Stage: All stages (seed, venture, growth)
Focus: Broad – across tech, life science, industrial, cleantech – Danish companies only.
Activity: EIFO is Denmark’s state investment arm, co-investing alongside private VCs. Has funded 5,400+ companies since inception. Operates both direct investment funds and guarantee/loan programs to de-risk financing.
Portfolio: Notable cases include Universal Robots (robotics, acquired), Advalight (medtech lasers), and Muuto (design, acquired by Knoll).
Ticket size: Typically DKK 0.5–20 million in direct VC deals (≈ €70k–€2.7M)
eifo.dk

Stage: Pre-Seed & Seed
Focus: Early-stage Danish tech – SaaS, fintech, health, gaming. Actively scouts at universities and among first-time founders.
Portfolio: Early backer of Trustpilot (consumer reviews, IPO), Vivino (wine app, $150M+ raised), Lunar (neobank, unicorn). Recent portfolio: Nøie (D2C skincare), Pento (HR fintech).
Ticket size: Initial cheques ~DKK 0.5M; rounds up to DKK 3.5–6M (≈ €470k–800k). Provides mentorship, syndicates with angels, and hosts accelerator-style programs.
preseedventures.dk

Stage: Seed & Series A
Focus: Denmark’s largest dedicated seed fund, backing scalable tech companies. Very hands-on approach with portfolio founders, providing recruitment, business development, and scaling support.
Portfolio: First investor in Trustpilot (IPO), Vivino (Series D), Lunar (unicorn), Templafy (SaaS, $200M raised), Endomondo (acquired by Under Armour), Tonsser (sports tech).
Ticket size: €2–4M initial investments. Has raised multiple funds with over €400M under management.
seedcapital.dk

Stage: Pre-Seed to Series A (selective follow-on to growth)
Focus: Originally consumer tech, now broader: SaaS, fintech, AI, climate, synthetic biology. Positions itself as Europe’s “consumer happiness” fund.
Portfolio: Neo4j (graph database unicorn), Tink (open banking, acquired by Visa), Boozt (e-commerce IPO), GetYourGuide (travel unicorn), Podimo (podcasting), TravelPerk (business travel).
Fund size: €800M AUM, latest fund €170M (2024).
heartcore.com

Stage: Pre-Seed & Seed (follow-on to Series A)
Focus: Pan-Nordic & Baltic, “impact-aware” thesis, supported by 70+ successful Nordic founders (“the Collective”) who mentor portfolio companies.
Portfolio: Corti (AI healthtech), Labster (VR edtech, $100M raised), SafetyWing (global insurtech), Uizard (AI design tools). Also invested in Templafy and Peergrade.
Ticket size: €200k–€7M (sweet spot €1.5M).
byfounders.vc

Stage: Series A & B
Focus: Life sciences & biotech. Evergreen structure backed by Lundbeck Foundation.
Portfolio: Veloxis (transplant drug, acquired), Snipr Biome (microbiome biotech), IO Biotech (NASDAQ IPO), Acacia Pharma.
Investment pace: €40–50M annually across ~4–6 new investments. Long-horizon investor with flexibility to back riskier biotech plays.
lundbeckfonden.com

Stage: Seed & Early Growth
Focus: ICT and SaaS, B2B platforms, cloud and communications. Specializes in helping companies internationalize.
Portfolio: Zendesk (IPO, $10B+ exit), EchoSign (acquired by Adobe), Octoshape (acquired by Akamai), Clio (education SaaS).
Fund size: €70M Fund III (2012). Focuses on revenues €1–25M.
northcap.vc

Stage: Early Growth (Seed–Series A)
Focus: Lifestyle & tech scaleups with global potential. Supports international scaling, especially into the US and Asia.
Portfolio: SOUNDBOKS (Copenhagen-based audio hardware), Unity (gaming engine, early stake), Wallbox (EV charging, IPO), Airhelp (legal tech).
nordiceye.com

Stage: Scale-ups (Series A/B)
Focus: Industrial tech, green transition, advanced manufacturing. Known for its “Value Creation Model” combining strategic advisory with capital.
Portfolio: Green Hydrogen Systems (IPO), Re-Match (turf recycling IPO), InfinityWaves (plastic recycling).
Fund size: ~DKK 2.1B AUM.
nordicalpha.com

Stage: Series A and up
Focus: Climate & urban tech – construction, mobility, energy, waste. Targets technologies that can scale to gigaton-level CO₂ impact.
Portfolio: Normative (carbon accounting, Sweden), Aeroseal (building efficiency, US), Leko Labs (sustainable materials).
Fund size: €268M Fund I (2021).
2150.vc

Stage: Seed & Series A
Focus: Nordic B2B tech scaling to U.S. Often supports companies with go-to-market and US entry.
Portfolio: Donkey Republic (bike-sharing, IPO), Cylindo (3D e-commerce visuals, acquired), Actimo (employee comms, acquired by Kahoot!), Siteimprove (web optimization, PE exit).
Ticket size: €1–4M.
scalecapital.com

Stage: Seed & Series A
Focus: Built environment & industrial tech (advanced materials, robotics, decarbonisation). Has corporate LPs from the construction and manufacturing sectors.
Portfolio: Prewave (AI for supply chain risk), Tynt (smart glass), NALA Biosciences (CO₂-based chemicals).
Fund size: €150M Fund II (2025). Typical tickets €1–5M.
kompas.vc

Stage: Growth Equity (Series B+)
Focus: B2B software in Nordics/DACH/Benelux. Works closely with management teams on strategy, M&A, and international expansion.
Portfolio: Omada (cybersecurity SaaS), Targit (BI software), Auditdata (audiology), Promon (mobile security).
Ticket size: €15–90M.
grocapital.dk

Stage: Pre-Seed & Seed
Focus: Deep tech, university spinouts. Emphasizes turning researchers into entrepreneurs.
Portfolio: Investments in early quantum tech, AI developer tools, robotics spinouts.
Ticket size: €100k–300k.
theaventures.fund

Stage: Pre-Seed to Series A
Focus: Tech-driven startups in Nordics/Europe; founder-friendly VC established by ex-Unity and Peakon entrepreneurs.
Portfolio: Wolt (food delivery, acquired by DoorDash), Labster (VR edtech), PortalOne (gaming/entertainment).
Fund size: €66M Fund II (2023).
dreamcraft.vc

One of the world’s largest life science investors (via Novo Seeds, Novo Ventures).
Focus: biotech, pharma, medtech across all stages.
Portfolio: Backed Novozymes, Ascendis Pharma, Evosep. Provides capital from incubation through IPO.
novoholdings.dk

Corporate VC arm of A.P. Moller–Maersk.
Focus: supply chain & logistics startups; mission to digitise, democratise, and decarbonise trade.
Portfolio: Forto (digital freight), Modifi (trade finance), Onomondo (IoT connectivity for shipping).
maersk.com/growth

Leading accelerator+VC hybrid, small tickets (€60–100k) plus 5-month programs. Provides structured mentoring and corporate pilots.
Alumni: Trustpilot, Labster, Templafy, Too Good To Go.
accelerace.io

Climate tech fund (tickets €1–5M).
Focus on decarbonisation, energy, and circular economy.
Portfolio: Aegir Insights, Fermify, Entocycle, Novatron Fusion.
climentum.com

Focuses on underrepresented founders and overlooked markets.
Portfolio: Djana (femtech), Clewat (cleantech).
unconventional.vc

Angel syndicate of top Nordic entrepreneurs (Unity, Zendesk, Just Eat founders). Pre-seed €100–300k tickets.
Portfolio: Realm (mobile DB, acquired by MongoDB), Cludo (search SaaS).
nordicmakers.vc

This is the corporate VC arm of the LEGO brand, investing in the “future of learning, creativity and play.” LEGO Ventures backs startups globally (at all stages) that align with the “learning through play” ethos – spanning edtech, gaming, robotics, and creative platforms.
Portfolio: Homer (kids learning app), Klang Games (virtual worlds), Monti Kids (early childhood education). Beyond capital, LEGO Ventures sometimes collaborates via its incubation studio to co-create new play experiences with entrepreneurs.
legoventures.com

Active pre-seed/seed investor in SaaS, health, and fintech. Provides early institutional support with emphasis on team-building and product-market fit.
Portfolio: Ageras (fintech SaaS), Clio (edtech), Penneo (regtech).
people.ventures

Public-private foundation supporting life sciences ventures. Provides grants, incubation, and seed funding for biotech, medtech, and healthtech startups. Runs incubator programs with office/lab space.
Portfolio: Backed Stipe Therapeutics, Hemab, Twelve Bio.
bioinnovationinstitute.com