# VEF

> VEF is a VC fund in Stockholm backing FinTech and Financial Services. See 53 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Stockholm, Sweden
- Total investments: 53
- Last investment: Sep 2023
- Lead investor: 51%
- Last updated: Aug 2026
- LinkedIn: https://bm.linkedin.com/company/vefvc
- Website: https://vef.vc

VEF is an investment company listed on Nasdaq First North Growth Market in Sweden under the ticker VEFL. We invest in growth stage private fintech companies across the emerging world. We take minority stakes and are active investors with board representation in each of our portfolio holdings. We respect the macro, but are firm believers that thesecular growth trend of EM fintech outweighs all the macro uncertainty and volatility that we and our portfolio companies will invariably live through. A digital financial world is the end game and the best companies always come out of pockets of macro and market turbulence in a stronger relative position.

## Contacts

5 contacts available for VEF. Shizune tracks 4 team members at VEF. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/vef?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $2.9M–$17M |
| Series B | $3.4M–$34M |
| Series C | $15M–$100M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| FinTech | 14 | 26% |
| Financial Services | 14 | 26% |
| Finance | 4 | 8% |
| Lending | 4 | 8% |
| Internet | 4 | 8% |

44 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 7 | 13% |
| Series B | 7 | 13% |
| Series C | 7 | 13% |
| Funding Round | 5 | 9% |
| Seed | 3 | 6% |

11 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Brazil | 8 | 15% |
| India | 3 | 6% |
| Pakistan | 3 | 6% |
| Mexico | 2 | 4% |
| Poland | 1 | 2% |

9 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Alexis Koumoudos | Investment Manager | 5 | https://shizune.co/investors/profile/alexis-koumoudos |
| David Nangle | Managing Partner, CEO | 21 | https://shizune.co/investors/profile/david-nangle |
| Elisabet Hulten | Deputy CFO | 0 | https://shizune.co/investors/profile/elisabet-hulten |
| Henrik Stenlund | CFO | 0 | https://shizune.co/investors/profile/henrik-stenlund |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Gringo | Gringo is a car app that helps in monitoring vehicle and driver's licenses, licensing vehicles and dividing fines into installments. | $27.1M | Series C | Sep 26, 2023 |  |
| Mahaana | Mahaana is Pakistan’s first digital wealth manager. They make sure your savings are invested in a diversified portfolio best suited for your goals. | $2.1M | Pre-Seed | Aug 23, 2022 |  |
| FinanZero | FinanZero is an online marketplace for consumer loans in Brazil. The business is an independent broker for loans, negotiating the customer’s loan application with several banks and credit institutions, to find the loan with the best interest rate and terms for the consumer. FinanZero handles the lending process from start to finish. FinanZero hasmore than 50 lending partners connected to its platform.The company was founded in 2015 and is based in São Paulo, Brazil. | $4M | Venture - Series Unknown | Jul 27, 2022 |  |
| Abhi | Abhi provides employees salary advances based on accrued wages. | $17M | Series A | Apr 19, 2022 |  |
| Solfácil | Solfácil purpose is to allow all people to invest in solar. We are the first solar investment platform in Brazil. We are a fintech with a innovative loan that allows consumers to switch their monthly cost with electricity into a great investment in a solar system. Consumers benefit from zero downpayment, up to 30% immediate savings, 20+ years offree electricity and ability to produce and consume clean energy. | $100.3M | Series C | Apr 11, 2022 |  |
| Gringo | Gringo is a car app that helps in monitoring vehicle and driver's licenses, licensing vehicles and dividing fines into installments. | $34.4M | Series B | Mar 17, 2022 |  |
| Gringo | Gringo is a car app that helps in monitoring vehicle and driver's licenses, licensing vehicles and dividing fines into installments. | $37.7M | Series B | Mar 17, 2022 |  |
| Creditas | Creditas is a financial technology company, operates a digital platform that offers secured consumer loans. It uses credit scoring systems and borrowers’ assets, such as homes and automobiles as collateral to offer loans. Sergio Furio founded BankFacil in 2012 that later became Creditas. It has its headquarters in São Paulo in Brazil. | $260M | Series F | Jan 25, 2022 |  |
| Abhi | Abhi provides employees salary advances based on accrued wages. | $17M | Seed | Dec 31, 2021 |  |
| Juspay | Juspay is a developer of an online platform designed to be used for mobile-based payments. The company's online platform is a SaaS layer on top of payment gateways to simplify integration, improve robustness and ease the management of diverse and rapidly evolving payment options, enabling users to make electronic transactions securely andefficiently. | $60M | Series C | Dec 15, 2021 |  |

10 of 53 investments shown.

## Co-investors
- [Kaszek](https://shizune.co/investors/profile/kaszek-ventures) — VC Fund, 10 deals together
- [International Finance Corporation](https://shizune.co/investors/profile/international-finance-corporation) — VC Fund, 7 deals together
- [QED Investors](https://shizune.co/investors/profile/qed-investors) — VC Fund, 7 deals together
- [Quona Capital](https://shizune.co/investors/profile/quona-capital-management) — VC Fund, 5 deals together
- [Revo Capital](https://shizune.co/investors/profile/revo-capital) — VC Fund, 5 deals together
- [SoftBank Vision Fund](https://shizune.co/investors/profile/softbank-vision-fund) — VC Fund, 5 deals together

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## FAQ

### What does VEF invest in?

VEF invests primarily in FinTech, Financial Services and Finance startups, most often at Series A and Series B stage. Most of the 53 investments tracked by Shizune back companies in Brazil. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is VEF's check size?

VEF typically joins rounds of $2.9M–$17M at Series A, $3.4M–$34M at Series B and $15M–$100M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds VEF participates in.

### How do I contact VEF?

Public channels for VEF include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at VEF?

The team at VEF includes Alexis Koumoudos (Investment Manager), David Nangle (Managing Partner, CEO) and Elisabet Hulten (Deputy CFO). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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