Wave Ventures pairs €10M fund close with equity-free grants for Nordic entrepreneurs

Wave Ventures has closed its third fund at €10 million, a fivefold increase from its previous vehicle, as it looks to expand its early-stage backing of founders across the Nordics and Baltics. Run by a team of investors aged 25 and under, the venture firm plans to invest up to €300,000 per startup in 10–20 angel and pre-seed companies annually, building on a portfolio of more than 50 startups. Alongside the new fund, Wave launched the €240,000 Wave Rebellion Grant Program, which will provide non-dilutive grants and partner credits to ten early-stage founders, aiming to support entrepreneurs before they reach traditional accelerator or venture capital pipelines. Founded in 2016, Wave Ventures is one of the Nordics’ most active early-stage investors, with 50 investments to date. The firm focuses on angel and pre-seed rounds, often as the first institutional backer of category-defining companies, among them Inven and Tzafon, whose pre-seed was the largest in Swedish history at the time. In 2024, Wave backed three of the five Nordic companies accepted into Y Combinator. “The Nordic startup ecosystem keeps producing world-class companies, and Wave keeps finding the founders behind them before anyone else does. That track record is why I wanted to back this fund,” says Fredrik Hjelm, Co-founder & CEO, Voi. Alongside the fund, Wave is launching the Wave Rebellion Grant, a €240,000 initiative providing grants and partner credits to ten early-stage founders across the Nordics. Credits are provided by program partners AWS, Anthropic, Lovable, Modal, and Verda. The grant is designed for builders who are already in motion, whether pre-idea, pre-funding, or just getting started. Recipients receive support with no equity requirements or obligations attached. “Some of the most exceptional founders don’t fit neatly into existing startup programs, accelerators, or university tracks. Venture capital often relies on pattern matching, but the best founders rarely look obvious before their breakouts. The Rebellion Grant is our way of supporting them earlier,” states Johannes Korpela, CEO, Wave Ventures. Wave Ventures has had a significant impact on the European startup ecosystem through its people. Alumni of its rotation-based investment team have gone on to found companies and startup communities across Europe, most recently Founders House, now a hub for the most ambitious builders in Helsinki and Stockholm. Four alumni: Pauliina Martikainen-Rahnu Maki.vc), Erik Kymäläinen Bought, Elis Hodzic Scape and Antonia Eneh Elva, have been named to the Forbes 30 Under 30 list. Click here to read more VC news.