Thomas Walle

Swedish tech is consistently producing global winners 🔥❄️ Over the last decade, Sweden has been the origin of some of Europe’s biggest breakout outcomes: ▫️ Spotify built the modern music economy ▫️ Klarna redefined fintech and went public ▫️ iZettle sold to PayPal for $2.2B ▫️ King sold for $5.9B Now the next cohort is emerging with real velocity: ▫️ Sana acquired at $1.1B ▫️ Legora raised $150m at ~$1.8B ▫️ Modal became a unicorn ▫️ Lovable raised $330M at a $6.6 billion valuation ▫️ Epiminds raised $6.6M from Lightspeed Behind many of these early bets stands one of Sweden’s most influential investors: Creandum They backed Spotify, Klarna, Trade Republic, and more recently Lovable long before consensus formed I just interviewed Staffan Helgesson, founder of Creandum, about how they built this long game from Stockholm, how they identify outliers early, and why patience + conviction compound in ways most firms never see. Full interview and breakdown here: 👉 https://lnkd.in/eGQAmyCr What structural advantage does Swedish tech have that’s enabling it to produce global tech outcomes again and again? Join 100,000+ founders and startup operators who receive insights and resources: https://lnkd.in/dScY_5k3 💥

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AI is transformational - everyone knows that. But why restrict AI to only 1% of the workforce, who are laptop first? At EQT Ventures & Growth we set out thinking around this topic and realised that while the laptop first, 'techbro' community is very well served with AI, a large part of the economy, the 'real' economy that keeps our world moving forward is being left out. This economy is mobile first/only, does a LOT of business on their phone, and no current AI solutions cater to them. Which is when we found Maxime Germain and team, building Beside. Beside has completely rethought the 'phone', creating a Harvard grad level chief of staff that fits in your pocket. Beside answers your phone (even in your own voice, if you'd like that), books appointments, takes notes, reminds you and more to come. All built on top of a phone line. Beside also has laptop, but its phone and mobile first. This is a beautiful experience, built into a slick app out of the box. Its a killer team based on both sides of the Atlantic that has scaled revenue and their user base super quickly. Today we're thrilled to announce they're coming out of stealth with $32M in funding led by EQT Ventures & Growth, Index Ventures and stellar angels. I could not be more excited to work with them and we're privileged to be a part of the journey.

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Every founder we invest in signs an Impact Pact. Written into our investment documents. Legally binding. Not as marketing. As requirement. Most impact funds talk about doing good. We structure it into every deal. The concept is simple: paying it forward. We share access to capital with founders the traditional VC ecosystem overlooks. In return, we expect our founders to pay it forward in three areas: Wealth sharing: How are you distributing ownership beyond the executive team? In 2024, our portfolio generated over $400 million in wealth creation—$342 million for BIPOC and women founders, plus $65 million in employee equity. Supplier diversity: How much spending goes to companies founded by people of color or women? Our portfolio directed $9 million to diverse suppliers last year—30% BIPOC-owned, 35% women-owned. Diversity goals: Not quotas. Intentionality. 92% of our founders are BIPOC. 81% of their employees are BIPOC. 77% of the $39.7 million in compensation went to BIPOC team members. Here's what makes this different: It's legally binding. Not in a deck. In the documents we both sign. It's specific. No vague language. Measurable commitments. It compounds. Year over year, these numbers grow because the structure demands it. The question I always get: "Does this work? Or is it virtue signaling?" Fair question. Here's the data: Our portfolio created 436 jobs in 2024 — a 48% compound annual growth rate since 2021. These aren't just any jobs. They're pathways to wealth in communities excluded from venture-backed opportunity. The paying-it-forward model creates a multiplier effect. When our founders prioritize diverse suppliers, those suppliers gain revenue and credibility that help them win more business. When our founders build inclusive teams, they tap talent pools competitors ignore. When our founders share equity broadly, retention improves and alignment deepens. Each company becomes a node in a network of shared access—not just a single investment, but a catalyst for ecosystem-wide change. Why structure impact this way? Because impact that isn't measured doesn't compound. When you invest in a founder, you're not just buying equity in one company. You're investing in their commitment to pay it forward — through the vendors they choose, the teams they build, the wealth they share. The Impact Pact ensures impact is intentional, measurable, and compounding. Returns are not concessionary. Our current Fund I: 34.8% gross IRR. 1.75x return multiple. More than two times above the median for comparable VC funds. The Impact Pact isn't altruism. It's a structured method for paying forward the access we provide and capturing the returns that come when overlooked founders get their shot. Fund II is open with the Impact Pact built into every deal. Same structure. Same accountability. Same thesis: that paying it forward isn't charity. It's alpha. If you're an LP who believes in compounding returns and compounding impact, let's talk.

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Very cool with another YC-company out of Norway - Arcline (YC W26) provides AI-native legal services for startups, with same-day turnaround & elite lawyers in the loop. We are super proud at Antler having backed Arcline’s founder Pamir Ehsas from day 0. They’ve built a bench of top-tier startup lawyers to change that - folks from top schools (Harvard, Stanford, Oxford) and leading firms (Cooley, Goodwin, Fenwick). Arcline’s lawyers start with first drafts generated with AI, and then do final revisions. This ends up reducing the work by up to 80% - so startups pay elite lawyers only for the final 20%. More importantly, your legal matters can often be handled same-day. No other law firm today offers this kind of speed. In a few months, they’ve scaled to helping several Y-companies and 50+ venture-backed startups across the US and Nordics. Discover Arcline: arcline-ai.com Congrats on the launch, Pamir Ehsas + Stefan Mandaric!

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Elixirr accelerates US growth with acquisition of TRC Advisory. Elixirr International has acquired TRC Advisory, a fast-growing US-based consultancy specialising in growth strategy, commercial effectiveness, and value acceleration for public and PE-backed businesses. The deal. Elixirr’s largest to date, it marks its seventh acquisition since IPO and strengthens its North American presence following record-breaking performance in the first half of 2025. TRC’s expertise in industrial and manufacturing transformation, combined with Elixirr’s global reach and multidisciplinary capabilities in AI, digital, and operations, will enhance the firm’s ability to deliver high-impact, C-suite-led transformation. Both firms share a challenger mindset focused on bold, results-driven consulting that disrupts the traditional model. What do you think gives challenger consultancies like Elixirr their edge in a crowded market? https://lnkd.in/eyviQ2T5 #Elixirr #TRCAdvisory #Consulting #GrowthStrategy #Transformation #MergersAndAcquisitions #Innovation #Leadership #Entrepreneurship #DigitalTransformation

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