The Nordics might not be the first region that comes to mind when thinking about global leaders in innovation, but the region has a strong tradition of punching above its weight, particularly in tech and sustainability. From green energy breakthroughs to cutting-edge deeptech solutions, the Nordics have consistently demonstrated an ability to innovate and scale. This past week, Sweden’s Techarena conference showcased the region’s vibrant startup ecosystem. Alongside Slush in Finland and TechBBQ in Denmark, Techarena stands as one of the Nordics’ premier events, bringing together founders, investors, and family offices to shape the future of innovation.
Over the years, the region has been producing a number of globally impactful companies. Take Spotify (Sweden, $50 billion valuation),which revolutionized the music industry, or Supercell (Finland, $10 billion valuation), the mobile gaming giant behind Clash of Clans. Then there’s Oatly (Sweden, $10 billion IPO valuation), which popularized oat milk worldwide, and Unity Technologies (Denmark, $13.6 billion valuation), whose game engine powers some of the world’s most popular games. These success stories highlight the Nordics’ ability to innovate across industries and scale globally.
Behind many of the success stories lies a growing force: family offices. As they step into the venture capital spotlight, questions arise. Are they ready to play the game? And what does their growing involvement mean for the future of Nordic innovation?
Why Do Investors Attend Techarena?
Techarena, like its Nordic counterparts, is a hub for ideas, opportunities, and connections. For family offices, it’s a critical platform to stay ahead. As Omid Ekhlasi, Founder and CEO of Techarena, explains, “Many family offices attend to learn about macro trends, investment strategies, and FO-ready opportunities while building connections with fund managers.”
For many attendees, the primary draw is the chance to hear what’s new. What are people investing in? What tools and operational strategies are gaining traction? These questions are top of mind for investors looking to stay competitive in a rapidly evolving market. Beyond trends, the event is also about finding opportunities—whether that’s sourcing new deals, building networks, or showcasing portfolio companies to attract additional capital.
In the Nordics, where collaboration and values alignment are deeply ingrained in the culture, events like Techarena play a crucial role in fostering a sense of community. The promise of a vibrant ecosystem is not just a lofty ideal; it’s a tangible goal that drives the participation and engagement needed to make venture capital work.
The Role of Family Offices in Venture Capital
Venture capital is a complex game, with different routes to market and varying strategies for success. Investors often fall into one of two camps: those who invest through funds and those who prefer direct investments. Each approach has its merits, and the choice often depends on the investor’s expertise, resources, and risk appetite.
For family offices, the venture capital landscape can be particularly challenging. While some FOs have the experience and infrastructure to operate like traditional VC funds, many are still learning the ropes. As Angela de Giacomo, a family officer and author of The Venture Capital Playbook, noted when interviewed on stage, “Venture investing is not just about writing checks. It’s about bringing value to the table—whether that’s through networks, know-how, or strategic support.”
This sentiment was echoed throughout the discussions at Techarena. Family offices often view venture investing as an extension of their own entrepreneurial ventures. While this mindset can bring fresh perspectives and unique opportunities, it can also lead to missteps if FOs underestimate the complexities of the venture game.
Jonathan Hollis, Managing Partner at Mountside Ventures, at one of the side events emphasized the critical role family offices play in the European venture ecosystem. “As the largest investors into VC funds, family offices play a critical role in supporting European venture. Without them, it would be hard to imagine the state of play of the European venture landscape,” he says.
When Networks Really Become Net Worth
One of the key takeaways from Techarena is the importance of building strong networks and ecosystems. In the Nordics, where collaboration is a core value, the strength of the ecosystem often determines the success of individual ventures. Family offices, with their extensive networks and resources, are uniquely positioned to contribute to this ecosystem.
For example, a family office with a diverse portfolio of businesses can provide strategic value to a startup by facilitating partnerships or offering access to industry expertise. This “additionality” is a key differentiator for FOs looking to stand out in a crowded market.
However, not all family offices are equipped to provide this level of support. So much of what funds bring to ventures involves their network, know-how, being a brand-name investor, and supporting with filling gaps around knowledge, talent, or more. When it comes to family offices, some could in theory provide the same as a proper VC fund, but more often, this is not in their wheelhouse.
This gap presents both a challenge and an opportunity. For family offices willing to invest in building their venture capabilities, the rewards can be significant. By aligning their investments with their core strengths and values, FOs can create a win-win scenario for themselves and the startups they support.
The Big Vision for Nordic Venture
The Nordic region is at a pivotal moment in its innovation journey. With sectors like greentech, defense tech, and deeptech leading the charge, the region is well-positioned to address some of the world’s most pressing challenges. But to maintain this momentum, sustained long-term capital is essential.
As Omid Ekhlasi puts it, “The Nordic region, and in particular Sweden, is a hub of innovation that offers solutions addressing some of the world’s most pressing challenges. To maintain our strong position and continue advancing in these fields, sustained long-term capital is essential. Family offices play a vital role by funding and supporting these innovations going forward.”
This vision requires more than just financial investment; it demands a commitment to building a robust and inclusive ecosystem. Family offices, with their long-term horizons and patient capital, are uniquely suited to support this vision. By leveraging their networks, expertise, and resources, FOs can help drive the next wave of Nordic innovation.
Venturing Forward
The growing involvement of family offices in venture capital is a trend that shows no signs of slowing down. As the discussions at Techarena highlighted, FOs bring a unique perspective and set of resources to the table. However, to fully realize their potential, family offices must invest in building their venture capabilities and aligning their strategies with the needs of the ecosystem.
With its strong values-alignment and collaborative spirit, the Nordic region provides an ideal environment for this evolution. By fostering strong networks, embracing additionality, and supporting long-term innovation, family offices can play a pivotal role in shaping the future of Nordic venture.
As the venture landscape continues to evolve, one thing is clear: the Nordics are leading the charge, and family offices are poised to be key players in this exciting journey.
