Denmark's startup ecosystem is growing, with Copenhagen being the main hub for innovation. As of 2023, Denmark is home to around 1,500 startups. The Danish government supports entrepreneurship through initiatives like Innovation Fund Denmark and the Danish Growth Fund, which provide funding, resources, and mentorship for startups. In 2022, Danish startups raised approximately €1 billion in venture capital. These factors collectively highlight the dynamic and evolving nature of Denmark's startup landscape.
Size of the Market
As of 2023, Denmark's startup ecosystem includes around 1,500 startups. In 2022, these startups attracted approximately €1 billion in venture capital funding. This substantial investment underscores the ecosystem's growth potential and robust nature. The market's size and financial backing reflect its capacity to foster innovation and maintain a competitive edge within Europe and beyond.
Key Strengths
Denmark's startup ecosystem is characterized by several key strengths, including a highly educated workforce, a strong focus on sustainability, and a favorable business environment. The country excels in sectors such as fintech, healthtech, and cleantech. These strengths are bolstered by the Danish government's support and the presence of world-class universities and research institutions, positioning Denmark as a leader in the European startup scene.
Major Hubs
Copenhagen is the primary hub of Denmark’s startup ecosystem, known for its strengths in fintech, healthtech, and cleantech. The city attracts significant investments and has produced notable startups like Tradeshift and Too Good To Go. Copenhagen's dynamic ecosystem is instrumental in driving Denmark's economic growth and technological advancements.
Emerging Hubs
In addition to Copenhagen, emerging hubs like Aarhus and Odense are gaining prominence in Denmark’s startup ecosystem. Aarhus is known for its strengths in digital technology and agritech, while Odense is becoming a hub for robotics and industrial automation. These emerging hubs are expanding the reach and diversity of Denmark’s entrepreneurial landscape, offering new opportunities for innovation and growth.
Support Systems
Denmark’s startup ecosystem benefits from a strong network of incubators, accelerators, and co-working spaces that provide essential support and resources for entrepreneurs. Initiatives like Copenhagen FinTech and Startupbootcamp have significantly boosted the ecosystem by offering mentorship, resources, and international exposure. This supportive infrastructure is crucial for nurturing early-stage companies and fostering a collaborative entrepreneurial environment.
Challenges
Despite its strengths, the Danish startup ecosystem faces challenges such as high living costs and a relatively small domestic market. Navigating these hurdles can be time-consuming and complex for startups. Addressing these issues requires strategic efforts and supportive policies to sustain growth and competitiveness in the global market.
Opportunities and Future Outlook
Denmark has significant opportunities for growth in sectors like fintech, healthtech, and green technology. The country's strong focus on sustainability drives innovation in renewable energy and environmental technologies. Denmark's strategic location in Europe and strong trade relationships provide startups with opportunities for international expansion. With continued investment and innovation, the Danish startup ecosystem is poised for further growth, contributing significantly to the European and global markets.
Resilience and Adaptability
Denmark's startup ecosystem demonstrates remarkable resilience and adaptability. The country's commitment to innovation, coupled with strong government and institutional support, enables startups to navigate challenges and capitalize on opportunities. The diverse talent pool and high level of digitalization attract entrepreneurs and investors alike, ensuring sustained growth and success in the face of global economic shifts and market dynamics.
How to connect with Angel Investors in Denmark?
Top Angel Investors
Denmark's startup ecosystem is significantly supported by influential angel investors who provide crucial early-stage funding and mentorship. Prominent figures include Jesper Buch, founder of Just Eat, and Tommy Ahlers, former CEO of ZYB and a prominent tech investor. These investors typically contribute between €50,000 and €500,000 per deal, offering not only capital but also strategic guidance and industry expertise. Their involvement is vital for the growth and development of early-stage companies, helping them navigate initial challenges and scale effectively. Jesper Buch, for example, has been instrumental in fostering innovation across various tech sectors.
Leading Venture Capital Firms
Denmark's venture capital landscape is driven by leading firms that provide substantial investments into high-growth startups. Firms such as Seed Capital, Heartcore Capital, and Nordic Eye Venture Capital are at the forefront, funding sectors including technology, health, and fintech. Seed Capital, for instance, has a diverse portfolio that includes companies like Trustpilot and Vivino. These firms typically engage in Series A to Series C funding rounds, with investment sizes ranging from €1 million to €50 million, facilitating significant scaling opportunities for startups.
Investment Size and Scope
The size and scope of investments in Denmark's startup ecosystem vary, catering to different stages of business growth. Early-stage investments, often provided by angel investors, range from €50,000 to €2 million. For growth-stage companies, venture capital firms offer larger funding rounds, typically between €5 million and €50 million. The scope of these investments spans various sectors, including AI, biotechnology, fintech, and cleantech, reflecting the diverse and dynamic nature of Denmark's entrepreneurial landscape.
Number of Investments
Denmark's venture capital and angel investment activity are robust, with a significant number of deals annually. In 2022, over 150 venture capital deals were recorded, amounting to approximately €1 billion in investments. This high level of activity underscores the vibrancy of the Danish startup ecosystem, with both angel investors and venture capital firms actively seeking out and funding promising startups across a broad spectrum of industries.
Future Outlook of the Investment Market
The future outlook for Denmark's investment market is highly optimistic. With a continued emphasis on innovation and technology, sectors such as AI, biotechnology, and clean technology are expected to drive substantial growth. Government support through initiatives like Innovation Fund Denmark further bolsters the ecosystem. As global interest in sustainable and innovative solutions increases, Denmark's startups are well-positioned to attract significant international investments, fostering an environment ripe for continued expansion and success.
Support and Mentorship
Support and mentorship are critical components of Denmark's startup ecosystem. Angel investors and venture capitalists often provide more than just financial backing; they offer strategic advice, industry connections, and operational support. Programs like Copenhagen FinTech and Startupbootcamp enhance this support, offering structured mentorship, resources, and access to capital. This comprehensive support system helps startups navigate early challenges and scale effectively.
Government and Institutional Support
The Danish government and various institutions play a pivotal role in nurturing the startup ecosystem. Initiatives such as Innovation Fund Denmark and the Danish Growth Fund provide substantial financial support and incentives. Additionally, organizations like Copenhagen Capacity offer grants, loans, and advisory services. This extensive support infrastructure is vital for fostering innovation, reducing financial barriers, and promoting sustainable growth within the startup community.
Conclusion
Denmark's startup ecosystem is bolstered by top angel investors, leading venture capital firms, and extensive support systems. With a diverse range of investment sizes and scopes, the market is poised for significant growth. The future outlook remains positive, driven by innovation, government support, and a collaborative environment. As Denmark continues to attract global investments and foster entrepreneurial talent, it stands to become a key player in the global startup landscape, contributing to advancements across various high-growth sectors.
Case Studies: Successful Funding Rounds with Angel Investors on Angels Partners
Yacine Ghalim serves as Principal at Sunstone Technology Ventures. He joined Sunstone in 2013 from Goldman Sachs, where he was an analyst in the firm's London office. At Goldman, he was focusing on investments in European listed companies across multiple industries, including Technology. He was born in Brussels and has lived in Belgium, Morocco, France, Switzerland, Italy, the UK, and Denmark. He holds an MSc in Management from HEC Paris, and an MSc in Finance from Bocconi University in Milan.
Daniel Waterhouse
Investing in Software (Web Marketplace Saas..) &b...
London - New York City, U.K. - Germany - Sweden - Denmark
Previous Investments
• Grasp:
$4000000 (Seed)
• Sylvera:
$57000000 (Series B)
• Unaric:
$10000000 (Seed)
• Uncommon:
$24000000 (Series A)
• Attio:
$24000000 (Series A)
• Attio:
$8000000 (Seed)
• Delli:
$7000000 (Series Unknown)
• Simple Feast:
$45000000 (Series Unknown)
• Simple Feast:
$33000000 (Series B)
• Simple Feast:
$12000000 (Series A)
• LoveCrafts:
$22000000 (Series Unknown)
• LoveCrafts:
$33000000 (Series C)
• LoveCrafts:
$20000000 (Series B)
• LoveCrafts:
(Series A)
• vivenu:
$15000000 (Series A)
• Kama:
$3000000 (Seed)
• Kbox Global:
$16000000 (Series Unknown)
• Infarm:
$100000000 (Series B)
• Infarm:
$25000000 (Series A)
• Workable:
$50000000 (Series C)
• Workable:
$27000000 (Series B)
• Thread:
$22000000 (Series B)
• Thread:
$6000000 (Series Unknown)
• Thread:
$7000000 (Series A)
• Mapfit:
$6000000 (Seed)
• Frontier Car Group:
$17000000 (Debt Financing)
• Frontier Car Group:
$41000000 (Series B)
• Frontier Car Group:
$22000000 (Series A)
• Instabridge:
$3000000 (Series Unknown)
• Instabridge:
$1000000 (Series Unknown)
• Instabridge:
$3000000 (Series A)
• TrademarkNow:
$4000000 (Series B)
• TrademarkNow:
$4000000 (Series A)
• Furhat Robotics:
$3000000 (Seed)
• Revolut:
$66000000 (Series B)
• Revolut:
(Series A)
• Revolut:
$5000000 (Seed)
• Revolut:
$2000000 (Seed)
• Turbine:
(Angel)
• ROLI:
$27000000 (Series B)
• ROLI:
$4000000 (Series A)
• ROLI:
$13000000 (Series A)
• Klarismo:
$250000 (Seed)
• Tictail:
$22000000 (Series B)
• Tictail:
$8000000 (Series A)
• Tictail:
$2000000 (Seed)
• YPlan:
$24000000 (Series B)
• YPlan:
$12000000 (Series A)
• YPlan:
$2000000 (Seed)
• Tech.eu:
$210000 (Seed)
• Top10:
$8000000 (Series B)
• Top10:
$900000 (Series A)
• SumAll:
$4000000 (Series A)
• SumAll:
$6000000 (Series A)
• SumAll:
$2000000 (Series Unknown)
• Wool and the Gang:
$3000000 (Seed)
• EyeEm:
$6000000 (Series A)
• EyeEm:
(Seed)
• FREE NOW:
$31000000 (Series B)
• FREE NOW:
$17000000 (Series A)
• FREE NOW:
$3000000 (Seed)
• Zopa:
(Series D)
• Bookatable:
$24000000 (Series Unknown)
• Bookatable:
$10000000 (Series Unknown)
• Bookatable:
$16000000 (Series Unknown)
• Qype:
$11000000 (Series A)
Daniel Waterhouse
London - New York City, U.K. - Germany - Sweden - Denmark
An experienced investor and strategic operator in technology companies having spent 6 years in Yahoo!s strategy and M&A team and working in the venture capial industry since the beginning of 2006. I've been privileged to be involved in investments in Top10, ROLI, TrademarkNow, Tictail, Lovecrafts, Thread, Spotify, YPlan, Hailo, Qype (sold to Yelp), Livebookings, Artfinder, Eyeem, BonusBox, Readmill (sold to Dropbox), HowDo, SumAll, Zopa and many more!
Specialties: venture capital (VC), private equity, corporate development (corp dev), mergers & acquisitions, private equity, strategy development, operational improvement, financial management, corporate finance, financial planning, financial modelling, financial control, due diligence, competitive analysis, market analysis
Tony Corbin
Investing in Software (Web Marketplace Saas..) &b...
Menlo Park , San Fran..., U.S.A. - Israel - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icelan
Previous Investments
• Vayyar Imaging:
$109000000 (Later stage VC)
• VDOO:
$57000000 (Later stage VC)
• Cloudleaf:
$26000000 (Later stage VC)
• Fakespot:
(Series A)
• Fakespot:
$4000000 (Series A)
• Sumatra:
$2000000 (Seed)
• MRGN:
(Pre Seed)
• MRGN:
(Pre-Seed)
• Ash Wellness:
$3000000 (Seed)
• Ash Wellness:
(Seed+)
• AppliedXL:
$4000000 (Seed)
• AssetDash:
(Pre Seed)
• Tabula:
$3000000 (Pre Seed)
• Naya:
$6000000 (Seed)
• Thorium Data:
$100000 (Pre Seed)
• OpenAxis:
$2000000 (Pre Seed)
• CACTIVATE:
(Pre Seed)
• Grin Gaming:
(Seed)
• Grin Gaming:
(Seed)
• Docket:
(Seed)
• Ask Vera:
(Seed)
• UrsaLeo:
(Seed+)
• Cactivate:
(Pre-Seed)
• Clearforce:
(Seed)
• Paragon Intel:
(Seed+)
• Intrro:
(Seed)
• Bazze:
(Pre-Seed)
• Asset Dash:
(Pre-Seed)
• Finicast:
$13000000 (Seed)
• Very Good Ventures:
$3000000 (Series A)
• Very Good Ventures:
$3000000 (Series A)
• Prellis Biologics:
$35000000 (Series C)
• Prellis Biologics:
$15000000 (Series B)
• Biomason:
$65000000 (Series C)
• Home Delivery Service (HDS Global):
$5000000 (Series Unknown)
• Rizzle:
$17000000 (Convertible Note)
• EnTribe:
$3000000 (Seed)
• Atonarp:
$50000000 (Series D)
• Atonarp:
$2000000 (Series B)
• Atonarp:
$4000000 (Series A)
• Boom Supersonic:
$50000000 (Series C)
• Extend:
$16000000 (Series A)
• Quartic.ai:
$2000000 (Seed)
• Globality:
$27000000 (Series B)
• Globality:
$10000000 (Series A)
• BangDB:
(Seed)
• Reaction:
$10000000 (Series A)
• Reaction:
$2000000 (Seed)
• Shipster:
(Seed)
• H2O.ai:
$9000000 (Series A)
• Trove:
$5000000 (Series A)
• FUTR Corp.:
$5000000 (Seed)
• Yellowsmith:
$850000 (Seed)
• Printi:
$1000000 (Series A)
• GoPro:
$88000000 (Series A)
Tony Corbin
Menlo Park - San Francisco Bay Area, U.S.A. - Israel - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icelan
Riverwood Capital is a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood has offices in Menlo Park, CA and New York, NY and currently has more than 20 investments in North America, Latin America and Asia. The firm's current fund has $780 million of committed capital. The final fund close was in April 2011. Riverwood invests in mid-market technology and technology enabled products and services. The firm defines mid-market as approximately $100-$500 million in revenue for product companies, and approximately $25-$150 million in revenue for software and services. Riverwood occasionally invests outside these ranges. Riverwood invests on a global basis, having already invested in the U.S., Israel, Argentina, Chile, and Brazil. The firm's normal investment size ranges from $25-75 million.
Max Rimpel
Investing in Businesses Solutions
New York, U.S.A. - U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland,
Previous Investments
• Climax Foods:
$44017000000 (Later stage VC)
• Starburst Data:
$118000000 (Later stage VC)
• Fast (Application Software):
$102000000 (Later stage VC)
• Wealthfront:
$75000000 (Later stage VC)
• Duo Security:
$70000000 (Later stage VC)
• Kano Computing:
$28000000 (Later stage VC)
• Figma:
$25000000 (Later stage VC)
• Built Technologies, Inc.:
$21000000 (Early stage VC)
• Behavox:
$20000000 (Later stage VC)
• Less:
$19000000 (Early stage VC)
• Homebell:
$11000000 (Later stage VC)
• Scoop Technologies:
$10600000 (Early stage VC)
• Trouva:
$10000000 (Early stage VC)
• Spendesk:
$8000000 (Early stage VC)
• Gremlin Inc:
$7500000 (Early stage VC)
• Linear:
$4200000 (Early stage VC)
• Supersolid:
$4000000 (Early stage VC)
• Pitch Software:
• Taxfix:
(mid stage)
• arfa, Inc.:
(early stage)
• Personio:
(mid stage)
• ComplyAdvantage:
(mid stage)
• Typeform.com:
(late stage)
• Chalk:
$10000000 (Seed)
• Bandana:
$4000000 (Seed)
• ChannelEngine:
$50000000 (Series B)
• Enigma:
(Seed)
• cargo.one:
$42000000 (Series B)
• cargo.one:
$19000000 (Series A)
• Layer:
$5000000 (Seed)
Max Rimpel
New York, U.S.A. - U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland,
Investing In
Businesses Solutions
Description
Principal at Index Ventures
Principal at Index Ventures
Andris K. Berzins
Investing in Software (Web Marketplace Saas..) &b...
Backing ambitious Baltic founders from Estonia, Latvia and Lithuania, building global success stories.
Most Interested In
The best Baltic founders building global businesses.
Not Interested In
Any investments that don't have Baltic founders - sorry, but it is outside our investment scope.
Founders who don't have the "grit" (passion and perseverance) to build big, global, scalable businesses.
San Francisco California - Copenhagen Denmark, Iceland
Investing In
CleanTech • A.I. (& Big Data)
Description
Founder of Unity & Partner at NordicMakers.vc
David Helgason is a Co-Founder and serves as Board member at Unity Technologies. He is a Board Member at Teatime Games. He serves as Partner at Nordic Makers. He is a Board Member at Labster. He also serves as Board Member at Plain Vanilla Games. He also serves as an Advisory Board Member at Brunnur Ventures. Helgason also serves as Board Member at Promentum Equity Partners. Helgason is a technologist and founder of Unity Technologies, valued at DKK 10.1 billion in recent series C round (July 2016), non-executive director of several technology companies, and a restless entrepreneur with a passion for creating feedback loops between innovation and teams and products, applying new and old business models to changing industries, and pushing people to do the very best they can do. Helgason's background is in software, an assortment of university dabbling, creating companies and helping entrepreneurs. David has served as CEO of the platform company Unity Technologies since co-founding it in 2003 and until October 2014, with an unflinching vision to democratize game development, and to develop technology and business models for the next phase of the games industry. Unity is the largest global development platform for creating 2D, 3D, VR and AR games and experiences. In recent years Helgason has spoken at conferences as diverse as Quo Vadis, Asia America Multitechnology Association Interactive Summit keynote (2016), Slush, Slush Play, Pocket Gamer Helsinki, DICE Europe, Fast Growth Founders, Casual Connect Amsterdam, CPHFTW (2015), Association of Equipment Manufacturers' Conference, Israeli Games Conference, ARM Partner Conference, DICE (2014), Samsung Developer Conference keynote, GMGC Chengdu keynote, China Joy keynote (2013), Nordic Game keynotes (2010 and 2013), Game Horizon(2012), the Canadian Game Conference keynote (2012), Develop Evolve (2011), Qualcomm's Uplinq Conference keynote, Giga Om's Mobilize, GamesBeat(2010), CEDEC (2010 and 2011), more than 15 global Unite conference keynotes since 2007, an Apple WWDC guest keynote (2006), a bunch of industry panels, and a number of TV and radio and podcast appearances. He has a degree in Physics from Kobenhavns Universitet.
Marek Olszewski
Investing in Software (Web Marketplace Saas..) &b...
San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela
Previous Investments
• CodeFights:
$2500000 (Seed Round)
• Capsule Wallets:
(Seed)
• Remox:
(Pre Seed)
• Numoen:
$1000000 (Seed)
• CyberBox:
$150000 (Seed)
• impactMarket:
$2000000 (Seed)
• Paychant:
$400000 (Pre Seed)
• Ari Swap:
$700000 (Pre Seed)
• Payourse:
$600000 (Pre Seed)
• Coinprofile:
$600000 (Pre Seed)
• Netra:
$500000 (Convertible Note)
• CodeSignal:
$3000000 (Seed)
• Accion Systems:
$2000000 (Seed)
Marek Olszewski
San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela
Dr. Marek Olszewski is a Co-Founder of Celo. He is a Co-Founder and served as the Chief Technology Officer at Locu. Prior to Locu, Marek was a senior PhD candidate at MIT CSAIL. He is a Facebook Fellow and the recipient of the J. Edgar McAllister Fellowship. He has prior work experience at a number of technology companies including Google, Microsoft (Research) and Sun (Labs). He is also an angel investor.
Media • FinTech (& Financials services) • Retail (& E-Commerce) • Entertainment (& Sports) • A.I. (& Big Data) • Future Of Work • Mobility
Joo Monteiro
Investing in Software (Web Marketplace Saas..) &b...
Zurich , : Germany Fr..., U.S.A.
Previous Investments
• VonZu Tech:
(Angel Investment)
• Monese:
(Seed)
• EstateGuru:
(Angel)
• Bondora AS:
(Angel Round)
• Taxly.ch:
(Angel)
• Repositive:
(Angel)
• Hometouch:
(Seed)
• Eisbach Bio:
(Seed)
• TransactionLink:
$5000000 (Seed)
• Una Brands:
$30000000 (Series B)
• FINN:
$110000000 (Series B)
• FINN:
$24000000 (Series A)
Joo Monteiro
Zurich - : Germany France Italy Spain Poland Romania Netherlands Belgium Czech Republic Greece Portugal Sweden Hungary Austria Switzerland Denmark Finland Slovakia Norway Ireland Luxembourg M, U.S.A.
: Germany France Italy Spain Poland Romania Netherlands Belgium Czech Republic Greece Portugal Sweden Hungary Austria Switzerland Denmark Finland Slovakia Norway Ireland Luxembourg Malta Iceland Monaco, U.S.A.
Principal at Lunar Ventures - DeepTech VC Investor
Albert Lee
Investing in FinTech (& Financials services) &bul...
San Carlos California, U.S.A. - South Korea - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Previous Investments
• Profusa:
$45000000 (Later stage VC)
• Ongo (Software Development Applications):
$2550000 (Seed Round)
• Expo (Human Capital Services):
$2400000 (Seed Round)
• Sock Finance:
$2800000 (Seed Round)
• Revery:
$2000000 (Pre Seed Round)
• SwingVision:
$2500000 (Seed Round)
• Exer Labs:
$2000000 (Seed Round)
• Reflective:
$1300000 (Seed Round)
• Lex:
$1500000 (Pre Seed Round)
• Pepper:
$2000000 (Seed Round)
• Juked:
$800000 (Pre Seed Round)
• Tinkergarten:
$5400000 (Series A)
• Tinkergarten:
$1200000 (Seed Round)
Albert Lee
San Carlos California, U.S.A. - South Korea - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
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