Spintop Ventures

Spintop Ventures is a pan-Nordic early-stage software venture capital firm founded in 2009 by Mats Johansson, Erik Wenngren, Finn Persson, and Ari Korhonen, and headquartered in Stockholm. Branding itself as 'built by operators, for founders,' Spintop invests at seed and early stages in software-based technology companies that drive productivity, strengthen digital infrastructure, or accelerate the circular economy -- spanning SaaS, B2B, fintech, gaming, IoT and telecom, and deep tech. The firm leads rounds with typical entry tickets of 500,000 euros to 2.5 million euros and maintains substantial follow-on capacity. The 15-person team includes 5 Partners and 2 Principals, and in August 2025 the firm formally opened a permanent Copenhagen office led by Principal Jasenko Hadzic, completing its four-market Nordic footprint across Sweden, Finland, Norway, and Denmark. Spintop has raised four funds with Fund IV reaching roughly 188 million euros (approximately SEK 2 billion), with additional European Investment Fund and Saminvest support; the firm has approximately 180 million euros of AUM with Fund V in preparation. The LP base includes the European Investment Fund, Saminvest, Nordic family offices, and a network of 50-plus entrepreneurs and executives. Across 53 disclosed investments the firm has produced 4 IPOs and 8 acquisitions. Exits include Small Giant Games, MariaDB, Donkey Republic, Sana Labs, Consigli, and Crosser Technologies, which was acquired by Aveva in December 2025 -- the most recent disclosed exit. Seven new investments were made through November 2025, including leading the $2.3 million seed round in Wewillwrite alongside Skyfall Ventures. Spintop's operator-first identity translates into a partnership model where each portfolio company receives meaningful hands-on involvement from a team that has built and scaled software businesses, rather than capital and periodic board attendance alone.