Swedish VC Incore Invest completes €15 million second closing, bringing Invest II to €40 million

Stockholm-based investment firm, Incore Invest, has raised €15 million in a second closing of its Incore Invest II, bringing total committed capital to €40 million in order to support the growth of high-potential SaaS and FinTech companies across Europe.

This comes mere months after raising €25 million for the launch of Invest II. Their typical entry point is at the Series A stage, supporting companies with proven business models, solid revenue streams, and clear paths to profitability.

Nicolai Chamizo, CEO and Founder of Incore Invest commented, “Incore Invest’s strategy has always been to back proven tech companies with strong growth potential. Investors’ continued confidence in Incore Invest is very encouraging and with this second close, the round is fully equipped with capital to back the most promising European technology companies. It allows us to continue identifying and supporting the next generation of category defining technology companies shaping the future of the industry.”

In 2025 several European venture-capital firms have launched or closed new funds aimed at growth-stage or early-stage technology companies – illustrating that the market for pooled investment vehicles remains active and diverse.

For instance, Backed VC closed its third fund (Backed 3) at €86 million, reinforcing its long-standing focus on frontier technology and DeepTech ventures. Meanwhile Notion Capital unveiled a new growth fund totaling €114 million, with the expressed aim of backing AI-driven software and FinTech companies across Europe. On the Iberian side, Armilar Venture Partners reported the first closing of its Fund IV at over €120 million, targeting disruptive technologies including DeepTech and digital-transformation ventures across Spain, Portugal and other European markets. And in a different part of the continent, Dutch VC henQ has raised about €67.6 million toward a new fund aiming to support 8–12 B2B-software teams across Europe.

Altogether, these four funds alone represent more than €300 million of fresh committed capital flowing into European tech and software markets in 2025 – and they vary significantly in size, scope and strategy.

This fund-level activity helps situate Incore Invest (with its €40 million Incore Invest II) within a broader and active European VC ecosystem.

Incore Invest lands in the mid-size tier: large enough to meaningfully support Series A/ growth-stage SaaS and FinTech companies, but smaller than the largest pan-European or DeepTech funds. The existence of both large, cross-regional funds (like Notion or Armilar) and more focused or regional funds (like henQ) suggests Incore Invest could find complementary partners or co-investors without necessarily competing directly with all of them.

Moreover, the fact that many of those funds explicitly target software, FinTech, AI, and DeepTech sectors underlines that the strategic focus of Incore Invest – SaaS and FinTech businesses with proven models – remains well aligned with investor demand in 2025.

Founded in 2021 by Nicolai Chamizo and industry experts – Incore Invest was created to back the next generation of high-growth, technology-driven companies.

Their approach blends active ownership with close founder collaboration. According to VC, they bring a mix of scaling expertise, extensive international networks, and transactional experience to help their portfolio companies navigate growth, strategic partnerships, M&A, and IPOs.

Their portfolio currently includes:

• Froda: A Nordic embedded finance platform, which was backed through Incore Invest II.
• Brite: A Swedish payments platform that harnesses the power of open banking and processes instant payments between consumers and online merchants.
• Mynt: A Swedish FinTech startup offering smart company cards that simplifies expense management.
• Kameo: A Scandinavian investment platform that offers investment opportunities and connects more than 65,000 retail and institutional investors with Scandinavian real estate developers and companies.
• Savr: A now exited marketplace for savings with the ambition to create transparency and improved experiences for long-term savers.

In line with the round’s strategy, Incore Invest II plans to further broaden its portfolio and strengthen its engagement with select companies, ensuring hands-on partnerships to drive growth.

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