# Cloud investors in the Nordics (2026 list)

> 37 cloud investors in the Nordics, 78% active in the last 12 months. Led by Andreessen Horowitz, Pioneer Fund, Notion Capital. Ranked by what they funded.

Source: https://millionrounds.com/lists/cloud-investors-in-nordics (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Cloud investors in the Nordics

Updated 7 November 2026

Firms observed backing a cloud company in the Nordics in the last two years, wherever the firm is based.

[See all 37 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcloud-investors-in-nordics)The top 25

**37** investors on the list No change this week

**630** cheques in 12 months *-3%* against the market

**$17M** median round they joined *+118%* against the market median

**78%** wrote a cheque in 12 months

**62%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (21)

- 1 [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) *Deploying now* VC firm · United States **1,661** **$27M** median round **Nov 2026** last seen
- 2 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 3 [Notion Capital](https://millionrounds.com/fund/notion-capital) *Deploying now* VC firm · United Kingdom **202** **$9.2M** median round **Oct 2026** last seen
- 4 [EQT Ventures](https://millionrounds.com/fund/eqt-ventures) *Deploying now* VC firm · Sweden **152** **$20M** median round **Oct 2026** last seen
- 5 [Omnes](https://millionrounds.com/fund/omnes-capital) *Deploying now* VC firm · France **145** **$15M** median round **Nov 2026** last seen
- 6 [Deutsche Bank](https://millionrounds.com/fund/deutsche-bank) *Deploying now* Corporate VC · Germany **144** **$175M** median round **Nov 2026** last seen
- 7 [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures) *Deploying now* VC firm · Finland **141** **$5.7M** median round **Nov 2026** last seen
- 8 [Emergence Capital](https://millionrounds.com/fund/emergence-capital) *Deploying now* VC firm · Senegal **101** **$30M** median round **Oct 2026** last seen
- 9 [ByFounders](https://millionrounds.com/fund/byfounders) *Deploying now* VC firm · Denmark **71** **$3.6M** median round **Sept 2026** last seen
- 10 [Norrsken VC](https://millionrounds.com/fund/norrsken-vc) *Deploying now* Accelerator · Sweden **66** **$17M** median round **Aug 2026** last seen
- 11 [Giant Ventures](https://millionrounds.com/fund/giant-ventures) *Deploying now* VC firm · United Kingdom **52** **$13M** median round **Oct 2026** last seen
- 12 [J12 Ventures](https://millionrounds.com/fund/j12) *Deploying now* VC firm · Sweden **33** **$3M** median round **Sept 2026** last seen
- 13 [Tesi](https://millionrounds.com/fund/tesi) *Deploying now* Government · Finland **29** **$17M** median round **Sept 2026** last seen
- 14 [Blisce/](https://millionrounds.com/fund/blisce) quiet VC firm · France **21** **$55M** median round **Mar 2025** last seen
- 15 [maki.vc](https://millionrounds.com/fund/maki-vc) *Deploying now* VC firm · Finland **11** **$6.3M** median round **Oct 2026** last seen
- 16 [MUFG Innovation Partners](https://millionrounds.com/fund/mufg-innovation-partners) *Deploying now* Corporate VC · Japan **8** **$127M** median round **Sept 2026** last seen
- 17 [Varma Mutual Pension Insurance Company](https://millionrounds.com/fund/varma) *Deploying now* Institutional LP · Finland **7** **$64M** median round **Sept 2026** last seen
- 18 [Crowberry Capital](https://millionrounds.com/fund/crowberry-capital) *Deploying now* VC firm · Iceland **6** **$7.6M** median round **Nov 2026** last seen
- 19 [6 Degrees Capital](https://millionrounds.com/fund/6-degrees-capital-2) *Deploying now* VC firm · United Kingdom **5** **$8M** median round **Sept 2026** last seen
- 20 [Nordea](https://millionrounds.com/fund/nordea) quiet VC firm · Sweden **5** **$18M** median round **Sept 2025** last seen
- 21 [Danske Bank](https://millionrounds.com/fund/danske-bank) quiet VC firm · Denmark **3** **$35M** median round **Sept 2025** last seen
- 22 [Eviny Ventures](https://millionrounds.com/fund/eviny-ventures) *Deploying now* Corporate VC · Norway **3** **$10M** median round **Nov 2026** last seen
- 23 [QAI Ventures](https://millionrounds.com/fund/qai-ventures) *Deploying now* VC firm · Switzerland **3** **$2.6M** median round **Oct 2026** last seen
- 24 [Supermicro](https://millionrounds.com/fund/supermicro) *Deploying now* Growth equity · United States **3** **$140M** median round **Sept 2026** last seen
- 25 [Armada Fund VI](https://millionrounds.com/fund/armada-fund-vi) quiet Investment firm **3** **-** median round **Oct 2025** last seen

**12 more on this list**

All 37 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcloud-investors-in-nordics)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Vensum Power](https://millionrounds.com/company/vensum-power)** Series A · $10M *Led by* [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures)
- **5** Nov **[Saidot](https://millionrounds.com/company/saidot)** Round *With* [Crowberry Capital](https://millionrounds.com/fund/crowberry-capital)
- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **5** Nov **[Return](https://millionrounds.com/company/return)** Debt · $936M *With* [Deutsche Bank](https://millionrounds.com/fund/deutsche-bank)
- **4** Nov **[Phaze Inc.](https://millionrounds.com/company/phaze-inc)** Seed · $8.8M *Led by* [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)
- **3** Nov **[Vereda](https://millionrounds.com/company/vereda)** Seed · $5.5M *With* [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)

## Stages This Year

592 rounds

- Series A **18%**
- Seed **18%**
- Venture **14%**
- Pre-seed **9%**
- Series B **9%**
- Other **32%**

## What They Backed

Sectors, last 12 months

- AI **298**
- Big Data & Analytics **47**
- Fintech **44**
- Cloud **30**
- Financial Services **30**
- Energy **28**

## Cheques by Quarter

Led Joined

157 Q1 25

150 Q2 25

210 Q3 25

200 Q4 25

195 Q1 26

164 Q2 26

129 Q3 26

57 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [AI investors in North America 3,859](https://millionrounds.com/lists/ai-investors-in-north-america)
- [AI investors in Europe 2,283](https://millionrounds.com/lists/ai-investors-in-europe)
- [Fintech investors in North America 1,309](https://millionrounds.com/lists/fintech-investors-in-north-america)
- [Big Data & Analytics investors in North America 1,094](https://millionrounds.com/lists/big-data-investors-in-north-america)
- [AI investors in Asia 1,047](https://millionrounds.com/lists/ai-investors-in-asia)
- [Biotech investors in North America 1,001](https://millionrounds.com/lists/biotech-investors-in-north-america)
- [Energy investors in North America 864](https://millionrounds.com/lists/energy-investors-in-north-america)
- [Robotics investors in North America 848](https://millionrounds.com/lists/robotics-investors-in-north-america)
- [Construction investors in North America 791](https://millionrounds.com/lists/construction-investors-in-north-america)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in b2b software and saas

- Lean B2B: Build Products Businesses Want Étienne Garbugli · 2014 4.16 from 249 ratings on Goodreads B2B software and SaaS About the book www.leanb2bbook.com « This is a must read for every B2B entrepreneur, SaaS creator or consultant and business school student. It's the kind of book you don't read once, you go back to it on a regular basis. » - Carmen Gerea, CEO & Co-founder, UsabilityChefs Lean B2B helps… On AmazonListen on Audible
- The Pricing Roadmap: How to Design B2B SaaS Pricing Models That Your Customers Will Love Ulrik Lehrskov-Schmidt · 2023 4.43 from 207 ratings on Goodreads B2B software and SaaS About the book "The definitive resource on SaaS pricing, I absolutely can not recommend this book enough." Viktor Heide, COO of Contractbook.com, Forbes "30 under 30" A foolproof method to achieve skyrocketing sales, growth, and profits for your software as a service (SaaS) product starts… On AmazonListen on Audible
- Integrity: The Courage to Meet the Demands of Reality Henry Cloud · 2006 4.22 from 3,393 ratings on Goodreads B2B software and SaaS About the book Integrity. It is more than simple honesty. It's the key to success. A person with integrity has the -- often rare -- ability to pull everything together, to make it all happen no matter how challenging the circumstances. Drawing on experiences from his work with Fortune 500… On AmazonListen on Audible
- Blueprints for a SaaS Sales Organization by Jacco vanderKooij Jacco van der Kooij · 2015 4.33 from 324 ratings on Goodreads B2B software and SaaS About the book Because of their very nature, SaaS companies live and die on revenue growth. And once the service is ready there is a very small window in which to scale. Missing that window is the difference between massive success and mediocrity. With such high stakes, it is crucial to get a… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&model=b2b_software).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about cloud investors in the Nordics

### Who are the most active cloud investors in the Nordics?

By cheques observed, the most active are Andreessen Horowitz, Pioneer Fund, Notion Capital, EQT Ventures and Omnes.

### How many cloud investors in the Nordics are there?

37 are on record. 78% made an investment in the last 12 months and 62% have led a round.

### Which stages do cloud investors in the Nordics back?

Of the rounds with a named stage in the last 12 months, mostly Series A (24%) and Seed (23%).

### How big are the rounds cloud investors in the Nordics join?

The typical (median) round among the leading investors here is $17M.

### Which sectors do cloud investors in the Nordics back most?

In the last 12 months, mostly AI, Big Data & Analytics and Fintech.

### Which cloud investors in the Nordics lead the most rounds?

Andreessen Horowitz (114 led), EQT Ventures (20 led) and Emergence Capital (11 led).

### Where are cloud investors in the Nordics based?

Among the most active, most are based in Sweden (4), Finland (4) and the United States (3).

### What have cloud investors in the Nordics invested in recently?

Recent rounds include Vensum Power (Series A, Nov 2026, with Lifeline Ventures), Saidot (Nov 2026, with Crowberry Capital) and Nyquis (Seed, Nov 2026, with Pioneer Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)