A new Venture Capital (VC) fund in the Nordics region is making waves by addressing the lack of diversity in tech startups and VC funding. Unconventional Ventures (UV) is on track to close its targeted €30 million fund, which aims to invest exclusively in impact tech companies with diverse founding teams and founders. This is a significant step towards tackling the unequal distribution of funding in the region.
Key Takeaway
Unconventional Ventures (UV) is nearing the close of its targeted €30 million funding round, which will be dedicated to supporting impact tech companies led by diverse teams and founders. With a focus on sectors such as healthtech, femtech, and sustainable fashion, UV is paving the way for increased diversity and social impact in the Nordic startup ecosystem.
Investing in a Diverse Range of Businesses
UV, originally launched as an SPV ‘nano-fund’ in 2018, now operates as a full-fledged VC firm, investing in various sectors such as healthtech, femtech, diversity tech, sustainable fashion, foodtech, and fintech. The fund’s mission is to not only invest in businesses led by diverse teams but also focus on issues of social and environmental impact.
UV has already secured backing from notable LPs including Atomico, the Export and Investment Fund of Denmark, Investinor, and Chr. Augustinus Fabrikker. Additionally, The Case for Her, a Stockholm-based firm specializing in women’s health investments, and The Inner Foundation, founded by Northzone Founder PJ Pärsson and Annika Sten Pärsson, have joined as new LPs.
Standout Portfolio Companies
UV’s portfolio includes several standout companies, namely:
- Climate X (UK): This climate analytics startup has raised an impressive €10.65 million so far. It focuses on assessing climate risks for asset holders in the FinTech space.
- Ocean Oasis (Norway): This innovative company leverages wave energy for sustainable desalination, addressing the CO2-intensive nature of traditional desalination processes.
- SciFree (Sweden): SciFree offers open access to research for universities, promoting transparency and combating issues of fake news and research attacks.
- Meela Health (Sweden): Meela Health is a matchmaking tool for therapists and clients, excelling at retaining clients in therapy sessions and utilizing AI technology for effective matches.
In addition to these companies, UV’s fund also supports other impactful startups such as FJONG (circular fashion), Leia Health (personalized parental health), Equality Check (diversity and inclusion analytics), and DORA (digitizing greener freight transport).
Addressing the Gender and Climate Gaps
Unconventional Ventures proudly states that 75% of its investments are in companies founded by all-female teams, and over 25% have a founder or co-founder from an ethnic minority background. Furthermore, 67% of the fund’s portfolio focuses on combating climate change, while 20% addresses challenges related to women’s health.
Experienced Founders Driving Change
Thea Messel, based in Copenhagen, co-founded UV after a career in banking and a role in developing platforms supporting tech and impact startups. She is also a former member of a UNEP-FI working group for Sustainable Banking.
Nora Bavey, UV’s co-founder, is a former EdTech founder with a passion for supporting underrepresented founders in the Nordics. Together, they bring a wealth of experience and a deep commitment to driving change in the VC landscape.
