Smedvig Ventures Research
Investment Thesis
Smedvig Ventures is a London-based, family-office-backed VC firm that invests exclusively in European B2B technology companies. Its stated philosophy, "what got you here won't get you there," reflects a focus on the operational and strategic reset founders need once a company has found product-market fit and is trying to scale into the next stage. The firm is entirely funded by the Smedvig family office (via parent entity Smedvig Capital Limited, itself authorised and regulated by the UK Financial Conduct Authority), giving it patient, single-LP capital rather than a traditional fund structure with external LPs.
The firm targets what it calls the "Series A to B gap" — the stretch after a company has proven initial product-market fit but before it has fully institutionalized growth, which the team describes as one of the hardest and most under-served parts of the startup journey. Sector focus is deliberately broad within B2B software: infrastructure software, data platforms and tools, software-enabled services, and increasingly AI-native/applied-AI businesses.
Sector Focus
Smedvig's 34-company public portfolio spans:
- Applied AI (Conmeet, Understory, Atlas, Chatlyn, EdgeTier, Druid AI) — AI-native operating platforms for specific verticals (construction, hospitality/experience economy, recruiting, hospitality communications, customer support, conversational AI)
- B2B SaaS / Infrastructure SaaS platforms (RoClub, Minut, Whip Media, Semble, Poq, Masabi, Lunio, Mavenoid)
- Data tools & analytics (Oxford Data Plan, Yumpingo, Infinity, Xeneta, Captify)
- Software-enabled services (Tequipy, Embankment, UnderTheDoormat, The Smart Cube, Tusker, Simplify, Kings Court Trust, proSapient, Adzuna)
- Cybersecurity (CultureAI)
- Legal tech (Avantia Law)
- Climate / renewable energy software (Glint Solar)
The firm explicitly says it will back B2B software "in any sector," with a particular current lean toward infrastructure software, data platforms/tools, and companies that use AI as a core part of their product.
Stage Focus
Smedvig invests at Seed through Series C, but the bulk of its book (roughly 25 of 34 public portfolio companies) sits at Series A, consistent with its stated focus on the post-PMF, pre-scale gap. A handful of newer bets (Conmeet, Tequipy) are at Seed, and later-stage names (Minut, Xeneta, Captify, Poq, Masabi, Mavenoid, Druid AI) are at Series B, with Adzuna the lone Series C. The firm's own investment criteria state a minimum bar of ARR €750k+ for portfolio companies.
Check Size
Typical initial ticket: €4M–€8M, with the firm able to support total round sizes up to €20M by leading or co-leading. Public reporting indicates the firm targets roughly three to four new investments per year, consistent with a small, high-conviction portfolio approach rather than high-volume seed investing.
Lead Tendency
Smedvig positions itself explicitly as a lead or co-lead investor: recent rounds show it leading Understory's €12M Series A (September 2025) and Tequipy's ~£2.6M round (May 2026), and co-leading RoClub's $11.7M Series A alongside YZR (October 2025). This is consistent with a firm writing meaningful ownership-stake checks rather than following larger US or pan-European funds.
Recent Activity
Smedvig closed a new €115M fund in January 2024, funded entirely by the Smedvig family office, dedicated to backing B2B tech teams across the UK, Nordics, and Benelux. Since then the firm has continued to deploy steadily:
- September 2025: Led Understory's €12M Series A (Aarhus-based experience-economy platform), alongside new investors People Ventures and Sequel and existing backers Seed Capital and Firstminute Capital.
- October 2025: Co-led RoClub's $11.7M Series A (Berlin-based AI-powered remote medtech teleoperation platform) alongside YZR, with participation from Speedinvest.
- May 2026: Led Tequipy's ~£2.6M round (Warsaw-based global IT hardware management), with participation from Manta Ray and Unfold.vc.
The fund is actively deploying, tracking toward its stated pace of three to four new investments per year.
Portfolio Highlights
Notable exits in the portfolio include Avantia Law, CultureAI is still active but several older names have exited: Antidote, The Smart Cube, Whip Media, Tusker, Yumpingo, Captify, and Spirable (acquired, now operating as part of Genius Sports). The portfolio spans a wide range of company vintages from 2000 (Tusker) through 2024 (Atlas), reflecting Smedvig Capital's long operating history as a family-office investor (the venture arm draws on 25+ years of relationships per the firm's own "selected exits from the last 25 years" framing on its portfolio page). Standout active names include Xeneta (freight rate benchmarking, Oslo), Masabi (transit ticketing infrastructure, London), and Druid AI (conversational AI platform, Bucharest).
Team
- Jon Lerner, Partner — self-described "engineering geek," focused on supporting founders through good times and bad; LinkedIn: linkedin.com/in/jonathan-lerner-smedvig
- Joe Knowles, Partner — focuses on sourcing and diligence across European tech; LinkedIn: linkedin.com/in/joe-knowles-196a896b
- Rob Toms, Partner — background in physics and an MBA; LinkedIn: linkedin.com/in/robert-toms-13316a13
- Freddie Kalfayan, Principal — Bristol-based, focused on founder sourcing and support; LinkedIn: linkedin.com/in/freddiekalfayan
- Peter Duffy, Principal — tech investor; LinkedIn: linkedin.com/in/peter-duffy-6079b460
- Matt Oxley, Entrepreneur in Residence (EIR) — serial US-based founder with operational scaling experience, works with transatlantic founders; LinkedIn: linkedin.com/in/mdoxley
- Lucia Vita, Associate — LinkedIn: linkedin.com/in/lucia-vita-50a55715b
- Maeve Crowley, Associate — LinkedIn: linkedin.com/in/maeve-crowley-56aa775a
- Sophie Day, Head of Marketing & Founder Network — LinkedIn: linkedin.com/in/sophie-ann-day
- Phoebe Merritt, Executive Assistant — email: [email protected]
Decision Process
A small team of three Partners supported by two Principals and two Associates suggests a partnership-style decision process rather than a solo-GP or large formal investment committee. The firm's small headcount and single-LP (family office) structure likely allow for a faster, more informal partner consensus process than institutionally-funded peers.
Founder Preferences
Smedvig's public "playbooks" content (e.g. "What happens after Series A?", "Building Winning Teams", "Navigating VC") signals a founder-support orientation focused on the operational challenges of scaling past initial traction — team-building, organizational design, and follow-on fundraising strategy. The firm's EIR program (Matt Oxley) and Head of Founder Network role (Sophie Day) suggest an active, hands-on approach to founder support beyond capital, consistent with the "next level support that accelerates growth" tagline used across the site.
Geographic Focus
Pan-European, with an explicit stated focus on the UK, Nordics, and Benelux. Portfolio companies are headquartered across London, Berlin, Copenhagen, Aarhus, Oslo, Stockholm, Warsaw, Bucharest, Dublin, Manchester, Malmö, Luxembourg, and Borken (Germany), with one outlier in New York (Whip Media, since exited). The firm's own office is in London (Ryger House, 11 Arlington Street, London SW1A 1RD).