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CNI, also known as Club Network Investments, is a venture capital firm founded in 2011 and headquartered in Stockholm, Sweden. The firm is dedicated to supporting entrepreneurial businesses that create sustainable shareholder value. CNI has successfully funded and supported around 30 companies primarily in the Nordic region, reflecting its active role in the local startup ecosystem.
With a team of seven members, including three partners, CNI operates with a flexible investment mandate that allows it to adapt to various industry needs. The firm has a strong focus on late-stage ventures, partnering with small and mid-sized companies that are at or near break-even with plans for near-term profitability. CNI's notable milestone includes the IPO of its portfolio company, Acast, on the Stockholm Stock Exchange.
CNI invests in a diverse range of sectors, with a primary emphasis on fintech, financial services, software, and consumer durables. The firm specializes in late-stage venture capital, targeting companies that are at or near break-even and have plans for near-term profitability. CNI's flexible investment mandate enables it to build and scale businesses while aligning the interests of entrepreneurs with its own.
The firm seeks to partner with companies that demonstrate strong growth potential and sustainable business models. CNI's investment strategy focuses on providing growth acceleration strategies, leveraging its expertise and network to help portfolio companies reach their next level of success. The geographic focus is primarily on the Nordic region, with a significant concentration in Sweden, where 28 of its 38 investments are located.
CNI's portfolio consists of 38 companies, with notable investments in various sectors. Key portfolio companies include:
These companies reflect CNI's commitment to investing in businesses that are positioned for growth and profitability in the Nordic market.
Jesper Almkvist: Founding Partner. Almkvist has extensive experience in venture capital and has been instrumental in establishing CNI's investment strategy. He has a strong background in supporting growth-stage companies.
Erik Ejerhed: Founding Partner. Ejerhed co-founded CNI after serving as a portfolio manager. He brings valuable insights into the investment process and has a track record of successful investments in the Nordic region.
Niklas Hansson: Investment Associate. Hansson focuses on identifying and evaluating potential investment opportunities, leveraging his analytical skills to support the firm's investment decisions.
Alice Halvorsen: Investment Manager. Halvorsen plays a key role in managing portfolio companies and providing operational support to ensure their growth and success.
Victor Wellenstam: Investment Manager. Wellenstam is involved in the investment process and works closely with portfolio companies to help them achieve their strategic goals.
To pitch to CNI, founders should visit their website at cninordic.com. The pitch deck should include a comprehensive overview of the business, including market analysis, financial projections, and growth strategies. CNI prefers detailed presentations that clearly outline the business's potential for profitability and growth.
Response times may vary, but founders can expect to hear back within a few weeks. CNI values warm introductions, so leveraging connections within the Nordic startup ecosystem can enhance the chances of a successful pitch.
In February 2026, CNI published multiple full-year reports for various SPVs, showcasing ongoing engagement and activity within its investment portfolio. This commitment to transparency and performance tracking highlights CNI's dedication to its portfolio companies.
Additionally, CNI continues to expand its portfolio, with a total of 38 investments, including notable companies such as Acast, which had a successful IPO. The firm remains active in the Nordic startup ecosystem, focusing on late-stage ventures that align with its investment thesis.
What are CNI's investment criteria?
CNI focuses on late-stage venture capital investments in small and mid-sized companies that are at or near break-even with plans for near-term profitability. The firm seeks businesses that demonstrate strong growth potential and sustainable business models.
How can I apply or pitch to CNI?
Founders can pitch to CNI through their website at cninordic.com. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes CNI different from other venture capital firms?
CNI's flexible investment mandate allows it to adapt to various industry needs, focusing on growth acceleration rather than seed-stage investments. The firm emphasizes building and scaling businesses while aligning interests with entrepreneurs.
What is CNI's geographic scope?
CNI primarily invests in the Nordic region, with a strong focus on Sweden, where 28 of its 38 investments are located. The firm occasionally invests in companies based in the United States.
What is CNI's post-investment involvement like?
CNI adds value to its portfolio companies by providing growth acceleration strategies and leveraging its expertise and network to help businesses reach their next level of success. This includes operational support and strategic guidance.
What is the typical check size for CNI's investments?
While specific check sizes are not disclosed, CNI focuses on late-stage investments, which typically involve larger amounts compared to seed-stage funding. The firm aims to support companies that are ready for growth and profitability.
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