The New Nordics (Nordics + Baltics) region is often celebrated for its high quality of life, progressive policies, and leadership in sustainability. But beyond the postcard-perfect imagery lies something even more compelling: an undercapitalized innovation powerhouse with the right ingredients to solve some of the world’s toughest challenges in climate, health, and industrial sustainability.
I invest in science-based innovations that accelerate the transition toward a kinder, cleaner, and healthier world. The Nordics stand out as a uniquely fertile ground for this mission. Here’s why I am doubling down on the region—and why global investors and founders should take note.
1. An Undervalued Innovation Powerhouse
Nordic countries rank among the highest in economic complexity—on par with the US and UK—yet they receive far less venture capital relative to their innovation output. Consider this:
Finland has the most PhDs per capita in Europe, while Sweden and Denmark are biotech leaders, home to Novo Nordisk, the world’s largest biotech company.
The region excels in industrial biotech, green chemistry, and alternative proteins; however, early-stage funding remains scarce, creating a pricing advantage for investors who can navigate technical risks.
For a fund focused on deep science with real-world impact, this mismatch between talent and capital is a rare opportunity.
2. Strong Science, Weak Global Capitalization = Asymmetric Opportunity
Most Nordic startups are funded locally, meaning few international investors compete at Series A and beyond, especially in hard science sectors. This allows us to:
Shape rounds, cap tables, and governance early with a focus on long-term scaling.
Bridge Nordic science with global markets, particularly in Asia (where we have strong networks) for R&D partnerships, biomanufacturing, and commercialization.
Many funds lack the technical expertise to underwrite deep-tech risk or craft global go-to-market strategies. I see that as my edge.
3. Cost-Competitive, Green Biomanufacturing
Finland’s nuclear- and renewable-powered grid offers some of the cheapest, lowest-carbon bioprocessing capacity in Europe. With fermentation and scale-up infrastructure expanding fast, the Nordics are becoming a hub for sustainable production, critical as global supply chains prioritize resilience and decarbonization.
For startups in alternative proteins, biomaterials, and precision fermentation, this is a game-changer.
4. Decentralization = Resilience & Capital Efficiency
Since the 1970s, Nordic giants like Atlas Copco, Handelsbanken, and Indutrade have thrived under decentralized models, emphasizing autonomy, local accountability, and long-term thinking. This isn’t just corporate history; it’s a competitive advantage for startups today:
Flatter organizations mean faster pivots and less bureaucracy.
Capital efficiency is baked into company-building culture.
Long-term alignment with stakeholders (employees, investors, regulators) reduces friction.
In a world of bloated startups and governance scandals, this model stands out.
5. Trust as Economic Infrastructure
Nordic societies consistently top global trust surveys, leading to:
Lower fraud and governance risks (fewer Enron-style scandals).
Stronger ESG outcomes—often without heavy-handed mandates.
Easier collaboration between academia, startups, and corporations.
For science-based ventures, where partnerships and regulatory trust are critical, this is a hidden superpower.
Why I am Betting on the Nordics
My thesis is simple: The best science, paired with the right capital and governance, can solve global problems faster. The Nordics offer:
✅ Elite research talent (without Silicon Valley salary inflation).
✅ Undervalued deal flow in climate tech, biotech, and industrial innovation.
✅ A culture built for long-term impact, not just short-term hype.
I am here to back the scientists, engineers, and founders building breakthroughs that matter—and to connect them with the global markets that need their solutions.
Dive Deeper: Recommended Reading
The Nordic Secret – L. Meijer, F. Bjørnå
Sweden: The Middle Way – Marquis Childs
Management in Scandinavia – M. Huse
The Nordic Theory of Everything – Anu Partanen
Creating Nordic Capitalism – S. Fellman, M. Jes Iversen
Viking Economics – George Lakey
Scandinavian Unexceptionalism – Nima Sanandaji
The Nordic Varieties of Capitalism – L. Mjøset
Swedish Legacy of Decentralization – Jan Wallander
Trillion Dollar Baby – Bloomberg Investigates
Debunking Utopia – Nima Sanandaji
Are the Nordic countries really less innovative than the US? - Mika Maliranta, Vesa Vihriälä, Niku Määttänen
The Bottom Line
The Nordics combine cutting-edge science, operational advantages, and a governance model built for sustainability—all while flying under the radar of mainstream VC. For investors and founders aligned with long-term impact, it’s one of the most compelling regions in the world.
I am just getting started 🚀 🦓
For Humanity,
Sagar Tandon
I so love this. This is such a great approach. It's in the undervalued, underexplored opportunities that greatness lies.