When Incore Invest announced the successful completion of its €40 million second startup fund, it sent ripples through Europe's entrepreneurial scene. As a startup founder myself, I see this not just as a significant financial accomplishment but a win for SaaS and fintech innovation. Incore Invest is zeroing in on scalable European companies with high growth prospects, particularly in the Nordic region.
The Fund’s Game Plan
Incore Invest II is designed for startups that are already proving their potential. With a committed capital of €40 million, the fund is geared toward SaaS, embedded finance, and fintech , sectors that remain ripe for disruption in Europe. During this round, €15 million was added as the second close, marking its readiness to support early-to-mid-stage startups.
What impresses me is their focus on embedded finance. This niche allows businesses to integrate financial services within their offerings, turning standard operations into revenue drivers. One example from the Incore Invest II portfolio is Froda, a platform simplifying debt financing for SMEs (small-to-medium enterprises) across the Nordics. Their €20 million infusion from the startup fund underscores Incore Invest’s bullish stance.
Why This Matters in Europe's Tech Scene
From my vantage point, the European venture ecosystem has often lagged behind Silicon Valley, particularly in areas like fintech innovations and ecosystem collaboration. But it's initiatives like these that ignite momentum. Seed and growth capital, especially in targeted niches like embedded services, build scalable models that minimize investment risk while maximizing long-term returns.
The Nordic regions are key here , Stockholm, Helsinki, Oslo, and Copenhagen are strongholds of innovation replete with advanced tech platforms but untapped commercial opportunity. SaaS and embedded fintech especially promise businesses high scalability without proportional increases in operational costs. Investors like Incore Invest can reap outsized returns if executed wisely.
Step-by-step: How Your Startup Can Align With Funds Like This
If you're building a high-potential startup and are eyeing funds like Incore’s, here’s my straightforward advice:
1. Know What Investors Want
Incore Invest isn’t looking for ideas on slide decks; they need operational proof. Metrics like user growth, a working business model, or first traction in niche markets are essential. Think along the lines of customer acquisition cost (CAC) versus lifetime value (LTV).
2. Build the Right Network
Funds like these prioritize connections. Even if you're not based in Stockholm, showing you're engaged in Nordic/European markets, with local team members or advisors, can be a big green flag.
3. Stay Transparent
Be open about both opportunities and risks. For example, if your SaaS billing model might face scaling issues under heavy demand, state that and address countermeasures.
4. Build with Scalability in Mind
Think revenue-first architecture in everything. Whether it’s automated onboarding to minimize hiring costs or modular components for B2B SaaS, aim to show that growth doesn’t eat profits.
5. Open the Door to Global Potential
If you’re pitching to hubs like Stockholm, showcase how your tech or service can appeal beyond borders. European SaaS founders must increasingly compete on a global playing field.
Avoid These Common Missteps
- Over-Pitching on Ideas Without Execution: Saying “we plan to change the way SaaS platforms work” won’t cut it. Show exactly how you’re currently solving visible problems.
- Assuming Local Interest Equals Funding: Nordic innovation is strong, but if your tech lacks global appeal, funds like this might overlook you.
- Skipping Team Building: Funds keenly assess team capability. They want gritty execution, which solo founders or underpowered teams struggle to demonstrate.
Data-Driven Encouragement for Founders
Recent surveys from platforms like SeedBlink show a sharp rise in European VC interest in embedded fintech and SaaS technologies. Over 60% of new funds launched in 2025 are headed toward these domains. For startups looking to crack these spaces, the iron’s hot , but execution must be as polished as the pitch.
Similarly, the €40 million pooled now by Incore Invest II reflects LPs (Limited Partners), i.e., investors behind the fund, driving concentrated capital into fewer but strong sectors. Understanding investor psychology is key: They're eschewing wide-range gambles for highly targeted tech bets.
My Conclusion on Next Steps
What should excite founders about Incore Invest II’s closure isn’t just the €40 million , it’s what that money signals. Europe is no longer just dabbling in the tech spotlight; it’s making smarter, geographically strategic moves to lead in embedded finance innovation. Startups now must deliver substance, scalability, and social proof to capital like this.
If you’re founding, consider Nordic B2B buyers as a solid testbed. They’re hyper tech-savvy, open to innovative projects, and early adopters of SaaS platforms and fintech.
By doubling down on clarity, execution, and measurable growth, founders today can both gain , and justify , access to these once-elusive capital rounds. Let’s prove how Europe’s tech can not only catch up but step ahead.
Want to dig deeper into investment trends like this? You can explore insights directly through the Incore Invest blog or other reliable Nordic VC updates online. Trust me, that knowledge loop is worth it.
FAQ
1. What is Incore Invest II and how much capital does it manage?
Incore Invest II is the second startup fund by Stockholm-based investment firm Incore Invest, managing €40 million in committed capital. Read about Incore Invest II
2. What sectors does Incore Invest II focus on?
The fund primarily targets SaaS, embedded finance, and fintech companies with high growth potential in Europe. Learn more about its focus areas
3. Which companies has Incore Invest II supported so far?
One notable company is Froda, a Swedish fintech startup, which received a €20 million Series B round to enhance its embedded finance services for SMEs. Discover Froda’s funding
4. Why is the Nordic region important for Incore Invest II?
The Nordic region, including Stockholm, Helsinki, Oslo, and Copenhagen, is recognized for its innovative tech ecosystem and offers untapped commercial opportunities.
5. How does Incore Invest II differentiate itself in embedded finance?
Incore Invest II emphasizes integrated financial services, turning operations into revenue enablers, exemplified by companies like Froda.
6. How much was raised during Incore Invest II’s second closing?
The fund’s second closing added €15 million, raising the total to €40 million. Read about the second closing
7. What’s the significance of Incore Invest's approach for European venture capital?
It signals a strategic shift towards targeted investments in high-growth sectors, fostering innovation in underrepresented European niches.
8. What advice is shared for startups looking to align with funds like Incore Invest II?
Startups need operational proof of concept, scalability, a strong team, and global potential to appeal to such funds. Explore startup alignment tips
9. What challenges can startups avoid when seeking funding from Incore Invest?
Mistakes include over-pitching ideas without execution, assuming local interest guarantees funding, and neglecting team strength.
10. What does Incore Invest II's activity mean for the future of European tech?
It reflects growing investor confidence and a resurgence in funding opportunities in scalable tech sectors, positioning Europe as a key player in SaaS and fintech innovations.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
