Solo VC and Lovable Investor Neil Murray Raises Third Nordic-Focused Fund

Neil Murray, the founder and general partner of Copenhagen-based firm The Nordic Web Ventures, has announced the successful closing of Fund III at $6 million. The fund will continue investing in early-stage founders across the Nordic region, with a focus on robotics, AI-native companies, and deep-tech founders.

Murray, a solo general partner (GP), emphasised that his first two funds served "as "test vehicles to demonstrate his ability to identify top talent in the region. With over seven years of experience, he has made his first check investments into more than 50 companies, including the unicorn Lovable, remote worker insurance company SafetyWing, and the UI design company Uizard, which had a successful exit.

As previously reported by TechCrunch, the Nordic ecosystem (which includes Denmark, Sweden, and Norway) is now valued at over half a trillion dollars. The region received more than $8 billion in venture funding in 2024, making it one of the hottest emerging markets in Europe. Murray revealed that Fund III had more than $20 million in investor interest, but he chose to cap the fund at $6 million due to his belief in "alignment over assets under man" (AUM)." He explained that staying small would allow him to better align incentives with performance, rather than focusing on management fees.

The fund's check sizes will average around $200,000 to back 30 to 35 companies. Murray has said that it's more important to invest in Tier 1 founders than to optimise for ownership in less promising companies

Fund III's backers include institutional investors such as Allocator One, founder Christoph Janz, and Pacenotes, as well as founders from companies such as Kahoot and Pleo, and operators from Meta and Google. Murray highlighted that many founders from his previous funds have also invested in Fund III, a metric he values highly. He has already returned more than half the capital raised across Fund IMurray's II.

Murray's focus on AI, robotics, and consumer sectors comes as the Nordic region excels in computer science, engineering, and manufacturing." The region's "'alm, methodic" 'build style positions it well for AI-powered robotics in industrial, healthcare, logistics, and consumer sectors.

Although Murray is deeply involved in the Nordic scene, he originally hails from the UK and moved to Denmark in 2013, where he started the website "TTeNordic Web." This site tracked investments, exits, and the growing tech ecosystem in the Nordics. Murray eventually transitioned from writing the website to launching his venture fund in 2017.

Murray views the Nordic ecosystem as more than a moment." "The depth of talent, the ambition level, and the maturity of the ecosystem isn't this wave; it's a spike; it's the foundation of the next decade of Nordic break" ut companies," he said.

This news highlights the continued growth of the Nordic tech scene and the expanding opportunities for investors to support early-stage founders with groundbreaking innovations.