Leo Capital Announces First Close of EUR 25 Mn Nordic Fund, Eyes 25 Early-Stage B2B Investments The fund will seek to support approximately 25 Nordic B2B startups from pre-seed stage onwards, investing between USD 250K and USD 400K through its first cheque.
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Leo Capital, an early-stage, tech-centric venture capital firm, has announced the first close of its new EUR 25 million Nordic Fund. Anchored by Business Finland Venture Capital, the fund has garnered support from both returning and new investors worldwide.
Aiming to bolster the Nordic startup ecosystem, the fund will target approximately 25 B2B startups, beginning at the pre-seed stage, with initial investments ranging between USD 250K and USD 400K.
Henry Goodwin, Partner at Leo Capital, said, "Our Nordic fund continues Leo Capital's proven strategy of investing in the most capable, ambitious, and resilient founding teams and helping them to successfully scale across borders. It is these founders that we are looking to partner with, combining their vision and dynamism with our own networks, resources, and years of cross-border experience to help supercharge their trajectory and realise their global ambitions."
Founded in 2018 by Rajul Garg and Shwetank Verma and based in Singapore, Leo Capital has already made a name for itself with three existing APAC funds, focusing on early-stage technology companies at the seed to pre-Series A stages.
The firm's move into Europe, particularly with this new Nordic Fund, builds on its successful strategy of helping B2B founders leverage world-class Indian tech talent to expand globally. Having been active in Europe since 2021, Leo Capital has invested in notable startups such as Apica, Atoa, and Eir.
Shwetank Verma, Co-founder and Managing Partner, highlighted the importance of capital efficiency in the current funding environment. "We are delighted to now be entering Finland and bringing our India Advantage playbook to Nordic founding teams," said Verma. "Nordic founders have created a disproportionate number of global success stories, from Nokia and Spotify to Unity and Zendesk, and we look forward to supporting the next generation of breakout startups."
