Connect with us

Startups

Empowering Underrepresented Entrepreneurs: EIF Invests €20 Million in Swedish VC BackingMinds

Published

on

EIF commits €20 million to Swedish VC BackingMinds to support underrepresented entrepreneurs

Swedish VC Firm Receives €20 Million from the European Investment Fund to Support Promising Entrepreneurs

BackingMinds, a Swedish venture capital firm, has secured approximately €20 million from the European Investment Fund (EIF) for its BackingMinds Invest III fund. The EIF, a part of the European Investment Bank (EIB) Group based in Luxembourg, will be the first institutional investor in the fund, which is supported by the EU’s InvestEU programme. This funding comes after the successful closure of a €50 million fund in 2022 and the recent investment in Swedish entrepreneurship platform, Techarena, in 2025.

BackingMinds’ Founding Partner, Sara Wimmercranz, emphasized the importance of seeking out innovative companies that are often overlooked by traditional venture capital networks. She stated, “The future is never where you expect it, and neither are the founders building it. Some of the most innovative companies in the Nordics are being built where venture capital rarely reaches. A network is a filter. It lets through what already looks like the network and repeats the patterns of the past. As investors, we need to be more open and seek founders out. The EIF’s commitment lets us do that on a larger scale.”

Amid a trend of institutional support for European venture funds, BackingMinds’ EIF commitment is part of a broader movement. In Sweden, Norrsken Evolve and Turbine Capital have also received significant backing for their respective funds. Norrsken Evolve closed a €62 million pre-Seed fund, while Turbine Capital secured a €54 million final close for Nordic DeepTech investments, both with EIF support.

Additionally, other European funds, such as Auxxo, Climentum Capital, and Ananda Impact Ventures, have received substantial investments for their specialized focuses, including female entrepreneurship, climate technology, and impact investments.

See also  Apple Invests in Sunnyvale Headquarters with $162M Purchase

Collectively, these fund closings represent a significant investment of approximately €282.3 million, excluding BackingMinds’ separate €20 million EIF commitment.

Source: EU-Startups

EIF Deputy Chief Executive, Merete Clausen, highlighted the importance of supporting diverse and innovative entrepreneurs. She stated, “Europe cannot afford to leave talented entrepreneurs undiscovered simply because they are outside the traditional venture capital networks. BackingMinds has shown that promising businesses can be found in places and among founders that investors too often miss. By supporting this fund, we are helping to unlock that potential and bring more capital to companies tackling some of Europe’s most pressing challenges.”

Founded in 2016, BackingMinds is a Stockholm-based VC firm established by Sara Wimmercranz and Susanne Najafi to address capital distribution gaps. Through its previous funds, BackingMinds has invested in 23 companies, with a focus on supporting diverse founders and businesses outside of major cities.

The new BackingMinds fund aims to finance early-stage companies in Sweden and the Nordic region, with a specific focus on discovering entrepreneurial talent beyond traditional networks. The fund will actively seek out businesses founded by women and individuals with immigrant backgrounds, as well as those located outside of capital cities.

Trending