October 17, 2023
Ventech, the French born Pan-European venture capital firm known for its early investments in successful startups like Vestiaire Collective and Believe, has announced today its increased investment focus on the Nordics and notably on Sweden with the establishment of a new Stockholm office. This move solidifies Ventech's commitment to the vibrant Swedish startup ecosystem and signifies its dedication to supporting early-stage startups in the region.
The newly opened Stockholm office will keep a continuing aligned investment strategy as Ventech's existing geographies and concentrate on investments in promising startups within the sectors of B2B SaaS, Vertical AI, digital health, impact, and deeptech. Since Ventech's implementation in the Nordics, Ventech recognizes the significant potential of these industries and aims to work closely with innovative Swedish entrepreneurs to nurture their growth and help them reach global success.
With the Nordic countries already occupying more than twenty percent of Ventech's current portfolio, the firm has been actively investing in Sweden and has had previous successful investments in notable Nordic startups such as Veo Technology, the leading Danish sportech company, Mindler, the pioneering Swedish digital health firm, and Treon, the Finnish IoT scaleup. Ventech has also experienced successful exits in the Swedish fintech sector through its investments in Capcito, which was acquired by Fortnox in 2021, and the German fintech company FinTecSystems, which was acquired by Tink in the same year.
Supporting its further expansion into the Nordic region, Ventech has chosen to establish its Stockholm office at Epicenter. To lead this new outpost, the firm has welcomed Joel Uddén as Principal. Joel brings a wealth of entrepreneurial experience to the table, having founded and managed successful companies like SafeSend, acquired by J2 Global, Inc (NASDAQ: JCOM), and FuildSurveys Sweden, acquired by a private investor. Additionally, Joel has a strong background as an investor, having worked at the Norwegian Sovereign Wealth Fund, Handelsbanken Ventures, and Subvenio Invest.
“With its multicultural team, Ventech has gained extensive experience from its 25 years of history in assisting companies in every step of their international expansion, a crucial aspect for the growth of Swedish startups," said Joel Uddén. "I am excited to bring this expertise to Swedish companies seeking to expand their geographical presence. With Ventech's focus on pan-European early-stage tech investments, we are committed to supporting and empowering the most ambitious teams to succeed."
Ventech has beenat the forefront of French venture capital firms in the Nordics, having established its Helsinki office in 2016 with the leadership of Tero Mennander, an ex-Nokia,investor, and serial entrepreneur.
“Being a part of the French VC landscape in the Nordics provides first-hand insight into how Nordic companies think internationally from their earliest stages, which grants them a significant advantage over startups from larger countries who tend to focus on their local markets," said Tero Mennander, Partner at Ventech based in Helsinki. "We are thrilled to strengthen our local roots with the opening of our new Stockholm office and are enthusiastic about Joel joining our team to accelerate our presence among Swedish entrepreneurs. It's at core ofVentech's belief that having a local presence with a local team is paramount for both the investment and the long-term value creation for our entrepreneurs."
Ventech's new Stockholm office represents an important milestone in the firm's strategic expansion plan and underscores its commitment to supporting innovation and entrepreneurship in the Swedish startup ecosystem.
About Joel UDDÈN
Joel Uddén is Principal at Ventech and joined the company in 2023. He invests in the Nordic region based out of Stockholm.
Joel has experience both as an investor and entrepreneur. His track record includes: 1) Founder and CEO of SafeSend, acquired by J2 Global, Inc. (NASDAQ:JCOM), 2) Founder and CEO of reseller FuildSurveys Sweden, acquired by a private investor group, and 3) Investor at the Norwegian oil fund, one of the world's largest asset managers.
Joel has a strong understanding of technology businesses, especially SaaS; both as an investor evaluating hundreds of investment opportunities and as a CEO. He can add value to a broad range of topics such as international expansion, sales, marketing, positioning, and financials. Joel has also seen the power of inbound marketing work in practice as both his previous companies used SEO and content marketing as the primary channel to acquire customers.
Joel has a background in technology and started his career as a software engineer. He holds a M.Sc. in Electrical Engineering from the Royal Institute of Technology, a B.Sc. (Cum Laude) in Electrical Engineering from Delft University of Technology, and a M.Sc. in General Management from the Stockholm School of Economics.
Ventech is a global early-stage venture capital firm with a strong digital focus. Founded in 1998, Ventech backs the most innovative and visionary tech entrepreneurs with a global ambition. With its dual structure platform, Ventech has dedicated funds for Europe (Paris, Munich, Berlin, Helsinki and Stockholm) and Asia (Shanghai and Hong Kong). Since its inception, Ventech has raised nearly 1B€, and has realized over 200 investments, (including Vestiaire Collective, Ogury, The Customization Group, ex-Picanova, Veo, Prewave, Reveal, Speexx) and over 90 exits (Believe (BLV.PA) – listed on Euronext; Arteris (AIP) listed on Nasdaq; FintecSystems; Withings; 4 Stop, etc.).