Capital raising services in Denmark
Denmark has one of the deepest VC ecosystems in the Nordics relative to its size, with Copenhagen-based investors and a strong cross-border participation from Swedish, German, UK and US funds making Danish companies regularly competitive for international growth capital.
Trustpilot's London listing, Pleo's pan-European Series C, Lunar's Nordic expansion and Tradeshift's US-led growth rounds illustrate the range of paths Danish companies have taken to raise at scale - and the expectation that Danish founders will pitch and win in international processes.
Flow runs mid- to late-stage fundraises for Danish companies seeking growth capital on the best terms. Our process covers full investor preparation, pitch deck and financial model development, and end-to-end process management through close - with access to an extensive VC investor network across the Nordics, Europe and the US.
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VC rounds raised in the last 12 months in Denmark
$6.5M
Median VC valuation (across all stages) in Denmark
12x
Median VC revenue multiple (across all stages) in Denmark
$168M
Largest VC round raised in Denmark in the last 12 months
Raising venture capital in Denmark
Denmark has a deep VC market for its size, with Copenhagen anchoring the local scene. Heartcore, Maersk Growth, Byfounders, Sunstone, PreSeed Ventures and EIFO are the most active local investors, with strong cross-border participation from Nordic, European and US funds.
DVCA-aligned documentation
The Danish Venture Capital and Private Equity Association (DVCA) coordinates industry conventions. Most Danish venture rounds use DVCA-aligned documentation for Series A and beyond. Pre-seed and seed rounds often use simplified templates aligned with Nordic venture practice.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Denmark. SAFEs are used occasionally where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is standard. Danish ApS and A/S structures require board and shareholder resolutions plus Erhvervsstyrelsen filings for share issues.
EIFO co-investment
EIFO co-invests at seed and Series A alongside private VCs, with preference structures and information rights well-defined and routinely accommodated in round documents. Often the first institutional capital in Danish tech rounds.
FDI Screening Act
Denmark's Investment Screening Act (in force from September 2021) requires pre-completion notification for non-EU investors taking 10%+ stakes in Danish companies in sensitive sectors - defence, dual-use, AI, critical infrastructure, biotech. Adds notification time and conditions to scoped transactions.
Closing mechanics
Closings are typically same-day signing and funding with documents executed via DocuSign. Share issues and changes to articles require Erhvervsstyrelsen filings shortly after close. Denmark does not levy stamp duty on share issues or transfers.
Largest private tech companies in Denmark
Pleo valued at $4.7B is the largest still privately-owned company in Denmark.
See all large tech companies in Denmark| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Pleo | | Pleo is a Copenhagen-headquartered spend management platform founded in 2015 for European businesses. The app automates expense tracking, reporting, and approvals for teams, integrating with accounting software like Xero and QuickBooks. Available in multiple countries including the UK, Germany, and France, Pleo issues corporate cards and handles reimbursements for SMBs. | Dec-21 | $200M Series C | $4.7B | |
GN Hearing | | GN Hearing is a Danish manufacturer of hearing aids. | - | - | $2.7B | |
Lunar | | Lunar is a Copenhagen-headquartered digital bank founded in 2015 holding a full banking license. The mobile app delivers personal finance tools such as free accounts, payments, savings, loans, investments, and insurance to customers in Denmark, Sweden, and Norway. Operations extend from offices in Aarhus, Copenhagen, Stockholm, and Oslo. | Jan-26 | $55M | $2.5B | |
Flatpay | | - | Nov-25 | $168M Series D | $1.7B |
Startups who recently raised money in Denmark
Largest VC round raised recently in Denmark was a $75M Series C of ADCendo in April 2026.
See all VC rounds in Denmark| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | ADCendo | | ADCendo ApS is a Copenhagen-based biotechnology company that develops antibody-drug conjugates targeting novel proteins overexpressed in multiple cancer types with high unmet treatment needs. Its pipeline focuses on precision oncology therapeutics designed to address solid tumors through innovative ADC platforms. The company advances clinical-stage assets, including lead candidates in phase I trials for advanced solid malignancies. | BpifranceTPG+10 | $75M | - | Series C | |
Jan-26 | Lunar | | Lunar is a Copenhagen-headquartered digital bank founded in 2015 holding a full banking license. The mobile app delivers personal finance tools such as free accounts, payments, savings, loans, investments, and insurance to customers in Denmark, Sweden, and Norway. Operations extend from offices in Aarhus, Copenhagen, Stockholm, and Oslo. | 100AHeartland+1 | $55M | - | Undisclosed stage | |
Jan-26 | Bactolife | | Bactolife is a Swedish biotechnology company developing phage-based technologies to combat antimicrobial resistance by targeting bacterial virulence factors. Its Live Biotherapeutic Products reduce pathogen infectivity without killing commensal flora, applied in human and animal health sectors. The lead product, Bactolife VLP-1, disrupts E. coli adhesion in urinary tract infections. Headquartered in Lund, Bactolife collaborates with European hospitals and agribusinesses to deploy solutions in aquaculture and poultry production since its 2016 inception. | AthosCross-Border Impact Ventures+2 | $36M | - | Series B | |
Apr-26 | spektr | | Spektr is a compliance automation platform headquartered in Tel Aviv that streamlines KYC, AML, and risk monitoring for fintechs and banks. Launched in 2022, it uses machine learning to verify identities across 200 countries, integrating with payment gateways. Spektr serves 50 clients including neobanks, processing 10 million verifications monthly. | New Enterprise AssociatesNorthzone+2 | $20M | - | Series A | |
Nov-25 | Pie Systems | | Pie Systems is a Copenhagen-headquartered VAT refund platform founded in 2018 for duty-free shopping. Its app enables tourists to scan receipts, validate purchases digitally, and reclaim taxes contactlessly at airports via NFC or QR codes. Supporting Eurozone countries, Pie processes refunds for retailers and travelers, integrating with customs systems for instant approvals and bank transfers. | Builders VCContext Ventures+7 | $16M | - | Series A | |
Apr-26 | Performativ | | Performativ enables financial institutions to generate investor reports on portfolios, fees, and compliance via open banking integrations. The Dutch platform connects banks, custodians, and asset managers with AI-powered data aggregation for real-time views. Features support KYC/AML checks, regulatory filings, and automated rebalancing for boutique wealth managers. | Deutsche BörseExport and Investment Fund+3 | $14M | - | Series A | |
Mar-26 | Kvantify | | Kvantify is a quantum computing management software provider headquartered in Copenhagen, Denmark. Founded in 2022, the company develops platforms that orchestrate hybrid quantum-classical workflows for industries including life sciences, financial services, and logistics. Kvantify's solutions enable simulation of molecular structures, portfolio optimization, and supply chain modeling through cloud-accessible quantum resources. | Delphinus Venture CapitalEuropean Innovation Council Fund | $8.2M | - | Undisclosed stage | |
Mar-26 | Norlix | | Norlix runs a digital brokerage platform for insurance and pensions that applies AI to business data for advisory services. | Kristian JohansenMedley Capital+3 | $4.7M | - | Seed | |
Feb-26 | Cernel | | Cernel automates e-commerce content management with AI tools for product evaluation, composition, and on-site publishing. The platform streamlines workflows for online retailers. | Seed Capital | $4.7M | - | Seed | |
Feb-26 | Hemi Health | | Hemi Health runs a digital clinic for headache and migraine care in Denmark, offering app-based symptom tracking, personalized treatments, and video consultations. | Alliance VCCrowberry Capital+3 | $4.7M | - | Seed | |
Apr-26 | Flare | | Flare is an infrastructure provider linking real-world data to machine learning through verifiable methods. The platform merges human intelligence and AI to enhance information clarity and reliability. Flare aims to build a shared knowledge base for confident information navigation. | 20GrowthbyFounders+8 | $4.2M | - | Pre-seed | |
May-26 | ARYZE | | ARYZE is a digital cash issuer offering stablecoins fully backed by government-guaranteed assets. The platform eliminates credit, bank, and counterparty risks to promote financial inclusion and poverty reduction worldwide. Based in Gibraltar, ARYZE targets users seeking secure, stable digital currency alternatives. | - | $3.5M | - | Seed | |
Mar-26 | MedicQuant | | MedicQuant is a US medtech company developing point-of-care tests for direct oral anticoagulants from whole blood. Headquartered in San Diego, its DOAC chip and reader detect drug levels like apixaban and rivaroxaban in five minutes. Targeting emergency departments and clinics, the CE-marked system addresses bleeding risk management post-surgery. | Delphinus Venture CapitalExport and Investment Fund | $3.5M | - | Seed | |
Apr-26 | proprty.ai | | proprty.ai is a European PropTech company developing domain-specific AI for building maintenance and portfolio planning. The platform processes fragmented data into prioritized plans for owners and managers, aiding capital allocation, risk management, and CO₂ reduction efforts. proprty.ai serves municipalities, social housing, and investors in Denmark, Germany, Norway, and Switzerland. | Compounding CapitalNo Such Ventures+1 | $3.2M | - | Seed | |
Mar-26 | Apylon | | Apylon provides revenue management software for European healthcare providers. | byFounders | $2.4M | - | Pre-seed |
Top VCs and strategic investors in Denmark
Export and Investment Fund, Seed Capital, byFounders and Antler funded the most startups in Denmark in the last 12 months.
See all VCs in Denmark| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Export and Investment Fund | | Denmark's Export and Investment Fund operates as a government-backed financial institution providing loans, guarantees, and equity to Danish companies expanding internationally. EIFO focuses on export finance, green transitions, and high-risk markets in Africa, Asia, and Latin America. Headquartered in Copenhagen, the fund partners with commercial banks to support projects in renewable energy, infrastructure, and sustainable agriculture. | PerformativADCendoMedicQuant+2 | 54 | Seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | InterhumanOpero. ProChroniCare+2 | 26 | Pre-seed | |
Seed Capital | | Seed Capital is a Copenhagen-based venture fund investing 2-4 million euros in late-seed Danish tech companies with global reach. Portfolio includes Trustpilot, Vivino, Lunar, Templafy, Dixa, and Forecast. | NorlixCernelFlatpay+2 | 11 | Seed | |
PSV | | PSV is a Dutch venture house fostering impact-driven startups through its Foundry, Lab, Tech fund, and Hafnium fund. Amsterdam-headquartered, PSV supports founders in software, sustainability, and healthtech with hands-on building programs and capital. The hybrid model accelerates companies from ideation to scale, backing teams across Europe with expertise from over 100 prior investments. | ThiaxDreamdataInterhuman+2 | 11 | Pre-seed | |
Ugly Duckling Ventures | | Ugly Duckling Ventures is a venture capital firm investing in pre-seed and seed-stage startups across the Nordic countries. Focus areas include fintech, healthtech, and climate tech with deals in companies like Pleo and Pleo. The Copenhagen office provides hands-on support through talent networks and corporate partnerships. Active since 2019, the fund targets Scandinavia and Baltic founders. | Financial News SystemsVelatirMoxso+2 | 9 | Pre-seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ComplirParahelpAlice tech+2 | 9 | Pre-seed | |
byFounders | | byFounders is a Copenhagen-headersquartered early-stage venture capital fund targeting tech startups in the Nordics and Baltics. The fund, comprising serial entrepreneurs from companies like Unity and Pleo, invests $1-5 million in seed and Series A rounds across fintech, healthtech, and climate tech. Portfolio includes Trint, Voi Technology, and Dixa, with over 40 investments since 2016. byFounders manages €200 million across three funds and operates from offices in Tallinn and Helsinki. | FlareApylonSumary+2 | 8 | Pre-seed | |
Crowberry Capital | | Crowberry Capital is a venture capital firm headquartered in Helsinki that invests in seed and early-stage technology companies from the Nordics. The firm builds international businesses around proprietary tech advantages, supporting teams from inception through exits. With experience across 51 startups, 15 exits, and 17 seed deals, Crowberry Capital maintains a global perspective shaped by operations in eight countries on four continents. It emphasizes strong follow-on investments and rapid scaling. | Hemi HealthDreamdataScaleup Finance+2 | 7 | Seed | |
Dreamcraft Ventures | | Dreamcraft Ventures is a European venture capital firm investing in tech-driven startups from pre-seed to Series A stages. It provides engineering support to founder teams, focusing on deep operational engagements in software, hardware, and deep tech sectors across the continent. | Pie SystemsPredictiKvantify+2 | 7 | Seed | |
Nordic Makers | | Nordic Makers is a seed-stage venture capital firm founded by serial entrepreneurs from major Nordic tech exits. Headquartered in the Nordic region, it provides hands-on investment to ambitious early-stage companies, actively supporting scaling efforts. The firm draws on experience from building and exiting prominent technology businesses across Scandinavia. | AtechKIMEKvantify+1 | 3 | Pre-seed |
What if not VC? Non-equity funding in Denmark
Denmark's non-dilutive funding stack is one of the strongest in the Nordics for its size - Innovation Fund Denmark, EIFO and the R&D tax incentive give Danish startups multiple paths to extend runway without equity dilution.
Innovation Fund Denmark
Innovation Fund Denmark provides grants and investments - Innobooster for early-stage SMEs, Grand Solutions for large research projects, Innofounder for first-time founders. The primary Danish non-dilutive R&D and innovation funder.
EIFO equity and loans
EIFO is the consolidated Danish state investment fund. Provides equity at seed and Series A, growth lending, export guarantees and venture debt. Often the first institutional capital in Danish tech rounds and a recurring later-stage source.
Danish R&D tax incentive
Cash payment of up to ~22% of qualifying R&D-driven losses (capped at DKK 25M of underlying R&D spend per year). Effectively functions as a cash R&D credit for loss-making early-stage Danish tech companies.
Copenhagen angel ecosystem
Maersk, Novo Nordisk, Trustpilot, Pleo and Zendesk Copenhagen alumni anchor one of the densest angel scenes in Europe. Used as the primary pre-VC capital source for many Danish tech rounds.
EU funding access
Danish companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies that can wait the 6-12 month process.
Venture debt
HSBC Innovation Banking, Kreos Capital, Claret Capital Partners and EIFO are the main venture debt providers active in Denmark. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Denmark and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Denmark.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Denmark
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Denmark
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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