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The Venture Codex

NordicNinja

Arquen House 4-6 Spicer Street, St. Albans, Hertfordshire, AL3 4PQ, United Kingdom

Overview

NordicNinja is searching for #1 teams in the world who are based in the New Nordics. The Article 8 classified fund focuses on scaling companies from Northern Europe that promote environmental and social characteristics, from self-driving electric trucks to AI-driven identity verification; from brain scan analytics predicting Alzheimer’s to mixed reality headsets training astronauts for their Mars mission; from seamless urban mobility to end-to-end transparency of sensitive supply chains. The founder and operator-led team fulfils the Japanese desire towards opportunities within sustainability and the digital society by investing in the future we want to live in.

Total investments
34
Lead investments
20
Investments · 12mo
3
Active investors
8

Sector focus

  • Venture Capital
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Investment portfolio

  • LiveEO

    Participated · Equity · May 2026

    LiveEO develops satellite-based monitoring systems and analytics to track risks along linear infrastructure corridors, including pipelines, railways, and power lines. Its Twinspector project is a dual-satellite constellation designed to capture high-resolution and three-dimensional imagery tailored to long, narrow infrastructure routes. The company intends Twinspector data to integrate with its existing analytics platforms to help operators detect threats like unauthorized construction, excavation, and vegetation encroachment earlier. LiveEO is developing the system with European partners and positions the project as part of expanding commercial Earth observation capabilities for infrastructure monitoring. The company’s current disclosed financing activity includes ESA program funding through the InCubed program to support Twinspector’s development.

  • Redpine

    Led · Seed · Apr 2026

    Founded in 2024 by Anders Hammarbäck and David Österdahl, Redpine builds a headless API platform that unlocks premium, non-public datasets by working with content owners in a compliant way. The platform combines proprietary retrieval and reranking technology with real-time data evaluation to improve the quality and reliability of AI outputs and ensure data providers are compensated. Redpine focuses on curated datasets across scientific and other high-value domains and cites applications in areas such as clinical guidelines, case law, physical research, financial markets data, and quality human-created news. The company plans to scale globally and expand its proprietary data partnerships while collaborating with AI labs and partners like AsedaSciences. Financially, it recently raised €6.8M in a seed round led by NordicNinja with participation from Luminar Ventures and node.vc to fund product development and hiring.

  • Photoncycle

    Led · Series A · Mar 2026

    Photoncycle is developing a distributed, solid-state hydrogen energy storage system that converts surplus summer solar electricity into hydrogen stored underground and later releases it as heat and power during winter. The technology is aimed at households and small businesses, closing the critical seasonal storage gap that short-duration batteries cannot solve. Photoncycle plans to offer the solution via a subscription bundle that includes solar panels, the storage unit, servicing, and access to energy-trading markets, reducing upfront costs for consumers. At full industrial scale, its proposed 1.4 TWh annual manufacturing facility could equip roughly 140,000 homes with 10 MWh of seasonal storage each. Initial commercial rollout is planned for Denmark and the Netherlands, with longer-term expansion opportunities identified in Japan and the United States. The company recently secured €15 million in Series A funding to finance these initiatives and the first phase of its industrialisation plan.

  • Lightyear

    Led · Series B · Jul 2025

    Lightyear is a European investment platform that has expanded rapidly across the continent, now active in 25 markets and available in 10 languages. The product suite includes business accounts (launched in 18 countries), more than 6,000 tradable instruments, fractional European shares, and local tax wrapper products. The company recently introduced three AI-powered market intelligence tools—Why Did It Move, Bulls Say/Bears Say, and Lightning Updates—and plans to broaden its AI capabilities toward comprehensive wealth management tools for retail investors. Lightyear reported reaching $1 billion in customer assets, a milestone tied to recent growth across the UK and Europe. The team emphasizes removing barriers to investing in Europe’s fragmented regulatory and tax landscape and aims to increase retail participation across the region. Expansion into new markets, including Denmark, Sweden, and Bulgaria, is a stated near-term priority. Lightyear is a mobile-first stock-trading app that enables retail investors to buy, manage and track portfolios of major global companies. Founded in London in 2020 and launched from stealth in 2021, the company expanded into mainland Europe last summer. Its core product includes mobile trading, portfolio management and performance tracking; the newly launched web app brings big-screen access and most core features. The initial web release includes a chart-drag view for custom time frames but omits some mobile features—such as the personalized events calendar, analyst price targets and fund highlights—which the company says will be added over time. Lightyear plans additional web-only features in the long run. Financially, the company has secured about $35 million from institutional and angel backers including Lightspeed Venture Partners, Virgin Group and Taavet Hinrikus. Lightyear is a London-based fintech that offers commission-free trading on U.S. and European stocks and exchange-traded funds (ETFs). The company charges no account fees or per-trade commissions and relies on foreign-exchange fees, charging 0.35% on conversions above £3,000 ($3,500) per month. After users convert, they hold funds in a local-currency account and can trade without additional per-trade fees. Lightyear was built by early Wise employees Martin Sokk and Mihkel Aamer, and Wise co-founder Taavet Hinrikus is also an investor. The startup launched out of stealth in the U.K. last year and is now expanding into 19 new European markets. The company has raised $25 million to power that expansion and to scale operations amid a competitive field that includes incumbents like Freetrade and potential rivals such as Robinhood. Lightyear is a London- and Tallinn-based fintech founded by ex-Wise duo Martin Sokk and Mihkel Aamer. The company combines multi-currency accounts with access to global markets and has launched an MVP that provides access to more than 1,000 global stocks. Lightyear says it will onboard customers from its waiting list as it expands. The additional funding will be used to expand operations and support development and launch efforts. The company is targeting a pan-European launch in H1 2022. Earlier this summer Lightyear raised a $1.5M pre-seed from a cohort led by Taavet Hinrikus, Sten Tamkivi and Jaan Tallinn. Lightyear is building a mobile stock trading app focused on truly commission-free trading and lower FX fees. The app will offer 1,500 stocks and ETFs from multiple markets at launch and charges no account, trading, or FX fees up to £3,000 per month, after which a 0.35% FX fee applies. Lightyear has opened a waitlist and plans to roll out the product during the third quarter. The company was founded by ex‑Wise employees Martin Sokk (CEO) and Mihkel Aamer (CTO), who held senior roles at Wise. Lightyear has raised a $1.5M pre-seed round with participation from a new fund formed by Taavet Hinrikus and Sten Tamkivi, Jaan Tallinn via Metaplanet, and several business angels. The startup will compete with well-funded challengers like Trade Republic and established UK players such as Freetrade (which has 600,000 users).

  • HIVED

    Led · Series B · Jul 2025

    HIVED builds an end-to-end parcel delivery network purpose-built for e-commerce, running on a 100% electric fleet and its HIVEDmind platform that leverages AI, real-time data, and modern architecture. The platform connects retailers, warehouses, drivers, and customers through integrated routing, real-time warehouse sorting, dynamic delivery clusters, and live parcel tracking. HIVEDmind models driver behaviour and real-world conditions to forecast volumes, optimize parking and routes, and surface delivery photos, geo-coded dashboards, behavioural alerts, and fraud-pattern detection for retailers. The company claims to be the world’s only end-to-end electric logistics network and is the UK’s highest-rated parcel delivery company on Trustpilot by far. Going forward, HIVED plans to accelerate its UK rollout into several new cities, grow its engineering and data teams, and further develop its proprietary logistics intelligence. Hived is building a delivery network at scale powered entirely by electricity and integrated with platforms such as Metapack, Shopify and Shiptheory. The network offers features including dynamic delivery-window ETAs, live tracking, in-flight redirect options, customizable customer communications and merchant dashboards with carbon-saving reporting. It delivers for large retailers including ASOS and ZARA as well as fast-growing SMEs such as Candy Kittens, Vitl and Pip & Nut. Since its August 2021 seed round the company has grown revenue 30% month over month and expanded to a head office of 40 and over 1,000 drivers. Hived intends to use new funding to invest further in its team, technology and to build a new warehouse. The business operates entirely on electric vehicles and provides carbon-saving reporting to merchants. HIVED is a parcel-delivery startup that uses electric cargo bikes for last-mile urban deliveries. It operates a fleet of 20 Raleigh e-cargobikes ridden by directly employed couriers and aims to offer estimated drop-offs in 15-minute slots. The company raised $2.4 million in venture-capital and angel funding to expand operations. Currently delivering within London’s M25, HIVED plans to expand into larger U.K. cities and achieve national coverage within three years, using electric vans for longer journeys while keeping most last-mile deliveries on e-cargobikes. Founded last year by Murvah Iqbal and Mathias Krieger, the startup emphasizes avoiding the gig economy and employing riders to improve service quality. HIVED previously received launch backing from Innovate UK in June 2020 and trialed several e-cargobike models before selecting Raleigh bikes for its fleet.

Team

  • Rainer Sternfeld

    Managing Partner

    LinkedIn
  • Tomosaku Sohara

    Managing Partner & Co-Founder

    LinkedIn
  • Marek Kiisa

    Managing Partner & Co-Founder

    LinkedIn
  • Claes Mikko Nilsen

    Principal & Co-Founder

    LinkedIn