Key Takeaways
- • Swedish venture capital firm BackingMinds has closed the first tranche of its third fund, BackingMinds Invest III, at €50 million, with the European Investment Fund (EIF) committing €20 million as anchor investor.
- • The fund plans to make roughly 20 early-stage investments, with at least 90% of capital earmarked for the Nordic region and up to 10% available elsewhere in Europe.
- • Target initial check sizes are €1 million to €3 million per company, with reserves for follow-on rounds; the final close is expected in Q1 2027.
- • The EIF commitment is made under the EU's InvestEU programme, underscoring public-private mobilisation for European venture capital.
- • According to BackingMinds, 71% of the 23 companies backed through its first two funds were founded outside Stockholm, and 43% have at least one immigrant-background founder.
Summary
BackingMinds has raised €50 million in the first close of BackingMinds Invest III, its third fund, according to the primary source report from BeBeez International. The European Investment Fund (EIF) is the anchor investor with a €20 million commitment made under the European Union's InvestEU programme, which aims to mobilise public and private capital for projects aligned with the bloc's strategic priorities. The EIF, part of the European Investment Bank Group, invests in venture capital funds to improve access to capital for startups and SMEs.
The Stockholm-based firm, founded in 2016 by Sara Wimmercranz and Susanne Najafi, plans to invest in around 20 early-stage companies. At least 90% of capital is earmarked for the Nordic region, with the remaining 10% available for other European markets. Initial investments are targeted at €1 million to €3 million per company, with additional capital reserved for follow-on rounds. The final close is expected in the first quarter of 2027. The fund remains open to selected additional investors, and private investors and technology entrepreneurs who have founded and scaled European companies have also participated.
BackingMinds Invest III focuses on climate and resilience, AI and digital sovereignty, and human potential. The firm uses data-driven sourcing to find founders overlooked by conventional venture networks, including entrepreneurs outside major cities and those with immigrant backgrounds. According to the firm, 71% of the 23 companies backed through its first two funds were founded outside Stockholm, while 43% had at least one immigrant-background founder and 43% had at least one female founder.
The fund has already invested in energy storage company Tavion. BackingMinds said Tavion's valuation has reached €175 million, six times the level at which the firm invested, though the announcement did not specify when that valuation was reached. Susanne Najafi said the first close is already larger than the firm's entire previous fund, while Sara Wimmercranz argued that venture capital's reliance on networks filters out unconventional founders.
The Stockholm-based firm, founded in 2016 by Sara Wimmercranz and Susanne Najafi, plans to invest in around 20 early-stage companies. At least 90% of capital is earmarked for the Nordic region, with the remaining 10% available for other European markets. Initial investments are targeted at €1 million to €3 million per company, with additional capital reserved for follow-on rounds. The final close is expected in the first quarter of 2027. The fund remains open to selected additional investors, and private investors and technology entrepreneurs who have founded and scaled European companies have also participated.
BackingMinds Invest III focuses on climate and resilience, AI and digital sovereignty, and human potential. The firm uses data-driven sourcing to find founders overlooked by conventional venture networks, including entrepreneurs outside major cities and those with immigrant backgrounds. According to the firm, 71% of the 23 companies backed through its first two funds were founded outside Stockholm, while 43% had at least one immigrant-background founder and 43% had at least one female founder.
The fund has already invested in energy storage company Tavion. BackingMinds said Tavion's valuation has reached €175 million, six times the level at which the firm invested, though the announcement did not specify when that valuation was reached. Susanne Najafi said the first close is already larger than the firm's entire previous fund, while Sara Wimmercranz argued that venture capital's reliance on networks filters out unconventional founders.
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