The European Investment Fund (EIF) has committed €20 million to the Swedish venture capital firm BackingMinds. This investment makes the EIF the first institutional investor in the fund, which is supported by the EU’s InvestEU programme. The capital will be used to finance early-stage companies, primarily in Sweden and the Nordic region, focusing on founders often overlooked by traditional venture capital networks.
BackingMinds was founded in 2016 by Sara Wimmercranz and Susanne Najafi. The firm has previously invested in 23 companies through two earlier funds. Statistics show that 46% of these companies had at least one female founder, 43% had founders with immigrant backgrounds, and 71% were established outside of capital cities. The new fund aims to continue this strategy by targeting businesses that address social and environmental challenges.
The EIF commitment to BackingMinds is part of a broader trend of institutional support for European venture funds in 2026. Other recent closings include Norrsken Evolve with €62 million, Turbine Capital with €54 million, and Auxxo’s Female Catalyst Fund II with €33.3 million. Additionally, Climentum Capital secured €60 million, and Ananda Impact Ventures raised €73 million. These funds represent a total of approximately €282.3 million in capital.
