Neil Murray, founder and general partner at Copenhagen-based venture firm The Nordic Web Ventures, has closed Fund III, a $6 million early-stage fund focused on the Nordic region. The new fund will target first institutional investments in startups centered on AI-native companies, robotics, and deep tech, with check sizes averaging around $200,000 and a goal to back 30 to 35 companies. Murray, a solo general partner, described his first two funds as "test vehicles" to validate his ability to identify top-tier founders in the region. Over the past seven years, he has made his first investment in more than 50 companies, including the unicorn Lovable and remote worker insurance platform SafetyWing, with notable exits such as the UI design tool Uizard. Despite attracting over $20 million in investor interest, Murray capped Fund III at $6 million, prioritizing alignment with investors over fund size. He believes staying small allows for better incentive alignment, greater flexibility, and a focus on performance rather than management fees. "Capping the fund wasn’t a constraint," he said. "It was the strategy." His limited partner base includes institutional investors like Allocater One, founder Christoph Janz, and Pacenotes. Additionally, founders from Kahoot! and Pleo, along with operators from Meta and Google, have also invested in Fund III. Murray noted that many founders from his earlier funds have reinvested, a sign of strong trust and confidence. The Nordic ecosystem—encompassing Denmark, Sweden, and Norway—is now valued at over half a trillion dollars and received more than $8 billion in venture funding in 2024, making it one of Europe’s most dynamic startup markets. Murray sees the region’s strength in computer science, engineering talent, and a disciplined, methodical approach to building. This culture, combined with a strong manufacturing base, positions the Nordics well for AI-driven innovation in industrial, healthcare, logistics, and consumer applications. Although originally from the UK, Murray moved to Copenhagen in 2013 with no local connections. Drawn to the region’s growing tech scene, he launched the website "The Nordic Web" to document investments and exits. The site soon became a go-to resource, and as VCs began asking for founder recommendations, he decided to become an investor himself, launching Fund I in 2017 with $500,000. Now, Murray views the Nordic tech wave not as a fleeting moment but as a compounding trend. "The depth of talent, the ambition level, and the maturity of the ecosystem mean this wave isn’t a spike; it’s the foundation of the next decade of Nordic breakout companies," he said.