Capital alone is becoming less of a differentiator in venture. For byFounders, the advantage is proving your value to founders before you ever write the cheque, then staying close when things get difficult.
That philosophy helped shape the firm recognised as EUVC Emerging Manager of the Year 2025, an award based on performance, firm building and contribution to the venture ecosystem.
Founding Partner Eric Lagier accepted the award at the EUVC Summit & Awards Show 2026 and explained why byFounders has built its model around relationships and a community of experienced founders backing the next generation.
As Eric puts it: “Capital is a commodity. Founders today have a choice.”
Build value before the cheque
byFounders grew from a simple observation. Eric had seen companies including Skype, Zendesk, Unity, Sitecore and Tradeshift emerge from the region despite receiving little early-stage backing from local investors.
His response was a “for founders, by founders” model: experienced technology founders backing the next generation across what the firm calls the New Nordics, spanning the Nordics and Baltics.
That community now extends to around 200 founders who contribute through sourcing, mentoring and angel investing. Founders who have built companies return to help newer teams, allowing the network to compound alongside the portfolio.
Relationships become the differentiator
When founders have more choice of capital, investors need to demonstrate why they should be chosen.
byFounders tries to do that before fundraising starts. “We are not an ATM,” Eric says. The firm prefers to build relationships early, help before investing and establish whether it can genuinely contribute over the long term.
Lovable illustrates the approach. byFounders worked with the team before investing, with its wider founder community helping demonstrate the value of the relationship before the firm eventually wrote a cheque.
The lesson is broader than one investment: when capital itself is abundant, access matters less than what comes with it.
Conviction has to survive the hard parts
The same philosophy shapes how byFounders evaluates investments.
Eric argues that backing a company should not be treated simply as a transaction. The harder question for the team is whether they are prepared to “go through fire” with the founders they back.
That commitment matters because venture journeys are rarely linear. Some companies will fail faster, while a small number can scale far faster than expected. For byFounders, conviction means being prepared for both.
Eric’s final challenge extends beyond the firm itself: “We need to think bigger in the Nordics.”
For emerging managers, his argument is clear. Capital may get you into the round. Relationships, community and enduring conviction determine what kind of investor you become once you are there.
