Generalist · VC Firm

EQT Ventures

Generalist European VC inside listed EQT AB; quantum sits in Ted Persson's DeepTech practice. Led SEEQC's Series A in 2020 and followed on in the January 2025 round, its only quantum position to date.

Active Stockholm, SwedenFounded 2016

Investment thesis

Generalist European early-stage fund (EUR 1.1B Fund III, 2022) within EQT AB, the listed investment house managing EUR 269B as of March 2026; invests EUR 2-50M from late seed onward and typically leads.

Quantum is one bet inside Ted Persson's DeepTech practice (robotics, simulation, advanced AI, quantum), not a dedicated strategy: SEEQC is the only quantum position across all three funds since 2016.

Led SEEQC's $22.4M Series A in September 2020 (M Ventures, FAM, BlueYard; LG Technology Ventures joined in December 2020) and re-upped in the $30M January 2025 round led by NordicNinja and Booz Allen Ventures.

Data-driven sourcing culture (in-house AI team, formerly branded Motherbrain) plus the EQT platform: portfolio companies can graduate to EQT Growth and tap the group's PE and infrastructure relationships.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. One quantum deal in ten years across three funds: SEEQC is a single conviction bet inside a generalist portfolio, not evidence of a quantum practice
  2. Software and consumer DNA (Spotify, King, Booking alumni); hardware-heavy quantum roadmaps with decade-long capex sit outside the team's pattern-matching comfort zone
  3. In the 2025 SEEQC round EQT Ventures only followed; new-money leadership came from NordicNinja and Booz Allen Ventures, signalling pro-rata maintenance rather than doubling down
  4. Senior turnover around the frontier-tech bench: founding partner Hjalmar Winbladh left in 2020, and Greg Bernstein (SEEQC deal team) departed to found The New Industrial Corporation, leaving Persson as the sole quantum-literate partner
  5. No Fund IV as of mid-2026; the January 2026 plan to roll Fund I positions into a continuation vehicle points to liquidity management, and Fund III reserves are shared across AI, space and robotics bets competing with quantum follow-ons

Notable quantum portfolio

Full portfolio
SEEQC

Frequent co-investors

  • M Ventures (Merck KGaA)
  • LG Technology Ventures
  • NordicNinja
  • Booz Allen Ventures
  • SIP Capital
  • BlueYard Capital
  • FAM