The Nordic Web, a research and analysis company which specialises in covering data on tech companies emerging out of the Nordic region, has started a new Angel fund. The fund will invest across Denmark, Finland, Iceland, Norway and Sweden.
Founder Neil Murray says ‘The Nordic Web Angel Fund’ plans to invest in 10-15 Nordic startups over the next 12 months. He claims this would make it one of the most active funds in the region.
LPs backing the venture include some high profile names from the region such as Thomas Madsen-Mygdal (TwentyThree), Linda Liakus (Hello Ruby) and Johan Brand (Kahoot!) as well as VC investors from around Europe, such as Martin Mignot (Index Ventures), Christoph Janz (Point Nine Capital) and Philipp Moehring and Andy Chung (both of AngelList Europe).
Murray says he has secured over 50 LPs backers with mix of location, gender and experience. A full list is here.
In a statement he said: “By leveraging the expertise and knowledge of our investors in the fund, we can offer unrivalled support in helping early-stage Nordic startups, with access to a whole community behind them. Due to the explosion of capital and interest in the Nordics in the last five years, we are now beginning to see early entrepreneurs leave companies and start their own. However, they typically remain under-the-radar due to their personal profiles not being known by institutional investors. The fund discovers and backs these companies.”
Mignot said: “I’ve seen the vital role that The Family has had in supporting and accelerating the Paris ecosystem and I believe this can have a similar impact in the Nordics.”
Murray told TechCrunch that Philipp Moehring from AngelList helped raise the fund and take care of all the back-end and legals. “I believe I am one of the first in Europe to take advantage of this,” he added.