node.vc - Comprehensive Investment Research
Investment Thesis
Node.vc is a Nordic-focused early-stage venture capital fund founded in 2023 by experienced founders, operators, and investors. The firm explicitly positions itself as "operators and founders backing the next generation of builders and operators." Their thesis centers on identifying innovative technology startups led by visionary founders, particularly within the Nordic region, that are driven by disruptive forces across various sectors. As stated on their website, "the evolution of technology interconnects with all that happens in the world," making them a sector-agnostic fund that seeks companies driven by disruptive technological innovation.
The fund brings deep operational credibility: the team has collectively raised investment rounds, brought new technologies to market, built world-class IP portfolios, scaled internationally, and taken companies public. This operational experience is central to their value proposition—they explicitly position themselves to "help mitigate risks and navigate the bumpy road of building a company." Their tagline "help likely unicorns become windborne" reflects ambition aligned with early-stage conviction investing.
Sector Focus
Node.vc practices sector-agnostic early-stage investing but emphasizes three key thematic areas:
New Experiences: Gaming, new media, health tech, and on-demand technology platforms that represent new forms of human interaction and digital innovation. Notable portfolio companies in this category include Roro Interactive (creative play gaming studio) and Sponswatch (AI-powered sponsorship measurement).
Platform Technologies: Infrastructure-level innovations including FinTech, IoT, Web 3.0, and machine intelligence. The fund backs core technology infrastructure that enables other innovations. Serverpod (scalable app server for Flutter), Onio (ultra-low-power microcontroller), and Spaak (vertical AI for public affairs) exemplify this focus.
Smarter Workplaces: Developer tools, digital workplaces, marketing technology, and productivity tools that enhance how teams operate in an increasingly distributed, post-COVID work environment. Portfolio companies include Starhive (enterprise data management and AI), Lemonado (low-code dashboard platform), and Vaja (wind-adaptive solar farm optimization, with applications to workplace operations).
Beyond these core areas, the portfolio shows emerging focus on sustainability and climate technology (Vaja, Acembee), developer-focused infrastructure (Serverpod), and AI applications across multiple verticals (Spaak, Starhive, Sponswatch, Acembee).
Stage Focus
Node.vc is definitively an early-stage, founder-friendly venture fund with primary focus on Pre-Seed and Seed stage companies. The fund was launched in March 2023 and closed their €71 million Fund I in October 2024, with all portfolio companies currently ranging from pre-seed through early Series A validation stages.
Recent investment timeline shows consistent early-stage focus:
- January 2025: Led Vaja pre-seed round
- February 2025: Led Serverpod €2.7M seed round
- March 2025: Led Spaak €1.5M pre-seed round
- April-June 2025: Followed into later rounds (Starhive pre-Series A, Onio Series A co-lead)
- August-September 2025: Led Sponswatch €1M seed, Acembee seed round
The fund leads rounds at pre-seed/seed and strategically participates in Series A when following existing portfolio, indicating willingness to write larger checks for conviction investments but maintaining core focus on earliest institutional capital.
Check Size
Based on disclosed investments and portfolio composition, node.vc's typical check sizes are:
Pre-Seed: €750K - €1.5M (led Roro at €1.5M, Spaak at €1.5M pre-seed, Vaja pre-seed involvement)
Seed: €1M - €2.7M (led Serverpod at €2.7M seed, Sponswatch at €1M seed, Starhive seed before pre-Series A growth)
Follow-on/Series A: Variable participation, typically co-lead model (co-led Onio Series A €5M alongside Maki.vc)
Estimated typical check size range: €750K - €2.7M with flexibility for larger follow-ons in conviction bets. This positions them in the "lead ticket" segment of Nordic early-stage investing rather than angel/micro-VC.
Lead Tendency
Node.vc operates as a lead/co-lead investor at early stages. Recent investment activity confirms this:
- Vaja (January 2025): "node.vc leads Vaja's pre-seed round"
- Serverpod (February 2025): "node.vc leads Serverpod €2.7M seed round"
- Spaak (March 2025): "Led Nordic venture fund node.vc...competitive pre-seed stage funding round"
- Sponswatch (February 2025): Seed round lead
When participating in larger rounds, they take structured co-lead roles: "The round was led by Stockholm-based node.vc with Helsinki's Maki.vc as co-lead" (Onio Series A).
This indicates the fund positions itself as a primary decision-maker and round-shaper at pre-seed/seed stages rather than a follow-on investor. Their operational team depth and founder credibility supports a lead tendency.
Fund Status and Recent Activity
Fund Status: Actively deploying capital from Fund I (€71M, closed October 2024)
Last Known Activity: September 2025 (Acembee investment announced August 22, 2025; Onio investment June 2025)
Deployment Pattern: Consistent 2-4 investments per quarter from launch through present, indicating healthy deployment pace without urgency or slowdown signals
Fund Timeline:
- March 2023: Fund launch announced
- October 2024: Fund I closed at €71M (exceeded target)
- January-September 2025: Active deployment period with 10+ investments completed
Planned Activity: No between-funds signal; fund remains in active deployment mode for early-stage investments
Recent Investments (2025)
| Company | Date | Stage | Domain | Role | |---------|------|-------|--------|------| | Acembee | 2025-09 | Seed | AI/Sustainability | Lead | | Onio | 2025-06 | Series A | Hardware | Co-Lead | | Starhive (follow) | 2025-04 | Pre-Series A | Data/AI | Participated | | Spaak | 2025-03 | Pre-Seed | LegalTech/AI | Lead | | Sponswatch | 2025-02 | Seed | MarTech/AI | Lead | | Serverpod | 2025-02 | Seed | Developer Tools | Lead | | Vaja | 2025-01 | Pre-Seed | Climate Tech | Lead |
Portfolio Highlights
Current Investments (Fund I & earlier team investments):
- Serverpod (serverpod.dev) - €2.7M seed round led by node.vc, open-source app server for Flutter developers
- Spaak (spaak.ai) - Vertical AI for public affairs, node.vc-led €1.5M pre-seed
- Vaja (vaja.net) - Wind-adaptive solar farm technology, mission to accelerate net-zero transition
- Roro Interactive (rorointeractive.com) - Creative play gaming studio, €1.5M pre-seed from node.vc
- Lemonado (lemonado.io) - Low-code platform for data operationalization and AI workflows
- Starhive (starhive.com) - AI-powered data management and business intelligence, €5M pre-Series A
- Sponswatch (sponswatch.com) - AI-powered sponsorship measurement technology
- Onio (onio.com) - World's lowest power MCU, €5M Series A co-led by node.vc
- Acembee (acembee.com) - AI-driven automation for construction sites, sustainability reporting
- Favora (favora.ai) - Fashion search engine with AI recommendations
Previous Exits (Team member investments, pre-node.vc):
- Acast - Global independent podcast company (continued portfolio company)
- Debricked - Open source vulnerability management
- Tobii - Eye tracking technology leader
- Worldfavor - Supply chain sustainability platform
- Resolution Games - VR/AR studio
- Volumental - 3D shoe scanning and AI recommendations
Notable Portfolio Statistics:
- 40+ total investments (including team's pre-node.vc investments)
- 11 active team members as of February 2025
- Strong track record with several notable exits; multiple companies showing growth trajectory
Team Composition
Leadership & Decision Making:
- John Elvesjö, Managing Partner - Co-founder, extensive founder/operator background, raised investment rounds, scaled companies to 1000+ employees, IPO experience
- Daniela Sjunnesson, Partner - Primary face of firm on website, thesis statement aligns with her as chief investment thesis architect
- Henrik Tellving, Partner - Operational focus, founder experience in building founding teams
- Mårten Skogö, Partner - Former founder/operator (scaled company to 1000+ employees, achieved profitability pre-investment), brings operational mentorship lens
Investment & Operations:
- Rebecca Sjödin, Investment Principal - Co-founder, fund-building expert, public speaker on fund launch challenges
- Jonas Malm, Investment Associate - Product analyst, data-driven investment approach
- Soo Min Hong, Investment Associate
- Andy Johnston, Partner - International network/geographic focus
- Jiri Heinonen, Venture Partner (Finland) - Regional specialist
- Daniel Wisenhoff, Venture Partner (Sweden) - Regional specialist
Supporting Team:
- Jakob Vaghult, Investment Analyst
- Matteus Einiö, Venture Scout
- Firuza Rakhimova, Marketing Lead - Content and narrative management
- Olivia Lyng, Investor - LP/network role
Team Characteristics: The team composition strongly reflects founder/operator backgrounds. Multiple partners have operational scaling experience (Mårten scaled to 1000+ employees). Partners serve as hands-on mentors and advisors to portfolio, not passive capital providers. This positions them as "value-add" early-stage partners rather than process-driven VCs.
Decision Process & Timeline
Decision Structure: Partnership-based decision making with clear role specialization. Appears to be a partnership vote model rather than solo GP, given multiple partners with equal/co-equal standing.
Decision Timeline: Early-stage lead investing suggests 2-4 week evaluation and decision window typical for pre-seed/seed rounds. No evidence of elongated due diligence or committee delays.
Involvement Model: Hands-on advisor/mentor model. Multiple team members maintain "Venture Partner" and "Partner" designations indicating active board/advising roles (not passive investor model).
Warm Intro Requirement: Implicit warm intro expectation based on operational founder VC positioning and network depth.
Geographic Focus
Primary Markets:
- Nordics (Sweden, Denmark, Finland, Norway) - Clear regional concentration with Venture Partners stationed in Finland (Jiri Heinonen) and Sweden (Daniel Wisenhoff)
- Headquarters: Stockholm, Sweden (Posthuset, Vasagatan 28)
Geographic Distribution in Portfolio:
- Sweden: 8+ companies (Roro Interactive, Sponswatch, Serverpod, Lemonado, Starhive, Favora, Bahnexpress)
- Denmark: 3+ companies (Spaak expanded to Copenhagen, Acembee)
- Finland: Onio, and established relationships with Maki.vc
- Norway: Onio headquarters, co-investment with Maki.vc
International: Selective international reach via partnerships (co-led Onio Series A with Helsinki-based Maki.vc), but core focus remains Nordic region. The fund was born from a network of prominent Nordic tech entrepreneurs and positions itself as the "Nordic entrepreneur-led VC."
Founder Preferences
Based on public positioning and portfolio company profiles, node.vc seeks founders with the following characteristics:
Visionary founders with conviction: "Visionary founders with a strong entrepreneurial background and experience in building technology companies"
Technical/Operational execution capability: Portfolio heavily skews toward technical founders with deep domain expertise
Problem-solvers focused on real market gaps: Emphasis on founders "driven by disruptive forces" addressing meaningful market inefficiencies
Coachability and openness to mentorship: Explicit positioning as "operators and founders backing the next generation" with hands-on advisory model suggests preference for founders who welcome operational mentorship
Building for scale: While backing earliest stage (pre-seed), portfolio selection suggests interest in founders with trajectory toward meaningful scale
Domain expertise: Technology founders with deep understanding of their problem spaces
Summary Assessment
Node.vc is a regionally-specialized, operator-led early-stage VC fund with a clear investment thesis focused on disruptive technology startups within the Nordic region. The fund operates as a lead investor at pre-seed/seed stages with typical check sizes of €750K - €2.7M (or approximately $800K - $2.9M USD), a partnership-based decision structure emphasizing hands-on value-add mentorship, and a strong preference for technical founders with conviction and execution capability. Recent deployment activity (10+ investments since October 2024) indicates healthy fund activity with no between-funds or slowdown signals. The firm's differentiation lies in founder/operator credibility, regional specialization, and operational mentorship value rather than capital size or process efficiency.