Riga- and Stockholm-based Outlast Fund has just closed a €21 million debut fund focused on early-stage startups across the Baltic and Nordic region. Their thesis is clear: back founders who aren’t chasing the latest flashy trends but building companies with staying power: solutions that will still matter ten years from now.
Unlike many venture funds chasing quick wins or the next shiny sector, Outlast is focused on the edges of the ecosystem: overlooked, underestimated founders with the persistence and obsession to solve real customer problems beyond short-term hype. They write the very first cheque, cutting pre-seed checks up to €250,000 and seed rounds up to €1.5 million.
“At Outlast Fund, we believe that the real breakthroughs happen at the edges. This fund is built for the outliers. Rather than competing in the crowded middle, the focus is on being the very first cheque, either assembling a syndicate around an overlooked gem or partnering early with founders chasing global scale,” said Marija Rucevska, Outlast Fund co-founding GP.
Operator-backed and founder-first
The fund’s leadership team brings deep operational and investment experience. Co-founders Rucevska (founder of Helve, TechChill), Kristaps Prūsis (serial entrepreneur and investor, founder of VNTRS), Egita Polanska (operator with TechStars and Startup Wise Guys experience), and Mikaela Pedersen (founder with a successful exit) have backed thousands of startups, shepherding many through accelerator programs and direct investments.
“Startups at pre-seed deserve more than capital; they deserve conviction, and partners ready to stand by them through seed and beyond. A first-check fund validates founders early, helps shape product and story, and opens doors to hires, customers, and future investors,” says Egita Polanska, Outlast Fund GP, who has supported hundreds of startups in the early stages, working with some of the world’s most renowned B2B accelerators.
The fund aims to bridge the best of Stockholm’s mature, experienced startup scene with Riga’s scrappy, high-growth ecosystem. “Having spent a decade as an investor collaborating with founders and startups in Stockholm’s venture ecosystem, I recognise a remarkable resemblance between Riga’s current landscape and the early days of the Stockholm scene,” says Prūsis.
Despite being sector agnostic, Outlast leverages its network to support startups focused on B2B SaaS, digital health, and fintech. Irangingunders range from seasoned serial entrepreneurs to first-timers with specialised deep domain knowledge, and are united by a focus on customer needs.
Putting capital behind conviction
Even before closing the fund, Outlast backed five startups across the region: Latvia’s biometric authentication platform Handwave, Convershake’s AI-powered SaaS for contact centres, Norway’s digital health startup MIA Health, Estonia’s construction marketplace Aggregate Markets, and Sweden’s reimbursable exercise prescription provider Vitala.
The fund’s backers include institutional LPs such as ALTUM and the European Regional Development Fund (ERAF), alongside family offices and high-profile operators including Printful CEO Davis Siksnans, Revolut’s Andrius Biceika, and the global crypto market maker Gravity Team.
Looking ahead, Outlast Fund aims to become a long-term partner for founders determined to outlast trends, helping turn the Baltics and Nordics into a powerhouse for durable global innovation.
