Nordic-based B2b software investor Monterro has held the first and final closing of two funds raising a combined €1.725bn in capital commitments – €1.375bn for its fifth flagship fund and a further €350m for its second lower mid-market fund (G2) at €350m.

Both funds were significantly oversubscribed and completed in under four months, marking Monterro’s fourth first-and-final close and bringing the firm’s total assets under management to €3.1bn. Investor appetite reflects Monterro’s strong track record of delivering market-leading returns.

Despite a challenging fundraising environment, Monterro achieved a 135% re-up rate from existing investors while also welcoming 26 new institutional LPs from Europe, Asia Pacific, US, Latin America. As with previous funds, Monterro remains the largest investor, committing more than 10% of the capital raised. A further 46 founders and C-suite executives from the Monterro ecosystem are also invested, underlining the firm’s partnership-driven approach.

The funds will continue Monterro’s strategy of scaling leading Nordic B2B software businesses, leveraging the team’s first-hand operational expertise – two-thirds of whom have built and led software businesses, including former C-suite executives. Monterro combines hands-on support, a deep network, and its “Scandinavian Software Park” in Vietnam, home to more than 150 engineers, to solve recurring challenges in software businesses. This is strengthened by Monterro’s in-house AI capabilities to position its portfolio companies at the forefront of innovation.

In 2025 alone, Monterro has signed six new platform investments, completed five add-on acquisitions, opened a new office in Helsinki, and expanded its team with 16 new hires, strengthening its coverage of the Nordic software opportunity.

Monterro was advised on the fundraise by Rede Partners and Andulf Advokat.

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