Stockholm Business Angels, STOAF

What Stockholm Business Angels, STOAF does

Stockholm Business Angels (STOAF, originally Stockholms Affärsänglar), operating through the management entity Stoaf III Venture Partners AB, is a Stockholm-based venture finance and competence group founded in mid-2008. It invests in early-stage, B2B deep-technology ventures across four defined areas — Life Sciences, Advanced Industrial Technologies, Advanced ICT, and Sustainable Energy Technologies — primarily in Sweden and the broader Nordic region. Its current flagship vehicle, Stoaf III SciTech, is structured as a Limited Partnership with a 10+2 year duration and a target fund size of 500 MSEK; it reached first closing in September 2019 and closed to new investors at the end of 2021. The firm has operated three angel fund generations and holds a EuVECA license (obtained December 2019) to operate as an Alternative Investment Fund under EU venture capital legislation.

STOAF's differentiated operating model combines an angel network's broad investment scope with a professional VC fund's tighter partnership and management. Its proprietary, research-based investment methodology — developed by co-founder Lennart Ohlsson from studies of high-yielding Silicon Valley VC funds and behavioral science on decision-making under uncertainty — comprises a step-wise selection process, four-step due diligence pairing area-experienced angels with General Partner assessment, and active venture management with exit optimization. The firm trains a network of Certified Business Angels (CBA) and Certified Investment Managers (CIM) who replace the junior partners of a classical VC fund and participate in deal generation, screening, and board-level venture management. This network generates deal flow of roughly 400–500 startup proposals annually.

The business model is that of a fund manager: capital is committed by Limited Partners (institutional investors, family offices, and business angels) and called over approximately seven years at a maximum of 20% per year, targeting a 25% IRR at a high-risk profile. Revenue derives from fund management fees and carried interest on successful exits (via trade sale, IPO, or M&A), with capital typically remaining in the fund for about six years. LPs are also offered co-investment rights to make direct investments alongside the fund. Three years into SciTech's five-year investment period, the fund had invested in 14 portfolio companies, including Limina (cloud-native investment management software), EmbeDL (AI/deep-learning optimization), Swegan (GaN-on-SiC materials), and various medtech and sustainable-technology ventures.

Name

Stockholm Business Angels, STOAF

Legal name

Stoaf III Venture Partners AB

Website

https://stoaf.se

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

STOAF is a Stockholm-based early-stage venture capital firm investing in B2B deep-technology startups across life sciences, industrial tech, ICT, and sustainable energy in the Nordic region, using a certified business angel network and a proprietary Silicon Valley-derived investment methodology.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Technology & Software Growth Equity (FSANACAA)

Keywords

• Venture capital funding
• Business angel network
• Deep tech investing
• Startup fund management
• Early stage investments

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Venture Capital Fund Management: Stoaf III SciTech is organized as a Limited Partnership. The fund raises capital from investors (LPs) who commit funds over multiple years. When exits are made via trade sells, dividends are paid out to investors. When stock listings are in progress, shares are distributed to investors. Capital invested tends to have average time in fund of about six years. Fund management generates carried interest on successful exits.
2. Co-investment Rights: All funds offer LPs the possibility to differentiate their portfolios' upside potential via co-investment rights, allowing direct investments alongside the fund in preferred investment areas or venture stages.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Stoaf III SciTech is a Limited Partnership venture capital fund (target 500 MSEK, 10+2 year duration) that invests first-round capital in early-stage B2B deep technology startups in the Nordic region. The fund sources 400–500 startup proposals annually through a network of Certified Business Angels, applies a proprietary step-wise selection methodology, and supports portfolio companies with active board participation, competence inputs, and exit optimization seminars until an expected 5–7 year exit window.

Product overview

STOAF is a venture finance and competence house powered by business angels, operating the Stoaf III SciTech Fund as its primary investment vehicle. The fund employs a research-based selection and venture management methodology to invest in early-stage B2B technology start-ups. STOAF's core offering consists of deal flow generation (~500 proposals annually), a four-step due diligence selection process, and active venture management with board participation. The fund focuses on four investment areas: Life Sciences, Advanced Industrial Technologies, Advanced ICT, and Sustainable Energy Technologies. The current portfolio of 14 companies includes technology ventures in cloud-native investment management (Limina), AI/deep learning optimization (EmbeDL), medical diagnostics, sustainable water technology, and advanced materials/nanotechnology.

Differentiator

Problem solved

Functional benefit

Brands

• Stoaf III SciTech: The third generation venture fund focused on B2B start-ups with advanced technologies and life sciences, organized as a Limited Partnership with 10+2 year duration and target size of 500 MSEK.

Products and services

• Stoaf III SciTech Fund Limited Partnership venture capital vehicle that invests first-round capital in early-stage B2B deep tech startups in the Nordics within Life Sciences, Advanced Industrial Technologies, Advanced ICT, and Sustainable Energy Technologies; offered to institutional investors, family offices, and business angels with a 10+2 year duration, max 20% annual drawdown over ~7 years, high-risk profile, and 25% target IRR (closed to new investors at end of 2021).
• Venture Management Services Active portfolio management service for Stoaf-funded startups including board participation, competence inputs from area-experienced angels and GPs, ongoing venture management seminars focused on upside value inflection points and exit optimization via IPO, trade sell, or M&A within a 5-7 year horizon.
• Deal Flow Generation and Step-wise Selection Process Research-based four-step due diligence and selection service that processes 400-500 startup proposals annually into a limited number of first-round investments per year, combining area-experienced business angels with professional GP assessment and step-wise decision-making grounded in Silicon Valley high-yielding fund research and behavioral science on decision-making under uncertainty.
• Certified Business Angel (CBA) Education and Certification Program Three-step mentor-led education and case training program for angels, with Step 2 leading to Certified Business Angel (CBA) certification and Step 3 leading to a Certified Investment Manager (CIM) diploma, taught by the General Partners to give all angels a common methodology language for deal generation, due diligence, and venture management.
• Stoaf Start I and Stoaf Start II Angel Funds Earlier-generation STOAF business angel funds (Stoaf Start I and Stoaf Start II) that ran the same angel-driven B2B early-stage investment model and on which the Stoaf III SciTech methodology was tested and refined.

Quantifiable outcome

• Fund reached capitalization in half a year at first closing, twice the capitalization of Stoaf II in less than quarter of the time
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature3 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/stoafse
• Facebookfacebook.com/stoafse
• LinkedInlinkedin.com/company/stockholms-aff-rs-nglar-ab

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments22 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stockholm Business Angels, STOAF