Nine Realms

Sune Stilling is the Managing Partner and leads investment decisions. The firm operates with a flat senior structure: Christy McCaig and Frederik Roikjer are listed as Partners alongside Stilling, supported by a group of Venture Partners who bring domain-specific supply-chain expertise rather than pure financial backgrounds.

Nine Realms sources through its partners' combined 100-plus years of supply-chain operating and investing networks, plus formal relationships with corporate partners in logistics, manufacturing, and retail. The firm's explicit focus on the product-market-fit stage — after early-stage specialists exit and before generalist growth funds can identify winners — gives it a sourcing window with less competition from mega-funds.

Nine Realms operates as a venture capital asset manager, not a family office. It raises external capital and deploys it across a portfolio of supply-chain technology companies, with a typical check size of €3–10 million from seed through Series B.

The firm invests from seed through Series B, with a stated focus on the product-market-fit stage. This is the window after early-stage specialists have tapped out and before generalist growth-equity investors can reliably discern outperformance signals — a deliberate positioning that shapes its entire sourcing and diligence process.

The firm does not publish an explicit exclusion list, but its mandate is tightly constrained to technologies that move, track, or decarbonize physical supply chains. Sectors outside its four stated focus areas — optimization, automation, sustainability, and B2B services — are effectively off strategy. Consumer internet, fintech, and general enterprise software without a supply-chain anchor fall outside the investment perimeter.

The entire fund is built around a single vertical: the $7 trillion global supply-chain market. Instead of hunting across software, fintech, or healthtech, Nine Realms concentrates on optimization software, robotics and drone-based automation, emissions transparency tools, and tech-enabled logistics services. This density of domain expertise is rare among European venture platforms, which typically spread across multiple technology themes.

No philanthropic vehicles, foundations, or adjacent social-impact structures are publicly disclosed. The firm's environmental thesis is embedded directly in its investment strategy — backing companies that reduce supply-chain emissions, waste, and harmful materials — rather than in a separate charitable vehicle.