Stockholm’s newest micro fund, Inception Fund, has launched with €21m to back AI-first and B2B software startups at the very earliest stage. The firm is positioning itself for “day-zero” bets across the New Nordics, targeting technically bold founding teams before most institutional investors engage. Its pitch is simple, fast decisions and deep technical support for founders building from inception.
Fund launch and backers
The €21m vehicle is anchored by a roster of prominent Nordic operators and researchers from Silo AI, OpenAI, and DeepMind. Individual backers include Silo AI cofounder Peter Sarlin, King cofounder Sebastian Knutsson, Taavet Hinrikus, Sten Tamkivi, and founders from Lovable, Sana, Legora, Tandem Health, and Aris Machina. Inception Fund’s general partners are Oliver Molander, Caroline Cronstedt, and Erik Linblad, with Sarlin joining as a founding LP and partner while continuing his day-to-day work at Silo AI.
Investment thesis and strategy
Inception Fund is built to operate with the flexibility of an angel syndicate while collaborating closely with tier-one global VCs and leading angel investors. The mandate focuses on inception and pre-seed rounds in AI and B2B software, backing founders who are ready to ship product and iterate quickly. Check sizes and mechanics are designed to move fast, giving technical teams runway and access to seasoned mentors who understand applied AI.
Nordic momentum in AI
The launch comes as Stockholm consolidates its reputation as a magnet for AI founders and senior engineers. Swedish AI-native startups have raised more than €454m across 28 deals so far in 2025, compared with €124m across 16 deals in all of 2024. Investors and founders describe a step-change in ambition among technical entrepreneurs, reflecting a maturing ecosystem and richer local know-how.
Bridging the New Nordics
With a team split between Finland and Sweden, Inception Fund aims to tighten cross-border ties across Sweden, Finland, and the Baltics. The partners point to early European unicorns like Skype and MySQL as precedents for cross-national founding teams, and they want to see more companies built that way again. The conviction is that Stockholm can serve as the epicenter for application-layer AI while the broader region supplies deep pools of technical talent.
Competing at day zero
Competition for the earliest deals is intensifying as top US funds occasionally move into what used to be angel territory. Inception Fund views those firms as collaborators rather than rivals and intends to co-invest and share deal flow on day-zero opportunities. The partners argue that the stronger the local ecosystem becomes, the more attractive Nordic startups will be, which raises the bar for local investors to act decisively.
Portfolio and pipeline
The fund has already made more than ten investments, signaling an aggressive start to deployment. Portfolio companies include Tzafon, Vesence, Marly AI, Vantel, Scape, and Ethira, with plans to add roughly fifty more from the fund. The team stresses a willingness to invest even earlier than traditional pre-seed, including before formal company formation when conviction is high.
Founder perspective
Molander, an early backer of Lovable and Tandem Health, says a new wave of technically strong founders is building without hesitation. He frames this confidence as evidence that the region’s support structures, operator networks, and capital base have finally caught up with its engineering depth. That mix, he believes, reduces the need to relocate for capital and makes it feasible to build global AI products from the New Nordics.
Ecosystem impact
If Inception Fund succeeds, it could help close the historical gap between Nordic technical excellence and the supply of hyper-early capital. The model relies on rapid underwriting, hands-on guidance, and bridges to global investors who can scale the most promising teams. It also stakes a claim that Europe’s next wave of AI application leaders can emerge from Stockholm and its neighboring hubs.
Inception Fund’s €21m debut is a bet on speed, technical rigor, and regional connectivity at the earliest stage of AI company building. The backer bench and cross-border posture give the firm a credible shot at winning coveted New Nordic deals while partnering with global funds. With its first cohort in place and dozens more investments planned, the fund is set to test whether day-zero capital can turn Nordic AI ambition into enduring global companies.