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VEQ is a venture capital firm founded in 2021 and based in Stockholm, Sweden. The firm was established as a spin-off from VNTRS, a Swedish venture studio and digital agency. VEQ focuses on investing in early-stage software companies in the Nordic region, particularly those that are beginning to acquire customers and demonstrate a willingness to pay for their products. The firm has a strong emphasis on the founding team, seeking qualities such as grit, intelligence, and moral integrity.
Currently, VEQ manages a fund size of approximately $21 million, with plans to invest in around 12 startups over a few years. The firm operates with a unique studio-plus-fund model, providing portfolio companies with access to VNTRS's in-house developers, designers, and growth hackers. This operational support is designed to enhance the growth and scalability of the companies in which VEQ invests.
VEQ's investment strategy is focused on the Nordic region, with an eye towards expansion into the Baltics. The firm is actively deploying capital from its second fund, which closed in 2025 at SEK 200 million (approximately $21 million). This active status positions VEQ as a significant player in the early-stage venture capital landscape.
VEQ invests primarily in early-stage software companies that are in their early commercial phases. The firm targets businesses that are beginning to acquire customers and show a willingness to pay for their products. This focus on early commercial viability is complemented by VEQ's commitment to supporting internationally scalable businesses.
The firm emphasizes the importance of the founding team, looking for traits such as grit, intelligence, and moral integrity. VEQ provides hands-on support in various critical areas, including product development, growth strategies, finance, legal matters, and talent acquisition. This comprehensive support structure is designed to help portfolio companies navigate the challenges of early-stage growth.
VEQ's investment strategy is geographically focused on the Nordic region, with aspirations for expansion into the Baltics. The firm is particularly interested in software companies that offer innovative, digital, and scalable business ideas. This targeted approach allows VEQ to leverage its operational resources effectively, ensuring that portfolio companies receive the necessary support to thrive in competitive markets.
VEQ has made notable investments in a variety of early-stage software companies. The current portfolio includes:
These companies exemplify VEQ's commitment to supporting innovative software solutions that address real-world challenges. The firm aims to expand its portfolio further as it continues to deploy capital from its second fund.
Viktor Gällström: Co-founder and Managing Partner at VEQ. Viktor has a background in venture capital and has led multiple successful investments in the software sector. He has a strong focus on supporting early-stage companies and has been instrumental in establishing VEQ's operational model.
Maria Bergsten: Partner at VEQ. Maria brings extensive experience in product development and growth strategies. She has a proven track record of working with startups in the Nordic region and is dedicated to helping portfolio companies scale effectively.
To pitch to VEQ, founders should visit their website at veq.vc. It is essential to include a clear and concise pitch deck that outlines the business model, market opportunity, and details about the founding team. VEQ prefers pitches that demonstrate a strong understanding of the target market and customer needs.
Response times may vary, but founders can expect to hear back from the firm after submitting their pitch. Warm introductions are beneficial but not strictly necessary. Founders should ensure that their pitch is well-prepared and aligns with VEQ's investment criteria to increase their chances of success.
In 2025, VEQ closed its second fund at SEK 200 million (approximately $21 million), marking a significant milestone for the firm as it continues to deploy capital into early-stage software companies in the Nordic region.
VEQ has made notable investments in companies such as **Nrlyze**, a property energy optimization company, and **Virtual Days**, a virtual event company, showcasing its commitment to supporting innovative software solutions.
What are VEQ's investment criteria?
VEQ invests in early-stage software companies that are beginning to acquire customers and demonstrate a willingness to pay for their products. The firm looks for founding teams with grit, intelligence, and moral integrity.
How can startups apply or pitch to VEQ?
Startups can pitch to VEQ through their website at veq.vc. It is recommended to include a clear business model, market opportunity, and details about the founding team in the pitch deck.
What makes VEQ different from other venture capital firms?
VEQ operates a unique studio-plus-fund model, providing portfolio companies with access to VNTRS's in-house developers, designers, and growth hackers. This operational support is designed to enhance the growth and scalability of their investments.
What is VEQ's geographic scope?
VEQ focuses exclusively on the Nordic region for its investments, with aspirations for expansion into the Baltics. This regional focus allows the firm to leverage local market knowledge and resources effectively.
What is the typical fund size and check size for VEQ?
VEQ's current fund size is approximately $21 million, with initial investment amounts typically ranging from €300,000 to €1 million per startup.
What kind of post-investment involvement does VEQ have?
VEQ provides hands-on support in various areas, including product development, growth strategies, finance, legal matters, and talent acquisition, ensuring that portfolio companies have the resources they need to succeed.
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