XO Foundation was co-founded by BackingMinds founders Susanne Najafi and Sara Wimmercranz, together with EQT founder Conni Jonsson and former Investor CEO Claes Dahlbäck, in memory of Peter Wallenberg.

In June 2023, the foundation awarded SEK 3.25 million to eight young entrepreneurs from Sweden’s underserved suburbs at a ceremony at Hasselbacken in Stockholm. The idea behind it is the same one that drives BackingMinds: talent is everywhere, but access to capital and networks is not. In the photo, Susanne Najafi stands with one of the 2023 recipients, Lanna Ali from Hjällbo in Gothenburg, founder of the clothing brand Angered Apparel.