In today’s episode, Andreas Munk Holm speaks with Sune Stilling and Christy McCaig, General Partners at Nine Realms, a venture fund focused on transforming global supply chains. With a target size of €200 million, Nine Realms is raising its first fund, screening high-potential Series A investments across Europe and North America.
Notably, their portfolio and previous investments include innovative companies like Clearly, Forto, and Loadsmart, which drive change in logistics and sustainable operations. Sune and Christy bring their extensive experience from corporate ventures and logistics, including Maersk Growth, to identify startup opportunities that address today’s global supply chain challenges.
In this conversation, they discuss the fund’s strategy of building a concentrated, operator-led portfolio to generate steady returns from trade sales, not just unicorn exits. They explore how evolving trends like AI optimization and sustainability open new market opportunities.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
1. Supply Chain Investment Thesis
The traditional supply chain was optimized mainly for cost, but recent disruptions—from the COVID crisis to geopolitical tensions and trade wars—have revealed the need for flexibility and resilience. Nine Realms views these challenges as opportunities to invest in companies that can help businesses replan and adapt their supply chains quickly.
Their thesis emphasizes shifting the focus from mere cost optimization to a balanced approach that considers sustainability, lead time, and inventory management. This enables companies to remain competitive and agile, even in the face of unexpected market and regulatory changes.
2. Investment Strategy
Nine Realms follows a concentrated investment strategy, aiming to build a portfolio of about 15 companies over a four-to-five-year active investment period. The focus is on Series A deals, with a disciplined screening process that sifts through thousands of startups to identify those with strong potential.
The firm reserves roughly 40% of its capital for follow-on investments, actively supporting its portfolio companies through hands-on value creation. This strategy is designed not to chase one or two ultra-high (100X) exits but to secure a higher proportion of strong returns through trade sales and strategic partnerships.
3. Differentiation from Generalist VC Models
Nine Realms deliberately rejects the traditional power law model common in venture capital, as the supply chain space tends to deliver fewer 100X returns but also demonstrates a lower mortality rate. By focusing on a concentrated, specialized portfolio, the fund emphasizes quality over quantity in deal selection.
Their operator-led approach, driven by deep industry expertise, allows them to assess startups with an analytical rigor and industry-specific lens. This method fosters a collaborative team culture where all deals are collectively owned and supported, setting them apart from the “spray and pray” investment models.
4. Role of Corporate & Institutional Investors
Corporate and institutional investors are integral to Nine Realms’ strategy, providing capital and strategic insights. These partners help shape the fund’s thematic approach by sharing their current operational challenges and long-term priorities in the supply chain domain.
This close collaboration creates a two-sided value model: startups gain access to deep industry expertise and potential pilot projects with large corporates, while those benefit from early exposure to innovative solutions that can enhance their competitiveness and resilience.
5. AI & Robotics in Supply Chain
While AI and robotics are key trends in many sectors, Nine Realms treats them as enabling technologies rather than primary investment themes. The focus is on software-driven solutions that enhance efficiency, route optimization, and decision-making within the supply chain rather than on deep-tech hardware alone.
This approach acknowledges that many supply chain solutions already incorporate advanced AI for process improvements. The fund avoids overpaying for AI capabilities, instead favoring startups that integrate AI to add tangible value to existing supply chain operations.
6. Geopolitical & Macro Trends Impacting Supply Chains
The discussion highlights how global events—such as tariff shifts, trade wars, and regional conflicts—have forced companies to rethink their supply chain strategies. These disruptions underline the need for agility and a move away from cost-only optimizations toward more resilient operations.
Such macro trends have accelerated demand for solutions that allow companies to diversify sourcing and rapidly adapt to changing global conditions. Nine Realms positions its investments to help businesses navigate these uncertainties and capitalize on the evolving landscape of international trade.
7. The Future of European Supply Chain Tech
Despite being home to many major supply chain companies, Europe is significantly underfunded in the venture capital space for supply chain innovation. Nine Realms sees this as an opportunity to nurture globally competitive startups that can transform local expertise into world-class solutions.
The fund’s European overweight approach, combined with a transatlantic perspective, aims to bridge the gap between local clusters and global markets. By leveraging Europe’s strengths in sustainability and advanced industrial practices, Nine Realms seeks to drive long-term innovation and resilience in the supply chain sector.
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