Node.vc, a Nordic early-stage venture capital firm which has backed tech startups like Starhive and Lemonado, has closed a €71 million fund. Cornerstone and prominent investors include Saminvest and other backers like the founders of Axis Communications, Yubico, and Polar Structure. The fund aims to build on Stockholm’s impressive track record of startup success by supporting early-stage startups on their growth journey.
Stockholm: A Community-fuelled Unicorn Factory
There could be an argument that Stockholm-based node.vc is unnecessary; with 41 tech unicorns, the city is second only to Silicon Valley, boasting 0.8 unicorns per 100,000 people. Across the country, Sweden has 20 startups for every 1,000 employees.
TFN got a chance to speak to John Elvesjö, node.vc’s managing partner and a leading Swedish entrepreneur and inventor, about the fund and what makes node.vc different and Stockholm’s growing tech ecosystem.
Elvesjö stresses that these things do not happen accidentally. “The Nordics have a unique blend of factors that really nurture entrepreneurship,” he said. “First, there’s a strong social safety net, which makes it easier for people to take risks without the fear of losing everything if things don’t work out. When you add to that the region’s early adoption of digitalisation, you get a culture that’s tech-forward and open to innovation.”
But startups themselves also contribute, he added, highlighting that they share a strong sense of community, while the relatively small size of the Nordic region almost demands expansion. “Founders are almost forced to think globally from day one,” he said. “This drive to scale beyond borders is what gave rise to global successes like Spotify, Klarna, Skype, Supercell, and King.”
These successes have inspired subsequent founders. And it is those who node.vc hopes to support as they create the next generation of tech unicorns
John Elvesjö is best known for co-founding Tobii Technology, a leading global company in eye-tracking technology. Elvesjö co-founded Tobii in 2001 along with Mårten Skogö and Henrik Eskilsson. The company’s eye-tracking technology has been widely used across various sectors, including gaming, medical research, and assistive technologies, where it helps individuals with disabilities communicate using eye movements.
Entrepreneurs Supporting Entrepreneurs: Node.vc’s Founder-Led Approach
Node.vc is also setting itself apart as a fund where entrepreneurs help entrepreneurs. The founder-led approach is underscored by its investors, who include more than 70 entrepreneurs. The fund intends to be hands-on, providing practical support to their portfolio companies, as well as providing strategic investment.
“Our approach is simple—when we invest in a company, we bring much more than capital,” Elvesjö explained. “Having been in the founders’ shoes ourselves, we know the challenges first-hand and deeply respect the journey.”
It allows node.vc to offer bespoke support. “We’ve worked with several companies in different ways,” Elvesjö told us. “From refining product and go-to-market strategies to making key hires, fundraising, and setting up introductions to partners or clients. Whether it’s recruitment, sales projections, or navigating tough decisions, we tailor our support based on what each founder needs to move forward.”
The fund is also sector-agnostic, focusing instead on founders’ drive and vision. “We’re looking for founders who are super driven, adaptable, and who really get the problem they’re trying to solve,” said Elvesjö. “We love founders who are all about their customers because that’s the key to scaling.”
Building the Future: Node.vc’s Vision for Global Impact
Node.vc’s overall aim is to build and grow the innovative tech ecosystem in Stockholm and the Nordics, leveraging the support of fellow founders just as much as the investments they can make.
For Elvesjö, even with their sector-agnostic approach, the fund will support some world-changing startups. “We’re focused on founders who think globally from the start and add value to the local tech scene,” he said.
Magnus Skåninger, CEO of Saminvest, said he shared that ambition. “Node.vc has the team and vision to deploy capital across the ecosystem in such a way that drives a new wave of entrepreneur-backed success.”
Collectively, node.vc’s offer adds another ingredient to the mix that has created such success in the Nordics. And while investment might be the chief attraction for startups, many may find themselves benefiting far more from the support network that is integral to node.vc’s position and founder-first approach.
Elvesjö expects results from that approach. “For us, the ideal founder isn’t just a visionary,” he explained. “They know how to execute and build a team that can grow the business beyond the early stages.”
He foresees those founders making a significant difference to the world. “By supporting ambitious founders with bold ideas, we believe we can help create real change and build the next wave of groundbreaking solutions that transform industries and improve how we live and work.”
Commenting on the fund, Cornerstone investor Saminvest CEO Magnus Skåninger added: “node.vc has the team and vision to deploy capital across the ecosystem in such a way that drives a new wave of entrepreneur-backed success. They are well-positioned to execute on the best investment opportunities across the tech landscape”.
Stockholm has quietly emerged as one of the world’s most prolific breeding grounds for tech unicorns, earning the nickname “Europe’s Unicorn Factory.” Despite its relatively small size, the Swedish capital has produced over 40 billion-dollar tech companies, positioning itself second only to Silicon Valley in terms of unicorns per capita. Key success stories like Spotify and Klarna have led the charge, revolutionising industries from music streaming to fintech. Gaming giant King (the company behind Candy Crush), communications pioneer Skype, and sustainable battery manufacturer Northvolt are among other notable names.
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