The Nordic Web Ventures is a Copenhagen-based early-stage venture capital firm founded and led by Neil Murray. The firm operates as a solo GP fund with a sharp focus on identifying top-tier founders at the very beginning of their journeys. Built after years of ecosystem research and founder-first investing, The Nordic Web Ventures is designed to stay small, move fast, and write the first institutional checks into some of the most promising startups emerging from the Nordic region.
The firm invests in early-stage technology companies across the Nordics, with a clear emphasis on AI-native startups, robotics, and deeptech. It also selectively backs consumer-focused companies where Nordic founders have historically shown strong product and design leadership.
The Nordic Web Ventures prioritizes technical depth, engineering-driven cultures, and companies benefiting from the region’s strength in computer science, manufacturing, and applied research.
The Nordic Web Ventures recently closed its third fund, Fund III, at $6 million. While the fund attracted more than $20 million in investor interest, it was intentionally capped to preserve alignment and maintain a high signal-to-noise ratio. Fund III is structured to write first institutional checks of approximately $200,000, with a target of backing 30 to 35 companies.
The fund continues Murray’s strategy of prioritizing founder quality over ownership optimization, aiming to support Tier 1 founders at the earliest possible stage. Limited partners include institutional investors such as Allocator One, Pacenotes, and Christoph Janz, alongside founders from Kahoot and Pleo and operators from Meta and Google. Fund III builds on strong early liquidity, with more than half of the capital from Funds I and II already returned, reinforcing the firm’s disciplined and performance-driven approach.
Leadership
The Nordic Web Ventures is led solely by Neil Murray, founder and general partner. Murray moved from the UK to Denmark in 2013 and previously founded The Nordic Web, a well-known platform tracking startup activity and venture investments across the region. His background in digital products and deep ecosystem mapping informs a highly informed, founder-centric investment style.
Investment Strategy
The firm operates as a high-conviction, low-AUM vehicle designed to move quickly and lead early conversations with founders. By staying small, The Nordic Web Ventures avoids management-fee-driven incentives and instead aligns success directly with portfolio outcomes. Murray focuses on being the first institutional believer, supporting founders before consensus forms, and leveraging a deep personal network across the Nordic startup ecosystem.
Notable Investments:
The Nordic Web Ventures portfolio includes more than 50 companies, with notable investments such as Lovable, now valued at unicorn status, and SafetyWing, a global insurance platform for remote workers.
The firm has also backed companies across AI, robotics, and consumer technology, reflecting its focus on technically strong, globally minded founders.
Notable Exits
A notable exit from the portfolio includes Uizard, a UI design company that reached acquisition, demonstrating the firm’s ability to identify early product-driven winners and support them through meaningful liquidity events.
Other
The Nordic Web Ventures is intentionally selective and deeply relationship-driven. The firm is best suited for founders seeking a first institutional partner who understands the Nordic ecosystem at a granular level and values speed, trust, and long-term alignment over fund size.
Neil Murray is known for moving decisively and maintaining close ties with founders well beyond the initial check.
Denmark
