Swedish investment firm Incore Invest recently concluded the second closing of its Incore Invest II fund, adding €15 million and bringing the fund’s total committed capital to €40 million. This development isn’t just about numbers; it represents a strategic evolution in the European venture capital (VC) ecosystem. For entrepreneurs like me, this is a promising signal of increased funding opportunities for high-growth companies, particularly in SaaS and financial technology (FinTech) sectors.
The fund focuses on companies at the Series A stage, where business models are established, and revenue streams are steady, yet scaling requires external support. This isn’t about risky bets, it’s about calculated investments in growth trajectories with undeniable potential. The opportunity lies in what Scandinavian and broader European founders can now leverage with structured capital injections from specialists like Incore Invest.
Structure of the Fund
Incore Invest II launched earlier this year with a €25 million first closing. This second round elevates its total to €40 million, showing strong investor confidence despite current economic pressures globally. CEO and founder Nicolai Chamizo stated that the fund prioritizes companies that demonstrate clear paths toward profitability while actively supporting them with networks, scaling strategies, and potentially navigating exits.
In practical terms, the fund targets young companies operating in areas like Software-as-a-Service (SaaS), embedded finance, and other scalable financial technologies. Entrepreneurs seeking to secure Series A funding in these fields should view Incore Invest’s movement with heightened interest, as their model brings unique value through a hands-on approach typically missing in larger funds.
Wider European Trends in VC
Recent months have seen an influx of investment capital across Europe. For instance, Notion Capital expanded its focus on AI-driven software with a €114 million fund, and HenQ raised €67.6 million to back “unconventional” B2B software teams. Together, these developments aim to fill investment needs unserved by traditional VCs or larger growth funds.
This pool of capital allows for highly targeted strategies. For instance:
- Notion Capital captures macro opportunities in AI-powered innovation.
- HenQ zooms in on overlooked regions and less typical startup models.
Incore’s specific interest in SaaS and FinTech makes them yet another key player to watch. They are gradually building a distinct niche in the mid-tier funding space.
What Founders Should Know
Let’s break this down for European founders. If you’re preparing for a Series A round, here’s why funds like Incore Invest II matter:
- Expertise and Support: Backing goes beyond money; Incore invests time in company strategies, focusing on scaling through their extensive networks and M&A expertise.
- Targeted Funding: With €40 million in the pot, the deployment will likely focus on fewer companies, allowing for proper nurturing of their growth stages.
- Sector Specificity: Their lens on SaaS and embedded FinTech means they understand these industries deeply. If your business is in these sectors, it’s worth engaging directly.
How to Approach Investors Like Incore
Preparing to pitch to sector-specific funds requires precision. Here’s what I’d recommend based on my own experiences of addressing VCs:
- Know Your Numbers: A sustained revenue stream matters more than lofty projections. VCs like Incore seek businesses grounded in data, not dreams.
- Prove Scalability: Show how you’ll multiply existing success without entirely overhauling processes or infrastructure.
- Demonstrate Alignment: If your goals and growth plans naturally align with the fund’s expertise, such as M&A, emphasize it clearly.
- Seek Collaboration, Not Just Cash: Bring examples of how you’ve worked well with mentors or advisors in the past.
Mistakes to Avoid When Approaching Investors
While opportunities abound, missteps in engaging with such funds can derail even promising ventures. Here are common pitfalls to avoid:
- Vague Projections: Over-promising revenue projections or avoiding clear cost models damages credibility.
- Weak Founding Teams: Solo leadership rarely works at high-growth phases. A balanced team is vital.
- Low Market Understanding: Be ready to outline specifics about where your solution fits and who it serves.
- Ignoring Fit Between You and VC: Not all money is the right money. If you’re raising a niche tech solution for SaaS customers, validate that your VC adds more than cash.
For founders still piecing together their approach for a meeting, look at notable names from Incore’s portfolio, Savr or Mynt, for example. Their journey through growth reflects the kind of structure and outcomes Incore supports.
Numbers That Back the Promise
Over €300 million in venture funding across Europe was allocated to new funds like Incore and its competitors in just one quarter of 2025. This trend implies VC availability is alive and well, but securing it will require strategic focus, especially in tech sectors where more companies are vying for an audience.
Final Takeaway
The second closing of Incore Invest II adds momentum to a growing wave of focused tech VC funds in Europe. European entrepreneurs must take note of how this fund aligns with larger macro trends, presenting new forms of tailored scalability. If you want to capitalize on this movement, do your research thoroughly, align your goals with VC vision, and put yourself in their ecosystem, because thoughtful connections often lead to fruitful outcomes.
For more about this milestone from Incore Invest, including their investment criteria, check their official news section.
FAQ
1. What is Incore Invest II, and how much capital has it raised so far?
Incore Invest II is a venture capital fund launched by Swedish-based investment firm Incore Invest. As of its second closing, the fund has raised €40 million to invest in high-potential SaaS and FinTech companies across Europe. Learn more about Incore Invest
2. What types of businesses does Incore Invest II target?
The fund focuses on Series A companies with proven business models, steady revenue streams, and strong growth potential. Its main investment sectors are Software-as-a-Service (SaaS) and financial technology (FinTech). Discover more about their focus
3. Who is the CEO and founder of Incore Invest?
The CEO and founder of Incore Invest is Nicolai Chamizo, who leads the firm’s strategy of selective, high-conviction investments in the SaaS and FinTech sectors. Learn more about the leadership
4. What differentiates Incore Invest from traditional VCs?
Incore Invest provides more than just capital. The firm engages actively with founders, offering scaling expertise, access to international networks, and M&A support to help businesses grow sustainably. Discover Incore Invest's unique approach
5. What are some notable investments made by Incore Invest?
Incore Invest has supported prominent companies in its portfolio such as Mynt, a smart company card provider, and Savr, a platform for savings transparency. Read more about their portfolio companies
6. How does the European VC landscape in 2025 look alongside Incore Invest's activities?
The European venture capital sector has seen significant growth in 2025, with funds like Notion Capital (€114 million) and henQ (€67.6 million) also raising capital for SaaS and tech-focused investments. Check out broader VC trends in Europe
7. Who are the potential beneficiaries of Incore Invest II's capital?
High-growth, scalable European startups in SaaS and embedded finance sectors, particularly those operating in the Nordic and Northern European regions, are key beneficiaries of Incore Invest II's strategic funding.
8. How does Incore Invest ensure its investments are successful?
The firm strategically targets startups with established revenue models and offers support in scaling, networking, and potential exits. This hands-on approach fills the gap often left by larger funds. Learn how Incore drives success
9. Why are founders excited about approaching Incore Invest?
Founders value Incore Invest for its deep understanding of SaaS and FinTech industries, active collaboration beyond funding, and its selective investment strategy, ensuring focus and personalized attention.
10. How does the recent second closing impact the venture capital ecosystem in Europe?
The €15 million second closing enhances the liquidity for high-growth startups in Europe, aligning with a broader trend of increasing VC funding in niche sectors like SaaS, embedded finance, and AI. Explore VC dynamics in Europe
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.