Antler Nordics, €200K upfront of a €500K standard deal

Antler's terms differ by location. This post uses the Nordic page, which covers Stockholm, Oslo, Copenhagen and Helsinki. On 13 November that intake is rolling. Antler's cohort start page lists Denmark, Finland, Norway and Sweden as rolling, with no fixed residency and no deadline, and the Nordic page says founders come in "as they come".

• The upfront cheque. €100,000 for 8.5% equity and €100,000 on an uncapped convertible with MFN. If the 8.5% is measured after the investment, it implies a valuation of about €1.2 million (our arithmetic). The page does not say.
• The follow-on. Up to €300,000 in the next round, on the same terms as the lead, within nine months of the first investment. The page says "one-third of what you raise from professional investors". Its example: a €600,000 raise brings €300,000 from Antler, €900,000 in total. By our arithmetic, that is €300,000 for every €600,000 from others: half of what the others put in, and one-third of the €900,000 total. The cap is reached at €600,000.
• Beyond that. The page says it can keep investing through Series C and that €500,000 to €1 million is its range. It does not name an amount.
• Not for everyone. It does not invest in drugs, narcotics, adult entertainment or gambling.

Other locations: the UK page lists £210,000 at inception (£125,000 for 8.5%, £85,000 convertible) with a £40,000 program fee, and up to £330,000 more in the next round. An August 2025 Antler blog post describes that follow-on as a 50% match, capped at £165,000 or £330,000. The continental Europe page says €500,000 typically converts into around 10% at a €5 million valuation. The Nordic page does not mention a fee.

Who pays: the pages we read do not say. Antler's investors page carries a quote from EIFO about its investment in Antler's second Nordic fund. The pages do not say that this fund pays for the deal, and the fund size is not stated.

The track record, by Antler's own count: its Nordic page says 70% of its European portfolio companies raise further capital within 12 months, and refers to 1,500+ Antler companies globally. Its home page says 2,000+ portfolio companies. We cannot say what explains the gap.

Not published: the Nordic acceptance rate, how many Nordic companies it has backed, and the number of places.