Kremena Toshev

Principal

My background spans entrepreneurship, business development, and early-stage investing within the Nordic startup ecosystem. It shapes how I approach venture capital: as a long-term partnership where capital, structure, and conviction must align. At Spintop, I lead our work in Norway while investing across the Nordics.

Before joining Spintop, I invested across two fund vintages at SNÖ Ventures, backing Nordic technology companies from first institutional capital through international scaling. I partnered with teams such as Portal One, Nordic Air Defence, SkyMavis, Aris Machina and Take Take Take, and was part of building SNÖ into an established Nordic platform with an international LP base. I also shaped the firm’s investment focus across developer tools, space and frontier technologies, defence, industrial software, and entertainment — combining a generalist lens with a global outlook.

I focus on companies at critical inflection points: when product-market fit must translate into durable growth, when capital strategy defines optionality, or when conviction is required in the face of uncertainty. The strongest venture outcomes come from disciplined preparation, clear decision-making, and the willingness to lead when complexity is high.

Earlier in my career, I worked on the investment team at Agera Venture and stepped into the role of interim CMO for portfolio company Sponz during a pivotal growth phase. I also held senior roles at Oslo Science Park’s managing company and built «Cutting Edge» into Norway’s largest science and technology conference between 2015 and 2019.

I began my career as an operator in a US-based biotech company, which sparked a lasting interest in technically ambitious businesses – a lens I bring to my investment work at Spintop as we build globally competitive technology companies from the Nordics.

Education: Master’s degree in Entrepreneurship and Innovation, attended the award-winning Norwegian Entrepreneurship Program and Rice University, TX, USA, and authored the first Nordic study on entrepreneurial learning within an incubator environment.

Languages: Norwegian, Bulgarian and English