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Unconventional Ventures is a Nordic early-stage venture capital firm founded in 2018, recognized as Europe's first impact fund focused on supporting underrepresented founders. The firm operates primarily in the Nordic region and Europe, aiming to address the funding gap for diverse entrepreneurs. Unconventional Ventures has successfully scaled from a nano-fund to an €80M Fund II, demonstrating its commitment to impact investing.
The firm has a strong emphasis on diversity, seeking to back teams that include women, people of color, immigrants, and LGBTQ+ individuals. This focus on inclusivity is reflected in its portfolio, where 75% of investments are in companies founded by all-female teams. Unconventional Ventures is based in Denmark and has established partnerships with institutional backers, including the European Investment Fund and various family offices.
Unconventional Ventures invests primarily in pre-seed and seed stage companies across various sectors, including healthcare, fintech, climate, food-agtech, consumer, and commerce. The firm targets technology-driven companies that not only aim for financial success but also strive to create positive social and environmental outcomes. A key aspect of their investment strategy is the requirement for at least one underrepresented founder in the core team.
The firm emphasizes scalable tech solutions that address pressing societal challenges, particularly in healthtech, women's health, diversity tech, sustainable fashion, food tech, and education. Unconventional Ventures seeks to empower diverse founding teams and supports business models that deliver measurable impact, ensuring that their investments contribute to a more inclusive and sustainable future.
Unconventional Ventures has backed a diverse range of companies, focusing on those founded by underrepresented individuals. Notable portfolio companies include:
These companies exemplify Unconventional Ventures' commitment to investing in diverse teams and addressing significant societal challenges.
Nora Bavey — General Partner. Nora has a background in venture capital and impact investing, focusing on supporting diverse founders. She has been instrumental in shaping the firm's investment strategy.
Thea Messel — Co-founder & General Partner. Thea brings extensive experience in early-stage investing and has a strong commitment to promoting diversity in the startup ecosystem.
Jairo Lopez — Senior Research Analyst. Jairo specializes in market analysis and supports the firm in identifying promising investment opportunities.
Alexis Horowitz-Burdick — External Advisor and Former Managing Director of LEGO Ventures. Alexis provides strategic insights and guidance based on her extensive experience in the venture capital space.
To pitch Unconventional Ventures, founders should use the online application form available at this link. The pitch deck should include details about the founding team, the business model, and the social or environmental impact of the startup. Founders can expect a response within a few weeks, and warm introductions are encouraged but not mandatory.
In September 2023, Unconventional Ventures announced the first close of its second fund, targeting €80M, with €52M raised to date. This fund aims to continue supporting underrepresented founders across Europe.
In July 2022, the firm successfully closed its first fund at approximately $32M, which has already backed over 8 underrepresented Nordic founders. This milestone highlights the firm's commitment to diversity and impact investing.
Unconventional Ventures has been recognized in the ImpactAssets 50 list, showcasing its dedication to impact investing and its unique approach to supporting diverse teams.
What are Unconventional Ventures' investment criteria?
Unconventional Ventures focuses on pre-seed and seed stage companies with at least one underrepresented founder in the core team. They prioritize technology-driven businesses that deliver measurable social and environmental impact.
How can I pitch to Unconventional Ventures?
Founders can submit their pitch through the online application form available at this link. The firm encourages detailed presentations that highlight the impact potential of the business.
What makes Unconventional Ventures different from other VC firms?
This firm is dedicated to addressing the funding gap for underrepresented founders, with a strong emphasis on diversity and impact investing. Approximately 75% of their portfolio companies are founded by all-female teams, showcasing their commitment to inclusivity.
What is the geographic focus of Unconventional Ventures?
Unconventional Ventures primarily invests in the Nordic region but is expanding its reach across Europe with its second fund.
What kind of support do portfolio companies receive?
In addition to capital, Unconventional Ventures provides strategic support, leveraging its network and expertise to help founders navigate challenges in building impactful businesses.
What is the fund size and check size range?
The firm has an €88M fund size and typically invests between $1M and $5M in each company.
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