We raise capital, run financial operations, and connect ambitious companies to the right investors — embedded as a true partner, not a distant advisor.
Whether you're raising a round, building out your finance function, or structuring an energy project — we embed alongside your team and stay until the work is done.
01
Capital Advisory
Technology · Nordic & European Markets
For pre-seed to Series A technology companies seeking access to Nordic and European capital markets — from financial strategy and investor materials to warm introductions and close.
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02
Fractional CFO
Finance Operations · Growth Stage
For growth-stage companies that need institutional-quality finance leadership without the full-time overhead. We own the function — or build and hand it over.
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03
Energy Finance
Renewable Energy · Africa & Europe
For renewable energy developers across sub-Saharan Africa and Europe. On-grid and off-grid experience, from early-stage modelling through DFI negotiations and close.
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Our approach
Not advisors. Partners.
We don't send reports from a distance. We sit inside the work — writing your models, building your materials, attending your meetings, and staying through close. First person plural. Shared stakes.
Embedded from day one
We become an extension of your team — not a consultant you brief once a week. Your milestones are our milestones.
Speed without compromise
High-growth companies can't afford slow advisory. We operate at the speed of the business, with institutional rigour built in.
Networks that open doors
Nordic and European tech and impact investors built over years — not cold introductions sent on your behalf.
Rigour at every stage
Institutional-quality models, materials, and strategy — from the first conversation to closing negotiations.
Where we work
Nordic roots, global reach.
Deep networks where it matters most — the technology ecosystems of Scandinavia and Northern Europe, and the energy markets of sub-Saharan Africa.
Technology & Capital Markets
Nordic & Europe
Our home ground. Deep relationships with leading Nordic and European technology investors — from pre-seed angels to growth equity funds. We understand what Scandinavian and pan-European investors look for, and how to position your company to meet those expectations.
SwedenDenmarkFinlandNorwayGermanyNetherlandsUK
Renewable Energy & Project Finance
Sub-Saharan Africa
Extensive experience financing on-grid and off-grid renewable energy projects across the continent's fastest-growing markets — including development finance institutions, impact investors, and commercial lenders active in the region.
KenyaTanzaniaUgandaNigeriaGhanaMozambique+More
Ready to work together? Let's start with a conversation.
Deep sector expertise combined with embedded execution — delivering the financial strategy, capital access, and operational rigour that high-growth companies and projects need.
01
Technology · Nordic & European Markets
Capital Advisory
Raising rounds from the right investors, at the right terms.
For
Pre-seed to Series A technology companies seeking access to Nordic and European capital markets — including companies outside the region looking to expand their investor base.
We work alongside founders and leadership teams to build investor-ready financial positions — from the story and materials through to introductions, term negotiations, and close. Our network includes leading Nordic and European technology investors at every stage, and we leverage those relationships on your behalf.
Unlike traditional advisors, we don't brief you and disappear. We draft the models, write the narrative, run the process, and are in every meeting that matters.
Institutional-quality finance leadership, without the full-time cost.
For
Growth-stage companies at the point where financial rigour matters — for investors, for the board, for scaling operations — but a full-time CFO isn't yet warranted.
We embed into your company as a senior finance partner — owning the financial planning, reporting, and strategy that boards and investors expect, while building the team and systems you'll need as you grow.
Where the scope demands it, we deploy our partner network to staff and manage an entire finance function — from bookkeeping and payroll through to financial control and treasury — on your behalf.
Structured capital for Africa's energy transition and beyond.
For
Renewable energy developers and project companies in sub-Saharan Africa and Europe seeking project finance, development capital, or growth equity — on-grid and off-grid.
We bring deep project finance experience to developers and sponsors navigating complex capital structures. From early-stage feasibility models to closing negotiations with development finance institutions and private capital, we support the full journey.
Our team has structured and closed transactions with DFIs, impact funds, commercial lenders, and equity investors active across sub-Saharan Africa — and understands the specific regulatory, currency, and offtake considerations that shape these deals.
WhiteSpot was founded on a simple premise: ambitious companies and projects deserve financial partners who do the work alongside them — not advisors who hand over a report and move on.
Philosophy
The name is the idea.
"A white spot is a moment of clarity in the noise — the precise point where insight meets opportunity."
That's the standard we hold ourselves to. Every engagement, every model, every recommendation should create genuine clarity: about where you stand, what the path forward looks like, and what it will take to execute it. We let results speak, and we stay until they do.
The team
Senior, hands-on, and sector-deep.
A lean, experienced team. No junior analysts delivering work on our behalf — when you engage WhiteSpot, you work directly with Carl.
Carl Westman
Founder & Managing Partner
Carl is a seasoned entrepreneur, business developer, and finance professional with extensive experience across Nordic technology markets and African renewable energy. He has co-founded and built companies across diverse industries, and has played a pivotal role in helping growth-stage businesses secure and deploy capital in the Nordic tech ecosystem.
Carl serves as CFO at ARC Power, a renewable energy company providing affordable, reliable solar electricity to rural communities across East and Southern Africa — where he leads financial operations, investor relations, and project financing across on-grid and off-grid portfolios. Prior to that, he was a Partner and Investment Manager at a Swedish investment company, where he oversaw a multi-billion SEK portfolio of high-growth start-ups and scale-up companies.
Prior to that Carl co-founded Swedish technology company Kivra and has been a private investor and occasional board member in several successful (and some not so successful) technology ventures.
Carl brings a rare combination of operational finance depth and capital markets expertise across two of the most dynamic sectors in global finance — Nordic technology and African clean energy.
Selected experience
CFO, ARC Power — off-grid and on-grid solar developer, East & Southern Africa
Partner & Investment Manager, Swedish investment company — multi-billion SEK portfolio of Nordic tech start-ups and scale-ups
Finance leadership, Fidesmo — Nordic fintech / wearable payments company
Co-founder, multiple companies across technology and consumer sectors
Every model, every recommendation, every deck should make things clearer — not demonstrate how much we know. We strip away what doesn't serve the outcome.
Partnership over process
We operate as an extension of your team. Your milestones are ours. Your fundraise is ours to close. We measure ourselves against outcomes, not deliverables.
Precision over speed
We move fast, but we don't cut corners on quality. The institutions and investors we work with hold work to a high standard — and so do we.
Honest counsel
If we think the valuation is wrong, the structure is sub-optimal, or the timing is off — we say so. We'd rather give hard advice than easy validation.
Nordic roots
Grounded in Scandinavian design principles — function, honesty, warmth. We build trust through consistency and track record, not marketing.
Long-term relationships
Most of our work comes through referral. That only happens when clients feel they got more than they expected. We play a long game, in every engagement.
