Unconventional Ventures closes second tranche of Fund II backing underrepresented European founders
What's the deal? Unconventional Ventures has announced the second close of its Fund II, adding Wire GroupDealroom has a profile for this one. Try Dealroom →, InvestinorDealroom has a profile for this one. Try Dealroom →, FÆRCH OG DØTRE, and Merete Lundbye MøllerDealroom has a profile for this one. Try Dealroom → as new limited partners. The fund is targeting €80 million in total; the first close in November 2025 raised €52 million, backed by the European Investment Fund, EIFO, Augustinus FabrikkerDealroom has a profile for this one. Try Dealroom →, TryghedsGruppenDealroom has a profile for this one. Try Dealroom →, and several family offices. The fund backs underrepresented founders building scalable companies across Europe.
Why now? The second close arrives amid tightening capital markets and broader economic uncertainty — conditions that have made fundraising significantly harder across the European venture landscape. Closing additional commitments in this environment, and adding institutional backers from the Netherlands and Norway alongside the fund's existing Nordic investor base, signals that the thesis is resonating beyond its home market.
What could go wrong? The fund's focus on underrepresented founders is a deliberate market inefficiency play — the bet being that overlooked talent produces outsized returns precisely because it is underpriced. That thesis is compelling in theory but requires patience: pipelines and exit timelines are typically longer than in more conventional venture strategies. With roughly €28 million still to close against an €80 million target, execution on the final raise remains ahead.
The signal: Unconventional Ventures is part of a small but growing cohort of European funds built explicitly around the diversity thesis. The addition of a Dutch impact firm and a Norwegian government-backed investor alongside existing Nordic institutional LPs suggests the LP base for this kind of fund is broadening geographically. Whether that translates into category-defining companies will take years to know — but raising in a difficult market, with institutional validation from the European Investment Fund, is a meaningful signal that the thesis has moved beyond niche positioning.
Source:
Unconventional Ventures
Image Credit:
Unconventional Ventures
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