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Northern CapSek Ventures AB, commonly known as CapSek, is a venture capital firm based in Sweden, founded to invest in growth companies transitioning from startup to scale-up phases. Established with a focus on technology companies that possess scalable business models, CapSek aims to support firms in their international expansion efforts. The firm is publicly listed on the NGM Nordic SME under the ticker CAPS since July 2020, allowing public-market shareholders to gain exposure to a portfolio primarily consisting of unlisted Swedish tech companies.
CapSek operates from two office locations: Gothenburg and Piteå, targeting growth regions outside of Stockholm. This geographic focus allows the firm to identify and invest in underestimated tech opportunities across Sweden. The firm has a total of 12 portfolio companies, reflecting its commitment to supporting scalable technology ventures. CapSek's investment strategy is characterized by a strong emphasis on sustainability, requiring that target companies align with at least one of the United Nations' Sustainable Development Goals.
CapSek invests in growth companies that are in the scale-up phase, specifically targeting those raising expansion capital in Series A rounds. The firm focuses on sectors driven by digitalization, including Software as a Service (SaaS), Internet of Things (IoT), computer gaming, and artificial intelligence/machine learning (AI/ML). CapSek's investment criteria emphasize sustainability, ensuring that each target company meets at least one of the United Nations' Sustainable Development Goals.
The firm typically invests in companies seeking SEK 10-30 million in capital, which aligns with its strategy of supporting proven business models that require funding for international growth. CapSek's approach is not limited to traditional tech hubs, as it actively seeks opportunities in regions outside Stockholm, particularly in northern and southern Sweden. This focus on local sourcing and regional investments allows CapSek to tap into unique market dynamics and foster the growth of innovative companies.
CapSek's portfolio comprises a diverse range of technology companies, currently totaling 12 holdings. Notable portfolio companies include:
These companies reflect CapSek's commitment to investing in scalable technology solutions that address contemporary challenges across various sectors.
Henrik Jerner: CEO of Northern CapSek Ventures, Henrik has over 20 years of direct investment experience, primarily in unlisted startup and growth companies. He previously worked for 13 years at Sjätte AP-fonden, where he gained expertise in sourcing, owner governance, and financing processes.
Göran Carlson: Investment Manager and Member of the Board, Göran represents CapSek in northern Sweden from Piteå. He has over 20 years of experience running Carlson Invest, an angel investment company, and has worked with the European Space Agency's space incubator.
Robin Komulainen: CFO of CapSek, Robin has around 10 years of experience in finance and valuation across various sectors. He has held prior CFO consulting assignments and worked in-house at AIFM Group.
Anders Lundkvist: Chairman of the Board, Anders has a background in research, entrepreneurship, and board work. He is based in Piteå and has previously served as CEO and co-owner of Arctic Group.
Lennart Bergström: Member of the Board, Lennart brings additional governance experience to CapSek, contributing to the firm's strategic direction and oversight.
To pitch Northern CapSek Ventures, founders should use the contact form available on their website or email info@capsek.se. It is essential to include a comprehensive pitch deck that outlines the business model, market opportunity, financial projections, and alignment with sustainability goals. CapSek prefers detailed presentations that clearly articulate the startup's growth strategy and technological innovation.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory. The firm is particularly interested in companies that are raising SEK 10-30 million in Series A funding.
Northern CapSek Ventures offers training programs aimed at entrepreneurs and business angels. The Entrepreneur Training program is a two-day workshop focused on attracting equity capital, designed to equip founders with the skills needed to secure funding. The Executive Business Angel Training program is also a two-day workshop tailored for current and prospective business angels, providing insights into effective investment strategies.
Details regarding specific dates for these workshops have not been announced, but interested participants can inquire through CapSek's contact channels for more information.
On April 24, 2026, Northern CapSek Ventures is scheduled to hold its annual general meeting, where updates on the firm's performance and strategic direction will be discussed. The firm continues to focus on expanding its portfolio of technology companies in Sweden, particularly in regions outside Stockholm.
In recent months, CapSek has made significant investments in companies like RockSigma and NODA, reflecting its commitment to supporting scalable technology solutions that align with sustainability goals. These investments highlight CapSek's strategy of identifying and backing innovative firms that are poised for growth in the digitalization space.
What are CapSek's investment criteria?
CapSek focuses on growth companies in the scale-up phase, particularly those raising Series A capital. The firm emphasizes technology sectors driven by digitalization, including SaaS, IoT, gaming, and AI/ML. Additionally, target companies must align with at least one of the United Nations' Sustainable Development Goals.
How can I pitch to CapSek?
Founders can pitch to CapSek by visiting their website and using the contact form or emailing info@capsek.se. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes CapSek different from other VCs?
CapSek is publicly listed, providing a unique structure that allows public-market shareholders to invest in unlisted tech companies. The firm emphasizes sustainability and focuses on regions outside Stockholm, seeking underestimated tech opportunities.
What is the typical check size for investments?
CapSek typically invests between SEK 10-30 million in companies raising Series A capital. This range allows the firm to support companies in their growth phases effectively.
What is CapSek's involvement post-investment?
CapSek adds value through strategic support, board engagement, and access to its business angel and institutional networks. The firm emphasizes portfolio-company independence, allowing companies to maintain operational autonomy while benefiting from CapSek's expertise.
What sectors does CapSek focus on?
CapSek primarily invests in technology sectors, including SaaS, IoT, gaming, AI/ML, and energy efficiency. The firm is particularly interested in companies that demonstrate scalable business models and align with sustainability goals.
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