Unconventional Ventures

About Unconventional Ventures

Unconventional Ventures ApS is a Copenhagen-headquartered Nordic impact venture capital firm operating as an independent venture capital fund manager. The firm was founded in 2018 by Thea Messel, a former Danske Bank and Pilou AB operator, who launched the platform at the Slush conference in Helsinki initially as a €125,000 micro-fund. Co-founder and General Partner Nora Bavey joined shortly thereafter, and in 2024 Alexis Horowitz-Burdick was appointed as third General Partner to extend the firm reach beyond the Nordics into broader European geographies. The legal entity sits under Danish jurisdiction with the operational center anchored in Copenhagen. Unconventional Ventures has built two formal fund vehicles to date: Fund I, which closed at approximately €30 million, and Fund II, which reached a €50 million first close on a €80 million target hard cap. Aggregate assets under management as of December 2024 sit at approximately €80 million in committed capital across both vehicles. The structure is institutional independent venture capital, backed by a blue-chip Nordic limited partner base that includes the European Investment Fund, EIFO, Nordea-fonden, Augustinus Fabrikker and TryghedsGruppen.

Investment thesis

Unconventional Ventures pursues a pre-seed and seed venture capital strategy with a thesis-driven focus on impact technology built by underrepresented founders. The firm sector scope spans climate and sustainability, health and life sciences, education technology, and broader purpose-driven enterprise software. Geographic scope centers on the Nordics covering Denmark, Sweden, Norway, Finland and Iceland as primary catchment, with selective deployment into broader Europe and the United Kingdom following the appointment of a US-based general partner. Ticket sizes typically range between €250,000 and €1.5 million for initial checks at pre-seed and seed, with reserves earmarked for pro-rata participation in follow-on rounds at Series A. The limited partner base is anchored by institutional capital including the European Investment Fund, EIFO, Nordea-fonden, Augustinus Fabrikker and TryghedsGruppen, with five new limited partners added during the Fund II first close. Value creation operates along three axes: network access for traditionally excluded founders, hands-on portfolio support on commercial scaling and Series A bridging, and a brand halo that improves follow-on raise dynamics.

Recent activity

Recent portfolio investments include Cellugy in biotech (2023, co-led, Danish biotech replacing fossil-fuel-derived ingredients with cellulose-based alternatives in personal care), Climate X in fintech and climate (2022 to 2023, UK climate-risk analytics platform), Drev in cleantech (2024, Swedish battery technology) and Scifree in edtech (2023, Swedish education software). Additional named portfolio holdings include The Blue Box in femtech (2022, Spain) and a roster of approximately 21 companies built over the last four years averaging four new investments annually. In 2024, the firm completed seven investments across the climate, health and education verticals. On the realisation side, Unconventional Ventures has not announced material exits as of December 2024, with the portfolio remaining young consistent with the 2018 fund launch.

Frequently asked questions

What investment strategy does Unconventional Ventures focus on?

Unconventional Ventures focuses on VC strategies in the private equity space.

How many portfolio companies does Unconventional Ventures have?

Unconventional Ventures has 16 active portfolio companies and 1 completed exit and 2 funds tracked on GP Intel.

Where is Unconventional Ventures headquartered?

Unconventional Ventures is headquartered in Copenhagen, Denmark.

When was Unconventional Ventures founded?

Unconventional Ventures was founded in 2018.

What sectors does Unconventional Ventures invest in?

Unconventional Ventures invests across Healthcare, Energy, TMT, Consumer.

What are Unconventional Ventures's recent exits?

Recent realized exits by Unconventional Ventures include: Equality Check (2026) to Visma.