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As has been pointed out many, many instances, loss of variety is an ongoing downside within the tech startup and VC panorama. It’s a proven fact that’s lengthy been recognised in the USA, and it’s of equivalent fear in Europe. Zoom in at the Nordics area, and the loss of variety unfortunately turns into much more acute. A document in 2020 printed that the former 10 years witnessed all-men founding groups by no means receiving not up to 83% of Nordic VC investment, whilst all-women groups won slightly 2.2% of investment.

So it’s refreshing to peer a VC fund emerge within the area that without delay addresses the problems, no longer simply in its group but in addition in its thesis, in addition to making an investment in some very fascinating companies.

Introduced as extra of an SPV ‘nano-fund’ through Thea Messel in in 2018, with co-founder Nora Bavey, Unconventional Ventures (UV) now has a VC construction and invests around the Nordics in healthtech, femtech, variety tech, sustainable style, foodtech and fintech.

It’s now handed the ‘half-way’ shut of its focused €30 million fund to take a position only in affect tech firms with various founding groups and founders.

LPs backing the fund come with Ecu mission capital massive Atomico, the Export and Funding Fund of Denmark (EIFO), Investinor (an evergreen funding corporate funded through the Norwegian govt), and Danish funding company, Chr. Augustinus Fabrikker. New LPs becoming a member of the fund come with The Case for Her, a Stockholm-based company specialized in investments in females’s fitness problems and The Inside Basis, based through Northzone Founder PJ Pärsson and his spouse Annika Sten Pärsson.

UV’s portfolio firms up to now come with 4 primary standout firms.

Out of its investments from this fund up to now, Local weather X (UK), has raised essentially the most at €10.65M. This local weather analytics startup is nearer to the FinTech area, because it assesses the local weather chance in to for asset holders.

Ocean Oasis (Norway) is in sustainable desalination the usage of wave power. Messel stated: “Desalination is fairly a co2 intense procedure, however they’ve get a hold of an answer of the usage of wave generation, enabling no longer handiest extra freshwater to be available, but in addition developing and generating it in a sustainable means.”

SciFree (Sweden) provides open get right of entry to to analyze for universities. Bavey stated: “In an international the place we now have faux information and analysis being attacked consider what that can imply for entrepreneurship and innovation, gaining access to an open supply database of analysis? It’s simply improbable. This startup creates transparency over who’s getting funded on the finish of the day as a result of there’s additionally a large number of problems at the back of the analysis.”

And Meela Well being (SWE) is a matchmaking software for therapists and purchasers concentrated on females first. Bavey commented: “Meela is matchmaking software for therapists and purchasers concentrated on females first, but in addition now extending to males. Over 60% of other people pass into treatment drops off earlier than the 3rd consultation, however Meela drop off fee is to not up to 2%. So it in reality speaks volumes about them enabling AI for the matchmaking.”

Different firms within the new fund come with:

– FJONG (NO) – round style
– Leia Well being (SWE) – customized parental fitness
– Equality Test (NO) – variety and inclusion analytics
– DORA (DEN) -digitizing against greener freight delivery

The following goal for the fund will purpose at artificial biology startups.

Amongst those investments, UV claims 75% are based through all-female groups, and over 25% have a founder or co-founder from an ethnic minority. Additionally, 67% of the portfolio makes a speciality of fighting local weather exchange, whilst 20% addresses feminine health-related demanding situations.

Previous to founding UV, Copenhagen-based Messel was once a banker who went directly to co-found and broaden platforms supporting tech and affect startups. She’s additionally former member of UNEP-FI operating team for Sustainable Banking.

Bavey is a former EdTech founder who constructed and introduced ideas for supporting underrepresented founders within the Nordics.

Over an interview, Bavey informed me that even supposing the brand new fund is a full- blown VC stucture, “it’s more uncomplicated to make a decision on various investments as a result of we’ve been following them for goodbye.”

Whilst she admits “there’s a large number of affect budget doping up” in theNordics, she says the individuality of UV is “no longer handiest will we handiest spend money on the ones form of various founders, however we we also are the the one fund that still make investments handiest with affect on the core.”

The pair additionally suppose Femtech stays an area ready to be unpacked additional through Affect Price range: “If we have a look at feminine fitness, we’re seeing some in reality fascinating offers there. Startups in that area are concentrated on issues that none has in reality considered. It’s no longer with reference to fertility or menstruation, there are a large number of different layers in between and that’s what we’re additionally fascinated with to discover extra,” added Bavey.

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