The Nordic Web Ventures Research
Investment Thesis
The Nordic Web Ventures is a Copenhagen-based solo GP pre-seed fund focused exclusively on backing early-stage Nordic founders at day zero. Founded in 2017 by Neil S W Murray — a British entrepreneur who moved to Denmark in 2013 and built the influential "The Nordic Web" publication tracking the region's startup ecosystem — the fund is built on a single conviction: the Nordics produce world-class technical founders who are systematically underserved by institutional capital at the earliest stages.
The fund's core ethos is speed and simplicity. No tranche funding, no large investment committees, no three-year CAC LTV projections. Instead, The Nordic Web Ventures commits within 48-72 hours and writes the first institutional check, giving founders a faster, cleaner path to their first round of funding. Post-investment, Neil works hands-on with portfolio teams on hiring, product, and fundraising, and facilitates warm introductions to international seed investors in the UK, Germany, and the US.
"Capping the fund wasn't a constraint — it was the strategy," Neil has said of his deliberate decision to keep Fund III at $6M despite $20M+ in LP interest. This disciplined sizing keeps incentives aligned with performance rather than management fees.
Fund History and Status
- Fund I (2017): $500K — first 14 investments across Denmark, Finland, Iceland, Norway, Sweden
- Fund II (~2019): ~$5M — continued pre-seed focus with expanded portfolio
- Fund III (December 2025): $6M — targeting 30-35 companies at ~$200K per check
Fund III is actively deploying with a focus on AI-native companies, robotics, and deep tech. LPs include Allocator One, Christoph Janz (point nine), Pacenotes, founders from Kahoot and Pleo, and operators from Meta and Google. Neil has returned more than 50% of capital raised across Fund I and Fund II.
Stage Focus
The Nordic Web Ventures invests exclusively at pre-seed / day zero — writing the first institutional check before formal seed rounds. The fund is designed to fill a specific white space: a local Nordic partner who moves faster than institutional committees while providing the credibility and network of an institutional investor.
Check Size
- Fund I & II: $25,000–$75,000 (average $50,000)
- Fund III: approximately $200,000 per investment
- Target of 30–35 companies per fund
Geographic Focus
Exclusively Nordic: Denmark, Sweden, Norway, Finland, with historical investments in Iceland as well. Based in Copenhagen, Denmark. Connects portfolio founders to international seed investors in the UK, Germany, and the US.
Sector Focus
Historically vertical agnostic with a preference for large markets and strong founder-market fit. Fund III sharpens focus on:
- AI-native companies — leveraging the Nordics' strong CS and engineering culture
- Robotics — industrial, healthcare, logistics, and consumer robotics
- Deep tech — capitalizing on Nordic manufacturing heritage and methodical build culture
- Consumer — historically a top Nordic category (Lovable, PortalOne)
Notable portfolio companies span developer tools, consumer, fintech/insurtech, B2B SaaS, and gaming.
Portfolio Highlights
Active portfolio:
- Lovable — AI-powered app builder, unicorn ($1B+ valuation)
- Sanity — headless CMS and content platform
- SafetyWing — global health and travel insurance for remote workers
- PortalOne — hybrid gaming/live entertainment platform
- Kernel — AI-powered productivity tool
- Wawa — early-stage Nordic startup
- Dreamdata — B2B revenue attribution platform
- Steep — analytics platform
- Digitail — veterinary practice management software
- All Gravy — employee engagement and shift management for hourly workers
- Paraglide — i18n/translation platform (by Inlang)
Exits:
- Uizard — AI UI design tool (acquired)
- CoScreen — collaborative screen sharing (exit)
Team
Neil S W Murray — Founder & Solo GP
- British entrepreneur based in Copenhagen
- Previously: Founder & CEO at Playmaker (YC W21), a sports media company
- Founded "The Nordic Web" publication in 2013, which tracked the Nordic startup ecosystem
- Deep network across the Nordic ecosystem and into UK, German, and US seed investors
- 45+ angel investments before launching institutional fund
Decision Process
Solo GP — Neil makes all investment decisions himself. He has publicly committed to responding to founders within 48-72 hours of a first meeting. No warm intro required — Neil is founder-accessible and actively engages with the Nordic ecosystem.
Founder Preferences
- Tier 1 founders with strong founder-market fit
- Nordic founders specifically (Denmark, Sweden, Norway, Finland, Iceland)
- Ambition-first — looking for founders tackling large markets
- Values engineers and technical founders, especially in AI, robotics, and deep tech
- Previously a YC-backed founder himself, so deeply understands founder psychology
Anti-Thesis
- Non-Nordic companies
- Late-stage (Series A+)
- Founders without strong Nordic roots or operations
Recent Activity
Fund III closed December 2025 and is actively deploying. Focus areas for Fund III are AI-native companies, robotics, and deep tech.