Incore Invest closes second round at €40 million to fuel Europe’s SaaS and fintech growth

Stockholm-based Incore Invest has secured a second closing of its Incore Invest II fund at around €40 million, following an additional €15 million raised from new and existing investors. The fund targets high-growth SaaS and fintech startups across Europe, with a focus on scalable platforms and embedded finance solutions. The new capital boosts the firm’s capacity to pursue fresh investments and deepen engagement with portfolio companies. 

Incore Invest is a Stockholm-based investment firm founded in 2021 by Nicolai Chamizo and a group of industry professionals. The firm invests in technology-oriented companies, with a primary focus on fintech and B2B software across Europe, particularly in the Nordic region.

Its investments generally occur at the Series A stage in companies that have established business models and identifiable paths toward financial sustainability. Incore Invest maintains an active ownership role, working with founders and management teams on matters related to growth, operations, and potential corporate transactions. The firm invests in both minority and majority positions, depending on the structure and needs of each company.

The additional capital enhances Incore Invest II’s firepower and readiness to deploy to new opportunities, signalling strong conviction from new and existing limited partners in the firm’s investment strategy. Froda, a leading Nordic embedded finance platform, is among the portfolio companies backed through Incore Invest II.

Nicolai Chamizo, CEO and Founder of Incore Invest commented, “Incore Invest’s strategy has always been to back proven tech companies with strong growth potential. Investors’ continued confidence in Incore Invest is very encouraging and with this second close, the round is fully equipped with capital to back the most promising European technology companies. It allows us to continue identifying and supporting the next generation of category defining technology companies shaping the future of the industry.”

For founders, dealmakers and investment banks, the announcement means Incore Invest II now has significant dry powder to allocate to new deals. For existing limited partners, it is a strong signal of continued trust in the firm’s thesis. In line with the round’s strategy, Incore Invest II plans to further broaden its portfolio and strengthen its engagement with select companies, ensuring hands-on partnerships to drive growth. The closing also reflects a risk appetite among investors for exposure to the Nordic and broader European tech sector.

The close comes at a time of renewed optimism in the European technology investment landscape. Across the continent, fintech and software sectors are experiencing a resurgence as markets stabilise and growth capital becomes more accessible. The Nordic region, in particular, continues to stand out with a strong pipeline of innovators, a maturing ecosystem, and increasing interest from institutional and private investors. With its focus on embedded finance and scalable technology platforms, Incore Invest II is well-positioned to capitalise on these opportunities and continue backing high-growth companies shaping the European tech ecosystem.

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