What stage does VEF invest at?

VEF invests at the Seed, Growth, Late Stage stages.

What is VEF's typical check size?

VEF typically writes checks of $5K – $5M.

Where is VEF located?

VEF is headquartered in Stockholm, SE.

Does VEF lead rounds?

Yes, VEF leads investment rounds.

VEF

Venture capital

Stockholm · Seed–Late Stage · 7 people tracked

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Investment thesis

VEF invests in fintech businesses across emerging markets, backing companies that expand access to financial services in these regions.

Invests inFintechBrazilGlobalIndiaMexicoPakistanStockholm

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Late Stage

Check

$5K – $5M

Stockholm, SE

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 7 people

from the firm's website

David Nangle· CEO

Co-founder and CEO of VEF with over 20 years in financial services across emerging markets, previously Head of Financials and Research at Renaissance Capital and Head of EMEA Financials Research at ING Barings. Holds a business and French degree from University College Dublin.

Alexis Koumoudos· CIO

CIO at VEF with a career spent investing across emerging markets, previously a partner at EM-focused hedge fund Skyline Capital Management. Holds a business finance degree from Durham and an MSc in Quantitative Finance from Cass Business School.

Cathal Carroll· Investment Manager

Senior member of VEF's investment team who co-founded Carraighill, a research firm focused on global financial services. Holds a degree in Management Science and Information Systems from Trinity College Dublin.

c•••@vef.vcreveal

Evin McKay· Principal

Principal at VEF focused on investment research, executing new opportunities and portfolio management, previously in Technology M&A and capital markets at Morgan Stanley. Holds a BSc in Economics & Finance from University College Dublin.

Shashi Mahajan· Principal

Principal at VEF with broad emerging markets investing experience, most recently a Senior Analyst at Indian growth buyout PE fund True North Managers. Holds an MBA from London Business School and a chemical engineering degree from BITS Pilani.

Helena Caan Mattsson· General Counsel/Head of Sustainability

General Counsel and Head of Sustainability at VEF with a background in M&A and corporate law, having worked at Cederqvist, Baker & McKenzie and Roschier. Holds LL.M degrees from Stockholm University and Jönköping International Business School.

Kim Ståhl· CFO

CFO at VEF with experience across finance functions in fintech, marketing and legal services, including Head of Accounting at Lendify. Holds an MSc in Business and Economics from Stockholm Business School.

What they invest in

from 2 of 8 portfolio companies

SaaS ×2B2B Marketplaces ×1Fintech ×1Logistics & Supply Chain ×1

HQs:India×1Pakistan×1United States×1

Investments · 8 tracked

founders shown can be your intro path

ABHIabhi.co

BlackBuckblackbuck.comin

BlackBuck operates a technology platform for the trucking industry.

B2B MarketplacesLogistics & Supply ChainSaaSBangalore, IN

Rajesh Yabaji(Chairman, Managing Director and CEO)inChanakya HRidaya(Executive Director and COO)inRamasubramaniam B(Executive Director and Head - New Initiatives)inSatyakam G N(Chief Financial Officer)in

Iyzicoiyzico.comin 𝕏

Juspayjuspay.inin 𝕏

Mahaana Wealthmahaana.comin 𝕏

Mahaana is a fintech platform that helps Pakistanis save and invest through tools like automated savings features, retirement planning, and investment funds.

FintechSaaSKarachi, PK

Muhammad Shamoon Tariq(Founder)inShamoon

Minuminu.mxin 𝕏

Palos Verdes Estates, US

Adam Guggenheim(Executive Officer, Director)Christine Koppinger(Executive Officer, Director)

Rupeekrupeek.comin 𝕏

Tinkofftinkoff.ru

Frequently asked questions

What stage does VEF invest at?: VEF invests at the Seed, Growth, Late Stage stages.
What is VEF's typical check size?: VEF typically writes checks of $5K – $5M.
What sectors does VEF focus on?: VEF focuses on Fintech.
Where is VEF located?: VEF is headquartered in Stockholm, SE.
Does VEF lead rounds?: Yes, VEF leads investment rounds.

Media · Podcasts & interviews

featuring the team

Satsar (nästan) allt på TRE bolag - David Nangle, VD VEF - Sparpodden 516

Nordnet Sverige · David Nangle

David Nangle, how do Creditas and Konfio contribute to VEF's success in volatile times? A talk

Good Investing Talks · David Nangle

Images

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