Spintop Ventures Research
Investment Thesis
Spintop Ventures backs "entrepreneurs on a mission to build great companies," investing in innovative software-based technology companies from the Nordics with the goal of helping them become sector leaders while driving the transformation into a long-term sustainable society. Founded in 2010 and headquartered in Östersund, Sweden, the firm has built a network-driven model that pairs capital with access to experienced Nordic tech entrepreneurs and operators. Sustainability and ESG considerations are explicitly woven into the investment process rather than treated as an afterthought, and the firm frames its mandate around productivity, resilient digital infrastructure, and the circular economy.
Sector Focus
The portfolio spans a wide range of software-driven sectors rather than a single vertical: enterprise and workflow software (Oneflow, Hubert, Meetric), industrial AI and IIoT platforms (Crosser), database infrastructure (MariaDB Corporation), climate and circular-economy technology (ReCarber), healthtech and agetech (Solace Care), AI trust and governance infrastructure (Velatir), computer vision tooling (3LC, Embedl), and consumer/voice AI (Incredible, Tonada). Across this spread, the throughline is Nordic-founded, software-first companies with a credible path to category leadership.
Stage Focus
Spintop is a pre-seed and seed investor. It is typically among the first institutional checks into a company, occasionally following on into later rounds for existing portfolio companies (e.g. Incredible's additional 2026 round) but rarely initiating at Series A or later.
Check Size
The firm backs high-conviction founders with roughly €0.5M–€2.5M at entry, and states it reserves higher-than-average follow-on capacity to double down on scaling winners. Recent rounds observed publicly range from a ~$2M initial check (3LC) up to co-leading a €5M seed (Velatir).
Lead Tendency
Spintop both leads and co-leads rounds (it led Solace Care's €2.1M pre-seed and co-led Velatir's €5M seed) and also participates alongside other leads (Antler led Tonada's pre-seed, with Spintop joining as a syndicate investor). This makes the firm a flexible, both-leads-and-follows investor depending on the situation.
Recent Activity
Spintop has been actively deploying through 2025 and 2026, with a steady cadence of new investments: 3LC ($2M, Feb 2026), Tonada ($3M pre-seed syndicate, Jun 2026), Velatir (€5M seed co-lead, Aug 2026), Solace Care (€2.1M pre-seed lead, Aug 2026), and an additional $2M into existing portfolio company Incredible (Aug 2026). The firm also realized a notable exit in December 2025 when portfolio company Crosser Technologies, an industrial AI/IIoT platform, was acquired by AVEVA (a Schneider Electric subsidiary).
Portfolio Highlights
Notable current and historical portfolio companies include MariaDB Corporation (open-source database, NYSE-listed via SPAC), Small Giant Games (mobile games studio acquired by Zynga), Crosser Technologies (industrial AI platform, acquired by AVEVA/Schneider Electric in Dec 2025), Donkey Republic (bike-sharing platform), Oneflow (contract management SaaS), and PinMeto (location marketing platform). More recent additions include Solace Care, Velatir, Incredible, Tonada, and 3LC. The firm has made 90+ investments since inception, with several IPOs and acquisitions in its track record.
Team
- Finn Persson – Partner & Co-founder, former McKinsey consultant in telecoms/IT/media
- Erik Wenngren – Partner & Co-founder
- Sami Niemi – Partner, co-founder of Scalado, former Nokia/Microsoft director
- Peter Carlsson – Partner, former PriceRunner CEO
- Helen Agering – Partner, focused on fast-growing tech companies
- Caritta Seppä – Senior Investment Manager, co-founded Tespack, UN/Audi background
- Moa Belaieff Kronborg – Investment Manager, joined 2026, McKinsey & Storytel background, based in Stockholm
- Kremena Toshev – Principal, former SNÖ Ventures investor, opened the firm's Oslo office
- Jasenko Hadzic – Principal, founder background, opened the firm's Copenhagen/Denmark office in 2025
- Fredrik Johansson – Investment Analyst, formerly at Simon-Kucher & Partners
- Catharina Schröder – Head of Investor Relations, based out of the Gothenburg office (est. Dec 2024)
Decision Process
Spintop operates as a multi-partner partnership across five Partners plus Investment Managers, Principals, and an Investment Analyst, rather than a solo-GP structure. Partners are named as board representatives on portfolio companies (e.g. Finn Persson joined 3LC's board following its investment).
Founder Preferences
The firm explicitly seeks Nordic-based, software-first founding teams building for long-term category leadership and sustainability impact, and emphasizes giving founders access to its network of experienced Nordic tech entrepreneurs as much as capital.
Geographic Focus
Primarily the Nordic region: Sweden (HQ in Östersund, plus Stockholm, Malmö, Gothenburg offices), Denmark (Copenhagen office opened 2025), Norway (Oslo office opened 2026), and Finland, with a London office as well.