Fact Sheet: Nordic Investment Terms

July 1, 2025
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Nordic Investment Terms 

Standard terms for companies invested from the Second Nordic Fund include €200k in funding, with €100k for an 8.5% equity stake and €100k on an uncapped SAFE with an MFN clause. The full €200k is wired immediately after a positive investment decision. Additionally, €300k in matching funds is pre-committed for the first funding rounds, totaling €500k in investment. Partners provide weekly 1:1 mentorship, and $4M+ in perks are offered — from infrastructure to AI to fintech — available from the moment backing is confirmed.

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Nordic Residency

Residencies take place in person across Helsinki (Finland), Stockholm (Sweden), Oslo (Norway), and Copenhagen (Denmark), with a focus on building a strong product and gaining real customer traction. The program lasts 8 weeks and includes weekly 1:1 mentorship, product refinement, and peer collaboration. A kick-off program in Stockholm provides a focused start. At the end of the residency, founders are supported in securing funding. Antler acts as a catalyst for early-stage founders. While capable teams can progress independently, working alongside a high-caliber peer group and receiving structured support significantly accelerates product development, customer traction, and fundraising outcomes.

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Notable Investments from the second Nordic Fund

Lovable: AI-powered platform enabling users to create software applications through natural language descriptions. By simply describing an idea in plain English, users can generate production-ready code, facilitating rapid development without requiring prior coding experience.

PerPlant developed an AI-driven camera sensor system designed to optimize sustainable farming practices. Their technology processes high-definition images in real-time to enable automated, precise application of inputs like fertilizers and pesticides, thereby reducing chemical usage by up to 80% and increasing crop yields by up to 10%.

QMill: Developing the foundational layer for quantum computing, QMill is building robust algorithm libraries that harness quantum power at early qubit counts. By making quantum capabilities more accessible, the company aims to unlock new innovations across industries. QMill has raised €4 million in seed funding.

Telgea: SaaS solution that optimizes how businesses manage and provision mobile plans for multi-market workforces and assets. By replacing the need for multiple local agreements and extensive administrative processes companies can have one global agreement and a single point of contact.

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Founder Profile

Antler is ideal for founders looking for first investors. Founders are early-stage, highly ambitious, and ready to move fast — including both established teams and individual founders. Strong fit includes operators, technologists, and serial entrepreneurs aiming to build scalable ventures.

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Founder Acceptance Rate in the Nordics

Antler’s current investment selectivity in the Nordic region stands at 0.6%, with expectations to increase further. To those selected, Antler offers founders access to top-tier peers and stronger co-founder matching opportunities.

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Nordic operations

The Nordic operations are led by nine Partners:

• Kristian Jul Røsjø | Partner, Oslo
  
  • Former Business Developer at Statoil, Diplomat with Norwegian Ministry of Foreign Affairs

• Anna Munthe-Kaas | Associate Partner, Oslo
  
  • Partner Manager of Facebook, Business Development Manager of Rocket Internet SE

• Jussi Kallasvuo | Partner, Helsinki
  
  • Investment professional and serial entrepreneur with two exits

• Antti Törmänen | Partner, Helsinki
  
  • Consultant at McKinsey & Co.; wealth management professional; entrepreneur

• Oscar Westergård | Partner, Stockholm
  
  • Founder of Milvik (BIMA); Head of Middle East & Africa at Spotify

• Livia Moore | Associate Partner, Stockholm
  
  • Marketing Director at Tink; Marketing at TicTail

• Tobias Bengtsdahl | Partner, Stockholm
  
  • Founder & CEO of Memmo.me, Expansion Manager of Wolt, Operations Executive of Budbee

• Michael Wiatr | Partner, Copenhagen
  
  • Consultant at BCG; serial entrepreneur with two exits

• Aja Guldhammar | Partner, Copenhagen
  
  • Country Manager Nordics & Netherlands of Airbnb, Independent Consultant

Stockholm was Antler’s first office outside of Singapore, where the firm was founded in 2019, marking the start of its expansion into the Nordics. This was followed by the opening of offices in Oslo, Copenhagen, and Helsinki.  Since 2019, the Antler Nordics Partner group has collectively made over 200 investments.

Investors into the Norduc Fund include: Formue (Norwegian wealth management firm), Ferd Impact (Impact investment arm of Norwegian family-owned investment company Ferd), SmartCap (Investment arm of the Estonian Business and Innovation Agency), EIFO (Export and Investment Fund of Denmark, a state-owned financial institution), Tesi (Finnish Industry Investment Ltd, a state-owned investment company).