What XO Foundation does

XO Foundation is a Swedish nonprofit scholarship foundation established in 2018 by Conni Jonsson, founder of the private equity firm EQT, in memory of Dr. Peter Wallenberg. The foundation awards scholarships to XtraOrdinary entrepreneurial talents across Sweden, targeting individuals over 16 years old with early-stage ideas and unconventional backgrounds, including applicants from Sweden's suburbs. Its primary product is the XO Stipendium (Scholarship Program), which supports both project-based entrepreneurship funding and international education not covered by CSN (Swedish student finance). Scholarship applications open annually from February to April, with jury presentations in May-June and an awards ceremony held each August in Stockholm.

The foundation's product surface is anchored by the XO Stipendium and extended through XO Academy, an alumni and mentorship program delivering education in business law (via Vinge), asset management, fundraising, and business development. Additional offerings include the XtraOrdinär Podcast hosted by America Vera-Zavala and Melody Farshin, an annual XO Gala in Stockholm, and three recognition awards (Initiative of the Year, Association of the Year, Changemaker of the Year) created in partnership with Bockasjö Capital. There is no proprietary technology stack; the foundation operates through a standard website, social media channels (Instagram, LinkedIn), and email newsletter.

XO Foundation is funded by donations rather than commercial revenue. Founding capital of 100 million SEK was contributed by Conni Jonsson (50 million SEK) and a close circle of friends and supporters including Claes Dahlbäck, John Hepburn, Göran Lundberg, Göran Ehrnrooth, Peter Wikström, and Jan Dinkelspiel. Annual scholarship disbursements total approximately 6 million SEK, with individual awards ranging from 450,000 to 500,000 SEK. The foundation is governed by a jury of prominent Swedish business leaders including Conni Jonsson (EQT), Peter Wallenberg Jr (Wallenberg Foundations), Claes Dahlbäck (Wallenberg Investments), Sara Wimmercranz and Susanne Najafi (BackingMinds), Hjalmar Didrikson (A&D), and Hillevi Pihlblad Rafidashti (Volvo Energy). Day-to-day operations are run by a small team of approximately five people led by Head of Operations Angelica Jonsson.

Name

XO Foundation

Legal name

XO Foundation

Website

https://xofoundation.org

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

XO Foundation is a Swedish nonprofit scholarship foundation established in 2018 that awards scholarships and mentorship to XtraOrdinary entrepreneurial talents across Sweden, supported by a jury of prominent Swedish business leaders.

Ownership category

akta.pro rank

Product category

Scholarship Foundation

NAICS

Grantmaking and Giving Services (81321), Educational Support Services (611710), Religious, Grantmaking, Civic, Professional, and Similar Organizations (813)

SIC

Services-Educational Services (8200)

akta.pro primary industry

Education Grantmaking Foundations (BPAGAKAK)

akta.pro secondary industry

Scholarship & Fellowship Foundations and Trusts (EDADAHAC)

Keywords

• Scholarship foundation
• Entrepreneurship grants
• Talent development
• Nonprofit funding
• Scholarship program

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Others, Personnel, Operations, Marketing or Sales

Revenue model

1. Donations and Foundation Capital: XO Foundation is funded through donations from founders and supporters. Conni Jonsson donated 50 million SEK, and additional 50 million SEK was raised from friends and supporters including John Hepburn, Göran Lundberg, Göran Ehrnrooth, Peter Wikström, and Jan Dinkelspiel. The foundation uses this capital to award scholarships to talented entrepreneurs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

XO Foundation is a nonprofit scholarship foundation that awards scholarships to XtraOrdinary talents across Sweden. The core offering, XO Stipendium, provides financial grants supporting two pathways: project-based entrepreneurship funding for individuals aged 16 and over with early-stage ideas, and international education funding for graduates pursuing business or entrepreneurship studies at foreign universities not covered by CSN. The scholarship program is complemented by XO Academy, an alumni mentorship initiative that delivers ongoing education in legal advisory, asset management, and business development through partnerships with leading Swedish firms and entrepreneurs.

Product overview

XO Foundation operates a single core offering: the XO Stipendium (Scholarship Program) which awards financial support to entrepreneurs and talents across Sweden. The foundation was established in 2018 and supports two types of scholarships - project-based entrepreneurship funding and international education funding. The scholarship program is complemented by XO Academy, which provides ongoing mentorship and educational support to alumni, and the XtraOrdinary Podcast, a media content series. The organization also hosts an annual XO Gala in Stockholm and offers special recognition awards in partnership with Bockasjö Capital. The entire ecosystem is supported by a high-profile jury of Swedish entrepreneurs and business leaders who evaluate applications and provide networking opportunities to recipients.

Differentiator

Problem solved

Functional benefit

Products and services

• XO Stipendium (Scholarship Program) A scholarship program that awards financial grants to XtraOrdinary talents across Sweden, supporting both entrepreneurial projects for individuals aged 16 and over and international education for graduates pursuing business or entrepreneurship studies at foreign universities not covered by CSN. Recipients gain access to XO's network, mentorship, and annual gala events.
• XO Academy

Quantifiable outcome

• Young tech talents receive SEK 6 million in total scholarships
• +2 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

Partnerships

Four partnerships are on record, tiered core and minor.

• VingecoreStrategic or Co-development Partner · 9 April 2026Vinge is the largest business law firm in the Nordics and part of XO Academy. They provide alumni with legal education and advisory services. Vinge contributes their business law expertise to early-stage entrepreneurs, helping create conditions for ideas to develop into viable companies. Scholarship recipients receive practical guidance in areas such as company structure, ownership matters, commercial agreements, and financing.
• Bockasjö CapitalminorOthersBockasjö Capital is an investor and supporter of XO Foundation. Together, they created three new awards: Initiative of the Year (Årets Initiativ), Association of the Year (Årets Förening), and Changemaker of the Year (Årets Eldsjäl). These awards celebrate individuals and organizations contributing to a better society. The scholarships were first awarded at the XO gala in Stockholm in 2025. Behind Bockasjö Capital is serial entrepreneur Joakim Hedin, founder and CEO.
• Göran EspelundcoreOthersGöran Espelund is one of the founders of Lannebo Fonder (year 2000) and previously served as CEO of Robur Asset Management. His extensive experience in asset management and leadership is shared with XO alumni through XO Academy, where they learn about professional growth, fundraising, and business development.
• Förortsentreprenörer (Suburban Entrepreneurs)minorOthersFörortsentreprenörer works to highlight and strengthen entrepreneurship in Sweden's suburbs. They share XO's belief that potential exists everywhere but opportunities do not. The partnership aims to create a more inclusive future where more people get the chance to spread their wings and realize their dreams. They inspire the next generation of entrepreneurs through role models, opportunities, and networks.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Wallenberg Foundations: The Wallenberg Foundations (Knut and Alice Wallenberg Foundation, Marcus and Amalia Wallenberg Foundation) are Sweden's largest private research and education funders. They are a direct jury reference for XO (Peter Wallenberg Jr, Claes Dahlbäck) and operate at vastly greater scale in education grantmaking.
• Vinnova (Sweden's Innovation Agency): Vinnova is Sweden's national innovation agency funding early-stage innovation and entrepreneurship. It is a broader incumbent in the Swedish entrepreneurship-funding space, operating at much larger scale and with institutional government backing versus XO's private foundation model.
• Almi (Sweden): Almi is the Swedish state-owned financing company providing loans and capital to early-stage Swedish entrepreneurs and SMEs. It is a broader incumbent in the same Swedish early-stage entrepreneur support market that XO targets, with significantly larger scale.

Direct peers

• Beckers Foundation: Beckers Foundation is a Swedish private foundation funding education, entrepreneurship, and innovation. As another Sweden-based private grantmaker targeting early-stage entrepreneurship and student scholarship recipients, it serves as a comparable peer for XO in scope and structure.
• Föortsentreprenörer (Suburban Entrepreneurs): Föortsentreprenörer is a Swedish nonprofit working to highlight entrepreneurship in Sweden's suburbs. XO has an active partnership with them, and both target the same niche: unconventional young Swedish entrepreneurial talent from underrepresented areas.
• BackingMinds: BackingMinds is a Swedish early-stage VC fund focused on backing unconventional founders. Sara Wimmercranz and Susanne Najafi (XO jury) are BackingMinds partners, and BackingMinds co-coined XO's name. Both target Swedish early-stage entrepreneurial talent, with BackingMinds providing capital and XO providing grants.
• Erling Persson Foundation: The Erling Persson Foundation is a major Swedish private foundation funding entrepreneurship, education, and research. It is directly comparable as a Sweden-based private grantmaking foundation supporting early-stage talent and education initiatives.
• Norrsken Foundation: Norrsken Foundation is a Sweden-based impact foundation and ecosystem builder funding social entrepreneurs across the Nordics and East Africa. Like XO, it operates an entrepreneur-support ecosystem (Norrsken House) and funds early-stage founders, but at broader geographic scale.

Regional players

• Sting (Stockholm): Sting is a Stockholm-based startup accelerator and talent funder supporting Nordic early-stage tech founders. It is comparable to XO in targeting Swedish/Nordic entrepreneurial talent and offering both capital and mentorship, though as an accelerator rather than scholarship foundation.
• Swedish American Life Sciences Summit (SALSS) / Sweden-America Foundation: The Sweden-America Foundation funds Swedish students pursuing education in the US, overlapping with XO's international education scholarship track (foreign business/entrepreneurship university funding not covered by CSN).

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/x-o-foundation
• Instagraminstagram.com/xo_foundation

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about XO Foundation