In November 2022, Tech.eu reported that BackingMinds had raised its second €50 million fund, with plans to invest across the Nordics and a stronger focus on Denmark. The fund was fully subscribed within weeks, entirely by non-institutional investors. In 2021, 87% of Danish venture funding went to startups in Copenhagen, and 75% of Swedish funding to Stockholm. BackingMinds sees founders in cities like Aarhus, Odense and Malmö as an opportunity that traditional venture capital is missing. At the time, 95% of BackingMinds’ founders were women, immigrants or building companies outside the capital cities. Portfolio companies included Denjo, Brainstimulation, Combify and Skrym.