Vende Ventures

What they fund

• Ticket Size: The firm targets investments between €0.1M and €3M per company [1].
• Stage Focus: While primarily a seed investor, they actively support portfolio companies through to Series A, as demonstrated by their backing of Agileday's €6.4M Series A [1].
• Sector Specificity: They exclusively fund B2B SaaS companies where artificial intelligence is the foundational technology, not just an add-on feature [1].
• Regional Constraint: Investments are strictly limited to founders and teams based in the Nordics and Baltics regions [1].

Credibility: The homepage clearly states the €0.1–3M ticket size and the AI-native B2B software focus [1].

Investment thesis

Vendep Capital is a B2B SaaS-focused venture capital firm that exclusively backs AI-native software founders across the Nordics and Baltics [1]. The firm operates on a concentrated support model, intentionally investing in a small number of teams annually to provide undivided attention, meaningful follow-on capital, and hands-on operator expertise [1]. By focusing on this specific region and technology stack, Vendep leverages the area's strong technical talent pool and emerging tech ecosystem to build high-conviction portfolios [1]. The firm prioritizes staying close to founders, offering a community of sharp peers and direct partner involvement to help navigate scaling challenges [1].

Credibility: The firm's homepage explicitly outlines its focus on AI-native B2B software, its concentrated model, and its regional expertise in the Nordics and Baltics [1].

Value add

Vendep Capital provides meaningful follow-on capital, leveraging firsthand founder and operator experience to help companies scale [1]. They maintain a 100% follow-on rate in the next externally led round and have facilitated 78% of their portfolio's Series A rounds through direct introductions [1]. The firm fosters a tight-knit community of sharp founders and stays close to its investments to help navigate tough scaling decisions [1].

Fit verdict: Ideal for AI-native B2B SaaS founders in the Nordics/Baltics seeking a highly involved, operator-led partner with a strong track record of follow-on funding and A-round introductions.

Founder diligence script:

• How does the concentrated model impact your availability for portfolio companies that hit critical inflection points simultaneously?
• Can you share specific examples of how your operator experience directly influenced a portfolio company's product roadmap or go-to-market strategy?
• What is your typical timeline and process for leading a follow-on round or making introductions for a Series A?
• How do you measure success beyond financial returns, given your focus on staying close and providing undivided attention?
• What specific challenges have you helped founders navigate during the transition from seed to Series A?

Portfolio focus

• Bookboost: A data backbone for modern hospitality, evolving from a digital nomad's webshops into a system of action for the industry [1].
• Happeo: A fast-growing intranet platform that scaled from a cloud consulting spin-off to a Series B company [1].
• Agileday: A professional services performance tool that recently secured a €6.4M Series A round [1].
• Complir: An AI infrastructure platform for global retail compliance that was accepted into the Y Combinator Spring 2026 batch [1].

Credibility: These companies are explicitly featured in the 'Stories worth telling' and 'Portfolio updates' sections of the firm's website [1].

Notable investments & exits

The firm focuses on backing teams through to Series A and beyond, as indicated by their 100% follow-on rate and active introduction network [1]. Credibility: The absence of exit information is noted, while the firm's focus on long-term portfolio support is inferred from their stated metrics [1].

Strategic implications

Vendep's concentrated model and high follow-on rate create a significant competitive moat in the Nordic/Baltic AI-native B2B SaaS space. By focusing on a small number of teams, they can provide unparalleled support and increase the likelihood of successful exits. The firm's strong track record of facilitating Series A rounds (78% via intros) positions them as a critical gateway for portfolio companies seeking growth capital. A key risk lies in their regional focus; if the Nordic/Baltic ecosystem fails to produce a critical mass of AI-native B2B SaaS unicorns, their concentrated model could limit their overall fund returns. The signal that would change the read is if Vendep expands its geographic focus or investment stage beyond seed/Series A, which would dilute their concentrated support model and potentially reduce their competitive edge.

Where they could go further

Vendep should consider establishing a dedicated fund for Series A investments to further solidify their role as a growth-stage partner for their portfolio companies. Expanding their network of co-investors beyond Newion and Specialist VC would provide more flexibility and options for portfolio companies during fundraising rounds. Creating a more structured mentorship program leveraging their operator experience could further enhance the value proposition for early-stage founders. Developing a clear exit strategy framework for portfolio companies would help align expectations and maximize returns for both the firm and its founders.