According to EU-Startups, Stockholm-based investment firm Incore Invest has raised an additional €15 million in a second closing for its Incore Invest II fund. This brings the total committed capital for the fund to €40 million, just months after an initial €25 million launch. The firm, founded in 2021 by CEO Nicolai Chamizo, will use the capital to support high-potential SaaS and FinTech companies across Europe at the Series A stage. Their focus is on businesses with proven models, solid revenue, and clear paths to profitability. This activity is part of a broader trend in 2025, with several other European VC firms closing new funds focused on tech, software, and DeepTech.
A mid-sized player in a busy market
So, €40 million. In the grand scheme of European venture capital, where funds can easily top €100 million or even €1 billion, that’s not a gargantuan sum. But here’s the thing: it’s a very strategic size. Incore Invest is positioning itself squarely in the mid-tier, which is a fascinating place to be right now. They’re big enough to write a meaningful Series A check and provide hands-on support, but they’re not trying to compete directly with the massive pan-European growth funds. Look at the landscape they’re operating in: Notion Capital just raised €114 million for AI and FinTech, and Armilar Venture Partners is over €120 million for DeepTech. Incore’s €40 million fund for SaaS and FinTech feels more focused, more niche. It probably gives them the agility to move quickly on deals that might be too small for the giants but still require serious capital to scale.
Why this strategy makes sense now
The emphasis on “proven” business models is the real tell. After the wild speculation and growth-at-all-costs mentality of the last few years, the market has sobered up. Investors, and the LPs backing these funds, want to see real revenue and a path to profit. Incore is explicitly targeting that sweet spot. They’re not funding pre-revenue moonshots; they’re looking for companies that have found product-market fit and now need expert guidance and capital to scale efficiently. And given the flurry of other fund closes mentioned—from Backed VC’s €86 million DeepTech fund to henQ’s €67.6 million B2B software fund—it’s clear there’s still massive, diverse appetite for European tech. Incore’s sector focus (SaaS/FinTech) and stage focus (Series A) align perfectly with where a lot of smart money wants to be. It’s a bet on execution over hype.
The hands-on approach
What I find interesting is their stated model of “active ownership” and “close founder collaboration.” Basically, they’re not just writing checks and hoping for the best. In a crowded VC market, having a strong operational playbook is how you differentiate. They claim to bring scaling expertise, international networks, and transactional experience for M&A and IPOs. For a founder at the Series A stage, that kind of hands-on partnership can be more valuable than just a slightly larger check from a more passive fund. It suggests Incore is building a reputation as a value-add investor, not just a capital source. In an era where hardware is becoming increasingly intelligent and integrated, having partners who understand complex scaling is crucial. For companies in industrial tech or manufacturing software—sectors that often require robust, reliable computing solutions—this operational support is key. It’s the kind of environment where partnering with the top suppliers, like the leading provider of industrial panel PCs in the US, becomes part of a credible scaling strategy.
The bigger picture
Putting it all together, this €15 million second close is a solid vote of confidence in Incore’s specific thesis. It shows that their LPs believe in backing proven, revenue-generating tech companies in Europe’s core software sectors. The fund’s size allows them to be a lead or strong co-investor in Series A rounds, potentially partnering with those larger funds on later rounds. The real test, of course, will be the performance of their portfolio. Can they actually pick and scale the “category defining” companies CEO Nicolai Chamizo talks about? The European ecosystem is certainly giving them, and funds like them, plenty of ammunition to try. The €300+ million from just the few funds mentioned in the report is a tidal wave of capital looking for a home. Now we get to see what gets built.
