Spintop Ventures
Spintop Ventures is a Nordic early-stage venture capital firm based in Stockholm, Sweden, founded in 2009, investing minority equity in software and deep-tech B2B startups across the Nordics. It has raised four funds (Spintop I in 2010 through Spintop IV in 2022) and manages close to SEK 2 billion, roughly EUR 188 million, according to the European Investment Fund. Notable outcomes include trade sales of Small Giant Games (Zynga), Modcam (Cisco), Agency9 (Bentley Systems) and Apprl (Klarna), plus public listings of Oneflow, MariaDB and Donkey Republic.
Key facts
Recent exits
Coverage notes
4 funds tracked, 24 portfolio companies (14 active · 10 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
24 companiesFunds & portfolio
Every fund Spintop Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Spintop Ventures IVVC2022 · 4yr3 active
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AI/ML |  Norway | 2026 | |
| EdTech | Norway | 2025 | |
| HealthTech |  Sweden | 2023 |
Norway· Entry 2026Norway· Entry 2025Sweden· Entry 2023Spintop Ventures IIIVCHarvesting2019 · 7yr7 active · 3 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Cloud Infrastructure | Sweden | 2023 | |
| AI/ML | Sweden | 2023 | |
| HealthTech |  Finland | 2022 | |
| AI/ML | Finland | 2021 | |
| AI/ML | Norway | 2024 | |
| Deep Tech | Norway | 2020 | |
| SaaS | Sweden | 2019 |
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| HR Tech | Sweden | 2022 | 2024 | Trade Sale | – | ||
| SaaS | Sweden | 2016 | 2021 | Trade Sale | – | ||
| Data & Analytics | Sweden | 2017 | 2025 | Trade Sale | – |
Spintop Ventures IIVCHarvesting2013 · 13yr4 active · 6 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Finland | 2017 | |
| SaaS | Sweden | 2018 | |
| SaaS | Sweden | 2015 | |
| Deep Tech | Sweden | 2015 |
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Mobility |  Denmark | 2019 | 2021 | IPO | – | – | |
| Software | Finland | 2013 | 2022 | IPO | – | – | |
| AI/ML | Sweden | 2015 | 2020 | Trade Sale | – | ||
| SaaS | Sweden | 2018 | 2022 | IPO | – | – | |
| Gaming | Finland | 2014 | 2019 | Trade Sale | – | ||
| Deep Tech | Denmark | 2015 | 2018 | Trade Sale | – |
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About Spintop Ventures
Spintop Ventures is a Nordic B2B-software specialist venture capital firm with approximately €180 million of assets under management across funds as of December 2024 (Fund IV approximately €90 million, EIF-backed, Fund V launching), headquartered in Stockholm with an Oslo office opened February 2026. The firm was founded in 2009 and operates as a partner-owned independent VC backed by the European Investment Fund as an LP.
Investment thesis
Spintop Ventures deploys capital through approximately four to five funds (Funds I-IV, Fund V in market), targeting early-stage (seed and Series A) technology venture capital with €0.5-2.5 million entry tickets and above-average follow-on capacity, backing proven tech entrepreneurs. Sector focus spans B2B SaaS, software, fintech, deep tech, IoT and telecom, gaming and sustainable-transformation tech. Geographic deployment is the Nordics (Sweden, Norway, Finland, Denmark). The platform combines a proven-entrepreneurs sourcing network with deeper-than-average follow-on reserves.
Recent activity
Recent realised exits include industrial software and edge analytics (2025). Recent acquisitions include enterprise AI and data software (February 2026). The platform continues active deployment across the Nordic B2B-software mandate. Detailed buyer names and multiple data available on Pro at €29/month.
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