Neil Murray Raises Third Nordic-Focused VC Fund
▼ Summary
– Neil Murray’s Copenhagen-based firm, The Nordic Web Ventures, has closed a $6 million Fund III to invest in early-stage Nordic startups.
– The fund will focus on writing initial institutional checks for companies in robotics, AI-native ventures, and deep tech.
– Murray capped the fund at $6 million by choice to prioritize investor alignment and flexibility over larger assets under management.
– The Nordic startup ecosystem, valued over half a trillion dollars, received more than $8 billion in venture funding in 2024.
– Murray believes the region’s success is due to a compounding of deep talent and a mature ecosystem, not just a temporary trend.
The Nordic startup scene continues its impressive momentum, with Copenhagen-based investor Neil Murray announcing the successful close of a new $6 million venture fund. This third fund from The Nordic Web Ventures will target early-stage founders across Denmark, Sweden, and Norway, focusing on robotics, AI-native companies, and deep tech ventures. The move underscores the region’s growing status as a powerhouse for innovation, having attracted over $8 billion in venture capital this year alone.
Murray, who operates as a solo general partner, described his first two funds as “test vehicles” to demonstrate his investment acumen. Seven years into his journey, he has provided initial funding to more than 50 companies. His portfolio boasts notable names like the unicorn Lovable, remote worker insurance provider SafetyWing, and the exited UI design platform Uizard. This track record helped generate significant interest for his latest fund, but Murray made a deliberate choice to limit its size.
He turned away more than $20 million in potential commitments to cap Fund III at $6 million, a strategic decision he says prioritizes investor alignment over simply accumulating assets under management. For Murray, a smaller fund allows for better incentive structures tied to performance and offers greater operational flexibility. “Capping the fund wasn’t a constraint,” he explained. “It was the strategy.”
The fund plans to make initial investments of approximately $200,000 each, aiming to back between 30 and 35 companies. Murray emphasizes a quality-over-quantity approach, stating his belief in “investing in Tier 1 founders” rather than compromising on talent to secure larger ownership stakes. His limited partners include institutional backers like Allocator One and Pacenotes, alongside founders from Kahoot and Pleo, and operators from major tech firms like Meta and Google.
A significant vote of confidence comes from founders of his previous funds, many of whom have now invested in Fund III. Murray notes he has already returned more than half of the capital raised across his first two funds to investors. His focus on AI, robotics, and consumer sectors reflects the Nordic region’s core strengths, which include a deep engineering culture and a methodical approach to building companies.
Originally from the U.K., Murray moved to Denmark in 2013 driven by an interest in tech startups. He quickly recognized the region’s substantial yet understated contributions to global technology, which led him to launch “The Nordic Web” blog to analyze the local ecosystem. That analytical work eventually paved the way for his investing career, beginning with a $500,000 fund in 2017.
Looking at the broader landscape, Murray sees sustained growth rather than a temporary boom. He believes the Nordics are experiencing a “compounding” effect, fueled by deep talent pools, high ambition, and a maturing ecosystem. This foundation, he argues, sets the stage for the next decade of breakout companies from the region, solidifying its position as one of Europe’s most dynamic emerging markets for venture capital.
(Source: TechCrunch)
