Europe’s founders possess abundant talent, yet many struggle to secure early investor support. “Europe is not short on talent; it’s short on conviction capital. That’s the gap we’re here to fill,” explains Bastian Larsen, Founder and CEO of BlackWood Ventures, a network- and technology-driven early-stage venture fund.
Designed as a truly pan-European fund, BlackWood unites over 1,000 angel investors, leverages a unique data-driven sourcing engine, and is backed by sector experts. The fund systematically evaluates hundreds of investment opportunities monthly, spotlighting the continent’s leading founders and innovations.
Today, BlackWood Ventures announced the final closing of its inaugural $25 million fund, targeting the upcoming fintech, cleantech, and Web3 innovations in Europe. Based in Copenhagen with team members throughout Europe, BlackWood efficiently and swiftly deploys capital, having already backed 19 startups across nine countries since its first close in April 2023.
This approach is already yielding promising results, with more than 30% of BlackWood’s portfolio companies experiencing significant valuation growth, reflecting early success and strong support from later-stage investors and leading co-investors.
A pan-European vision backed by experience
Larsen’s mission for BlackWood is clear: provide disciplined, hands-on, and conviction-driven capital to innovative European founders. “We built BlackWood to be truly European in scope and disciplined in approach, reviewing hundreds of opportunities each month and backing founders whose ambition and focus stand out,” he says. With a distributed team operating across the continent, BlackWood offers a unique blend of deep local insight and global ambition.
Portfolio company founders affirm the value of this approach. “BlackWood backed us early last year and has been fantastic to work with. They invest with conviction, and it’s refreshing how fast and efficient they were throughout,” says Matthew Ford, CEO of Sidekick, a UK-based digital wealth management platform that recently surpassed £100 million in assets under management. “Their fintech-experienced team has been hands-on at every turn, helping with fundraising, sales, and general support. It’s been a great partnership.”
BlackWood’s competitive edge: Data, network, and selectivity
BlackWood’s model combines a vast network with advanced technology. Its proprietary sourcing platform and extensive angel syndicate enable rapid, systematic screening, uncovering startups that might be overlooked due to geography or sector focus. The firm’s frequent co-investments with top-tier VCs such as LocalGlobe, Y Combinator, Seedcamp, Northzone, Octopus Ventures, Firstminute Capital, RTP Global, Giant Ventures, and Norrsken demonstrate its selectivity and high-quality deal flow.
The 19 portfolio investments include beSirius, a Dutch B2B SaaS innovating for the mining and metals sector and used by ArcelorMittal, which recently raised an up-round led by NAP. Also in the portfolio is London’s IVM Markets, a fintech SaaS company founded by former Deutsche Bank executives, which is transforming the distribution of structured products for financial institutions.
BlackWood has also invested in Sidekick, the UK wealth manager; Yonder, a London-based rewards card company valued at over £100 million and part of Tech Nation’s 2025 Future Fifty; and Germany’s Particula, which offers an AI-driven risk intelligence platform to accelerate institutional adoption of tokenised finance in both DeFi and TradFi.
Steffen Saltofte, Limited Partner and Board Member at BlackWood (and CEO of Zentiva), highlights the team’s impact: “I continue to be impressed by the clarity of the strategy and intensity of execution this team has demonstrated. BlackWood has built a strong European footprint, moves quickly, and backs companies that Nordic VCs overlook due to geographic constraints. This ambition and focused execution are exactly what we aimed for with Fund I, and I’m excited to see it continue.”
What’s next for BlackWood Ventures?
With its debut fund almost fully allocated and targeting about 30 portfolio companies, BlackWood Ventures is building a reputation for being both selective and deeply involved. The firm stands out among European venture capitalists through its focus on early conviction and strong partnerships, supported by data, technology, and community engagement.
As portfolio valuations rise and leading co-investors provide early validation, BlackWood’s founders and supporters are confident that its approach will shape the future of European tech companies in sectors poised for global success.
