Antler closed its second Nordic Fund at $100 M USD, tripling its previous fund size
STOCKHOLM, February 13, 2025: Antler has closed its second Nordic Fund at $100 million USD, tripling the size of its inaugural Nordic fund. As part of Antler’s global network of more than 15 funds, the new fund is led by nine Partners who work with founders from the earliest stages to launch and scale their startups.
Stockholm was Antler’s first office outside of Singapore, where the firm was founded in 2019, marking the start of its expansion into the Nordics. This was followed by the opening of offices in Oslo, Copenhagen, and Helsinki. Since 2019, the Antler Nordics Partner group has collectively made over 200 investments.
Partners can support founders in multiple ways, from short-term, intensive, guidance during in-person residencies to quickly develop business models, validate ideas and complete teams to provide initial and follow-on investments. Antler Elevate, the emerging growth Fund that invests in breakout companies from Antler’s early-stage funds then has the capability to invest in rounds up to Series C.
The Nordic Fund II will continue making investments into founders participating in Antler residencies at the inception of their growth journey. Antler commits to a €300k investment in two tranches - USD 100k at inception and USD 200k converting at the valuation of a startup’s next round.
Investors in the fund include Formue (Norwegian wealth management firm), Ferd Impact (Impact investment arm of Norwegian family-owned investment company Ferd), SmartCap (Investment arm of the Estonian Business and Innovation Agency), EIFO (Export and Investment Fund of Denmark, a state-owned financial institution), Tesi (Finnish Industry Investment Ltd, a state-owned investment company).
Investments from the second Nordic Fund include:
Wingbits: A blockchain-based, token-incentivized flight tracking network that uses a global antenna community to capture ADS-B data. With a revenue-share model, Wingbits optimizes coverage, uptime, and performance, selling data to aviation stakeholders. The startup has raised a total of $9.2 million.
QMill: Developing the foundational layer for quantum computing, QMill is building robust algorithm libraries that harness quantum power at early qubit counts. By making quantum capabilities more accessible, the company aims to unlock new innovations across industries. QMill has raised €4 million in seed funding.
About Antler:
Antler is the most active early-stage investor globally. The firm leads in ‘Day Zero’ investing, an approach to venture capital focused on partnering with founders pre-launch. Antler systematically removes capital and network constraints for early-stage technology entrepreneurs by providing co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. The firm is present in 27 cities across most leading technology ecosystems globally and has made over 1,300 investments into early-stage startups.
Contact:
Rike Döpp Bergérus
VP, Global Communications
rike at antler.co
