, it appears that Index will be the ones to follow for quite some time.

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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