Unconventional Ventures Announces Second Close Of Fund II To Support Diverse Founders Building Impact Tech Companies – AfroTech
Unconventional Ventures has announced the second close of its Fund II.
The Nordic impact venture capital firm is led by a group of European founders and was launched to “unlock the potential of diverse founders building impact tech companies,” according to its website. Nora Bavey (general partner) and Thea Messel (general partner) serve as founders of the firm, which has raised funding to address biases in venture capital, according to Tech Funding News.
Unconventional Ventures’ investments are geared toward women founders and founders of color. Among these groups, all-women founding teams have historically received just 1% to 2% of funding, and founders-of-color-led startups have received less than 0.5%, per the outlet. The firm invests in pre-seed and seed-stage companies with scalable tech that center on environmental or social impact and are based in The Nordics and Europe, according to its website.
Its target sectors are climate and environment, health and femtech, education, and financial inclusion.
Portfolio companies include Climate X, a climate fintech company; Scifree, a Sweden-based edtech company; Cellugy, a Denmark-based biotech company; and The Blue Box, a femtech company.
Unconventional Ventures raised €50 million (approximately $59 million USD) for its second fund in November 2025, which had a target of €80 million (approximately $94 million USD), per Tech Funding News.
In a LinkedIn post shared by Bavey in April 2026, she announced that Fund II has reached its second close with continued support from investors, including Investinor, as well as new limited partners such as Wire Group and Merete Lundbye Møller.
“This milestone allows us to keep building, not just investing but strengthening the team and bringing in new perspectives so we can better support the founders we back. Thank you to our new team members for joining us and already giving so much of yourselves to what we’re building,” Bavey wrote.
“And to our founders: you are at the heart of all of this. You’re building in spaces that aren’t always obvious. Challenging assumptions. Creating companies that reflect the world as it is. Being part of that journey is something we’re deeply proud of. This isn’t a finish line, it’s a step forward at the right time, in a world that needs more of this,” she added.
