byFounders is a Copenhagen and Stockholm-based community-powered early-stage venture capital firm founded in 2017 by Eric Lagier and Tommy Andersen. The firm invests in globally ambitious, impact-aware technology founders with connections to the Nordic and Baltic countries, combining institutional capital with the byFounders Collective, a curated group of 40+ of the most accomplished Nordic and Baltic founders and operators who actively share knowledge and experience to support portfolio companies. Fund III, closed at $148 million, is byFounders' largest fund to date.
byFounders is sector-agnostic with concentrated interest in AI, deep tech, climate tech, fintech, health tech, and developer tooling. The firm backs founders building companies on the frontier of technology, with an explicit emphasis on impact-aware investing, supporting startups whose products and operations contribute positively to social or environmental outcomes. byFounders typically acts as first investor and backs founders at pre-seed and seed, with selective Series A participation and follow-on reserves for the most promising companies. The 8T Framework is the firm's proprietary investment evaluation methodology.
Fund III closed at over $148 million, oversubscribed, announced in 2026. The fund continues relationships with long-standing institutional investors and returning LPs from prior funds, and has added new LPs from outside the Nordic and Baltic region for the first time. Confirmed investors include Novo Holdings, EIFO (Denmark's state investment fund), Chr. Augustinus Fabrikker, and Dansk Vækstkapital IV (committed approximately $11 million), alongside returning LPs and new international investors.
Fund II closed at approximately $85 million. Fund I launched in 2017 at $114 million, anchored by the Danish Growth Fund, with Isomer Capital, Draper Esprit, Digital Garage, and Danske Bank as institutional co-investors.
Leadership
Eric Lagier is Founding Partner. He has over 20 years of operational experience across Silicon Valley and Scandinavia, was part of the early teams at Skype and Tradeshift, and co-founded Memolane, acquired by HP.
Tommy Andersen is Founding Partner. Before byFounders, he co-founded and exited three companies including Libratone and Embedit, built an angel investment portfolio through Nordic Makers, and co-founded the Industry Association for Tech Startups in Denmark.
Martin Krag is Partner, with a background spanning VC, bootstrapped startups in Denmark, Seoul, and Beijing, and professional online poker. Magnus Hambleton is Partner based in Stockholm, with a background in deep learning at Natural Cycles and BCG.
Sara Rywe is Partner leading the Stockholm office, with prior experience at McKinsey, Danske Bank, and venture-backed startups in New York and Singapore; she is a Kauffman Fellow and holds an MBA from INSEAD and Wharton. Casper Bjarnason, Deina Kellezi, Johan Jessen, Nathaniel Stummann, Peik Berg, and Ugne Musneckyte are Investors.
byFounders Collective
The Collective comprises 40+ Nordic and Baltic founders and operators, including Niklas Zennström (Skype), who hold community membership and actively advise and support portfolio companies. New Collective members are expected to be announced alongside Fund III.
Investment Strategy
byFounders invests at pre-seed and seed, typically as the first investor, and participates in selective Series A rounds. The firm provides founder-friendly terms, runs the byFounders Basecamp (a two-day intensive for portfolio founders), and hosts the annual byFounders Summit. The Collective functions as the firm's most differentiated value-add, connecting portfolio founders with operational expertise, networks, and global relationships, particularly for Nordic-to-global expansion.
Notable Investments
Eric Lagier — Founding Partner
eric@byfounders.vc
Martin Krag — Partner
martin@byfounders.vc
Magnus Hambleton — Partner
Tommy Andersen — Founding Partner
Sara Rywe — Partner
Denmark
