Find the word definition


OnlyXO is an investment vehicle and startup incubator run by Danish serial entrepreneur Morten Lund, best known for his early stage role in Skype, ZYB, Bullguard, Maxthon and Polar Rose (facial recognition). Launched in 2013, it is the third such vehicle operated by the Dane, following Lundxy and LundKenner (the latter in partnership with then HelloWeb owner, advertising executive and musician Søren Kenner). OnlyXO marks Lund’s comeback from personal bankruptcy after his collapsed free newspaper venture Nyhedsavisen. Lund followed in the footsteps of his father, investor and engineer Niels Nielsen, who founded electronic components company Conelec AS, which he sold for €10 million to Deltron in 1997. At the age of 26, Lund had netted $3 million from the sale of web design agency Neo Ideo to US advertising giant Leo Burnett.

This was the beginning of Lund’s adventures as a business angel, a role he has described as “Santa Claus to entrepreneurs,” that would eventually lead to his involvement in the funding of 110 startups. In 2002 Lund followed Howard Hartenbaum and venture capitalist Tim Draper of Draper Fisher Jurvetson in acquiring a tiny stake in Voice over IP startup Skyper, later renamed Skype, because “the guys [founders Niklas Zennström and Janus Friis] were falling behind on their rent and they needed a little help.” That move later earned Lund around $30 million when the company was sold to eBay in September 2005.

In April 2007 it was rumoured that Google had purchased a stake in Jeff Chen's Chinese web browser Maxthon for approximately £1 million, following Lund and WI Harper’s seed investment in March 2005. Charles River Ventures injected $5 million in the company in March 2006. High profile exits include those of ZYB to Vodafone Europe BV in May 2008 for $50 million and Polar Rose to Apple in September 2010 for a mooted $22 million. The OnlyXO portfolio company Tradeshift raised $75 million from Scentan in March 2014, to enable expansion into the Far East. This deal values the e-invoicing platform at $300 million.