Zenith Ventures

Good times with great people! Now back to building. #venturecapital

The momentum in the Stockholm builder scene is wild at the moment. 🔥 Yesterday we hosted 30+ builders for a Builder breakfast with demos in our kitchen together with our friends from Peak and Bust. Amazing demos, inspiring conversations and such a vibrant feeling in the air. We love bringing together curated groups for intimate gatherings like this one. Hats off to our very own Elin Torstensson for pulling it together. More to come already tonight at AI Builders Night in Helsinki with Oliver Molander and Tuomo Riekki at Zero. 🇫🇮 #VC #VentureCapital #Sthlmtech #Startup #Venturefunding #AI

Our portfolio company Treyd is flying. ✈️ Treyd has now helped Nordic and UK SME's free up over SEK 4bn in working capital. That's some real impact for these businesses. Amazing job Peter Beckman, Sameh EL-Ansary and the whole Treyd team.

AI-agenter har snabbt blivit ett av de mest omtalade fenomenen inom techvärlden. Men är de verkligen här för att stanna, eller är det bara en hajpad marknadsföringsterm? Här ger Alexander Fred-Ojala, AI-chef på EQT Ventures, och Oliver Molander, AI-entreprenör och investerare på Zenith Ventures, sin syn på utvecklingen.

“We see a whole new generation of technically strong founders from Sweden and the Nordics - and they have no fear of heights." "Many head straight to Silicon Valley and jump on one of the bigger AI players – OpenAI or Anthropic – or they consider starting their own company." We're happy to see Dagens Industri covering our Oliver Molander, the Inception Fund and the momentum we see in the market! The full link to the article is in the comments section below (in Swedish). #startups #venturecapital #artificialintelligence

Our very own Oliver Molander will be discussing the future of AI agents together with Alexander Fred-Ojala at Breakit AI Day on the 4th of March 👇 Have a great weekend everyone! #artificialintelligence #agents #venturecapital

We had a great time hosting a dinner in London last night for a small group of institutional investors and family offices 👏 I also held a fireside chat, discussing key trends in AI and where the puck is heading in 2025 (and yes, we also covered DeepSeek). Here’s a snapshot of some of the topics we discussed: 1// Don’t believe all the media hype around DeepSeek and how “cheaply” they achieved SoTA open-weight models (e.g. the $ and GPU figures are incorrect) - but e.g. the reinforcement learning aspect is genuinely interesting. 2// AI is likely the fastest cost-depreciating technology in history - commodity tech prices always trend toward marginal cost, which is great for startups building on the application layer. 3// Scaling laws: It’s premature to say that pre-training scaling laws are ending—getting to 90% is “easy,” but pushing to 95%+ requires compute. Deep learning has an insatiable appetite for compute, like no other AI algorithm before. Don’t bet against compute as the upper bound for achievable intelligence in the long run. 4// Will 2025 be the year of AI agents? TBD (even though it feels like the general consensus) - we still need improvements in LLM performance and agent frameworks. With agents, 98% accuracy isn’t enough for most use cases - we need 99.99%. 5// AI code generation: This is the first LLM use case with extreme PMF, and coding AI could rival historical platform shifts in productivity (e.g., workstation → PC, client-server → cloud, web → mobile). When building on the application layer, founder-market fit is now more important than ever (vertical AI), and funnily enough, AI has made product more important than ever (product depth, integrations, UX/UI, workflows). Further, the most successful AI application layer startups also focus on adding value at the data and infrastructure level; they e.g. win through novel architectural approaches, including chain-of-thought, tool use, agents, and appropriate model choices for the function at hand (versus relying on a single monolithic model). Last but not least, we’ve entered a golden era for builders, with a new generation of Nordic technical founders emerging in record numbers - more experienced and ambitious than ever before. Exciting times! www.inceptionfund.vc #artificialintelligence

What happens when you bring over 20 technical AI builders and founders into a kitchen in Stockholm? 🤨 Well no cake, but naturally demos - and both serious (and some less serious) technical discussions. But above all, knowledge sharing and support. There’s something bubbling right now in the Swedish and broader Nordic tech ecosystem 🫧 We’ve entered a golden era for builders, with a new generation of Nordic technical founders emerging in record numbers - more experienced and ambitious than ever before. A strong and thriving tech ecosystem has many backbones, and one of the most important is community. What amazes me after nights like yesterday is how openly everyone shares their stories and their progress - no filters, no BS ❌ Above all, the unconditional support: everyone genuinely wanting to help each other. Lez go (and build) 🏗️ 🔥 www.inceptionfund.vc #founders #stockholm #artificialintelligence

We’re thrilled to share that HongShan Group (formerly Sequoia Capital China) has acquired a majority stake in Marshall Group in a $1.15 billion deal For us, this marks the culmination of a journey that began with Zound Industries, evolving into Marshall Group and becoming a powerhouse in audio, tech, and design—uniting musicians and music lovers through groundbreaking innovation. We couldn’t be prouder or more excited about the next chapter for Marshall Group. Wishing everyone a great weekend! #startups #venturecapital #marshallgroup

Finally a more in-depth article about Daniel 🙌 Daniel is one of the Nordic AI entrepreneurs and technical leaders I respect most. I've been fortunate to exchange ideas with him ever since he co-founded Kognic with Oscar Petersson . To be honest, given Daniel’s brilliance, he has been “flying under the radar” for far too long. Daniel represents a new wave of technical founders emerging from Sweden and the Nordics—more experienced and ambitious than ever before. The result? There has never been a better time for the Nordics to produce its next tech giant after Spotify. This article is in Swedish, but I have no doubt we’ll soon see one in English in a global media outlet. Let’s make Europe great again! #founders #artificialintelligence #europe