Denmark-based data research and analytics firm Nordic Web launched an angel fund today that will invest in 10 to 15 early-stage startups based in Denmark, Finland, Iceland, Norway and Sweden.
The Nordic Web Angel Fund will aim to deploy its capital over the next year, though details about its size have not been revealed. The fund will invest between $25,000 and $75,000 in each startup and will be sector-agnostic.
The fund’s limited partners include more than 50 individual backers, with several boasting VC backgrounds such as Martin Mignot, partner at Index Ventures, and Christoph Janz, partner at Point Nine Capital.
Founded in 2014, Nordic Web focuses on news and analyses about the innovation ecosystems of the Nordic countries.
Murray said: “Despite an influx of capital, there is a huge gap in the relationships between early entrepreneurs in the Nordics and those that can provide funding at $1m and beyond. This is due to poorly connected angels and subsequently a lack of dealflow for $1m+ 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.”