Nordic Secondary Fund logo

Nordic Secondary Fund

Europe, Hovedstaden, Denmark, Copenhagen

Description

Nordic Secondary Fund (NSF) is a pioneering investment vehicle, uniquely positioned as the first and only dedicated secondary fund operating across the Nordic and Baltic regions. Based in Copenhagen, Denmark, NSF's core mission is to provide crucial liquidity to early investors, founders, and employees in successful technology companies within these burgeoning markets. Unlike traditional venture capital funds that primarily inject fresh capital into companies through primary rounds, NSF focuses on acquiring existing equity stakes, thereby offering an exit path or partial liquidity to those who have contributed to a company's early growth. This distinct approach addresses a significant need in the European tech ecosystem, where liquidity options for early-stage investors and employees can often be limited.

The fund's investment strategy is sharply defined, targeting companies that have already demonstrated significant traction and maturity. Specifically, NSF looks to invest in tech companies that have successfully raised a Series A funding round or later, indicating a proven product-market fit and a robust business model. Their geographic remit encompasses the vibrant startup ecosystems of the Nordic and Baltic countries, including Denmark, Sweden, Norway, Finland, Iceland, Estonia, Latvia, and Lithuania. By focusing on post-Series A companies, NSF aims to de-risk its investments, ensuring it acquires stakes in businesses with established operations and clear growth trajectories.

Nordic Secondary Fund I (NSF I) successfully closed at DKK 750 million in 2022, equivalent to approximately $100 million USD, underscoring significant investor confidence in their specialized model. This substantial capital pool enables them to execute their strategy effectively. When acquiring stakes, NSF typically targets individual company positions ranging from DKK 5 million to DKK 50 million. This translates to an approximate check size of $0.7 million to $7 million USD, offering flexibility to acquire various sizes of equity positions.

By facilitating secondary transactions, Nordic Secondary Fund plays a vital role in fostering a more dynamic and liquid venture ecosystem in the Nordics and Baltics. Their presence provides a valuable mechanism for wealth creation and capital recycling, allowing early backers to realize returns and potentially reinvest in new ventures, thus stimulating further innovation and growth across the region.

Investor Profile

Nordic Secondary Fund has backed more than 28 startups, with 5 new investments in the last 12 months alone. The firm has led 8 rounds, about 29% of its total and boasts 4 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Secondary Market, Series Unknown, Private Equity rounds (top funding stages).
  • Majority of deals are located in Denmark, Sweden, Finland.
  • Strong thematic focus on Software, E-Commerce, FinTech.
  • Led 4 rounds in the past year.
  • Typical check size: $700K – $7M.

Stage Focus

  • Secondary Market (86%)
  • Series Unknown (7%)
  • Private Equity (4%)
  • Series A (4%)

Country Focus

  • Denmark (25%)
  • Sweden (18%)
  • Finland (18%)
  • Latvia (7%)
  • United States (7%)
  • Germany (7%)
  • Lithuania (4%)
  • Iceland (4%)
  • Estonia (4%)
  • United Kingdom (4%)

Industry Focus

  • Software
  • E-commerce
  • Fintech
  • Payments
  • Logistics
  • Financial Services
  • Augmented Reality
  • Hardware
  • Consumer Electronics
  • Drones
circle-line
FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Nordic Secondary Fund frequently co-invest with?

Raison Wealth
Europe, Harjumaa, Estonia, Tallinn
Co-Investments: 1
GIC
Asia, Central Region, Singapore, Singapore
Co-Investments: 1
Bonnier Ventures
Europe, Stockholms Lan, Sweden, Stockholm
Co-Investments: 1
Silver Lake
North America, California, United States, Menlo Park
Co-Investments: 1
BlackRock
North America, New York, United States, New York
Co-Investments: 1
Almaz Capital
North America, California, United States, Portola Valley
Co-Investments: 1
Chrysalis Investments
Europe, England, United Kingdom, London
Co-Investments: 1
HMI Capital
North America, California, United States, San Francisco
Co-Investments: 1
TCV
North America, California, United States, Menlo Park
Co-Investments: 1
Northzone
Europe, England, United Kingdom, London
Co-Investments: 1

Which angels does Nordic Secondary Fund often collaborate with?

CL
South America, NA - Uruguay, Uruguay, Montevideo
Shared Deals: 1
VY
North America, Ontario, Canada, Toronto
Shared Deals: 1

What are some of recent deals done by Nordic Secondary Fund?

Wingcopter

Weiterstadt, Hessen, Germany

Wingcopter is a manufacturer of unmanned eVTOL fixed-wing aircrafts for commercial and humanitarian applications.

AerospaceAir TransportationDronesLast Mile TransportationLogistics
Secondary MarketJun 26, 2025
Wingcopter

Weiterstadt, Hessen, Germany

Wingcopter is a manufacturer of unmanned eVTOL fixed-wing aircrafts for commercial and humanitarian applications.

AerospaceAir TransportationDronesLast Mile TransportationLogistics
Secondary MarketDec 22, 2024
Amount Raised: $9,389,936
Remora Robotics

Stavanger, Rogaland, Norway

Remora Robotics is a Norwegian technology firm that specializes on aquaculture robotics.

ManufacturingRenewable EnergyRoboticsSemiconductor
Secondary MarketNov 1, 2024
Minut

Malmö, Skane Lan, Sweden

Minut is a computer software company that specializes in product design, hardware, electronics, software, IoT, and smart home.

Internet of ThingsSecuritySmart Home
Secondary MarketAug 11, 2024
Swappie

Helsinki, Southern Finland, Finland

Swappie is an online marketplace for buying and selling refurbished smartphones.

Consumer ElectronicsConsumer GoodsE-CommerceMarketplace
Secondary MarketAug 10, 2024
Nosto

Helsinki, Southern Finland, Finland

Nosto is a Commerce Experience Platform offering tools to boost online revenue through end-to-end commerce experience management.

AnalyticsE-CommerceE-Commerce PlatformsMarketing AutomationPersonalizationSEOSoftware
Secondary MarketMay 18, 2024
Amount Raised: $7,615,732
DTE ehf

Reykjavík, Gullbringusysla, Iceland

Actionable real-time process analytics for the metals industry.

AnalyticsIndustrialIndustrial AutomationMachine LearningSensor
Secondary MarketOct 16, 2023
Cleveron

Viljandi, Viljandimaa, Estonia

Cleveron offers automated parcel delivery solutions.

DeliveryLogisticsSupply Chain Management
Secondary MarketSep 18, 2023
Amount Raised: $3,742,199
Varjo

Helsinki, Southern Finland, Finland

Varjo makes advanced VR/XR hardware and software for industrial use, paving the way for a true-to-life metaverse.

Augmented RealityHardwareMetaverseSoftwareVirtual RealityVirtualization
Series UnknownApr 10, 2023
Amount Raised: $3,260,731
Bob W

Helsinki, Southern Finland, Finland

Bob W is a technology-driven hospitality provider that offers an alternative to hotels and short-stay apartments.

HospitalityHotelRentalTravel Accommodations
Secondary MarketDec 1, 2022