Nordic founders.
Backed by active GPs.
Hi, we are Andreas, Rune & Louise.
Builders and business angels turned VCs.
We have a track record of building great companies and products, and get them ready for scale, fast. This experience combined with an active approach is our winning formula for the startups we back.
The Ducklings
Meet the ventures we're backing.
Eupry
Automated temperature compliance made for pharma
About UDV
At Ugly Duckling Ventures, we make capital, know-how, and real-world application available to Nordic ventures at the seed & pre-seed stage.
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Founder respectful.
We are into building relationships, value transparency, and we pride ourselves on always shooting straight.
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Active.
We are operational by nature and want to get in the grind as we excel at getting early-stage ventures ready for scale.
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GPs only.
Our portfolio founders are never handed off to junior account managers but are directly linked to our experienced partners.
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Network.
We have been active in the Danish startup community for more than a decade. Many of our investors are actively helping our portfolio startups.
Testimonials
Kanda
Virtual Reality training platform for industrial company learning
Investment strategy
Our fund focuses on early-stage B2B subscription startups across diverse industries, emphasizing those with strong commercial traction, existing recurring revenue, low churn, and the potential for significant market impact.
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Strong founders.
We look for outstanding founder teams with complementary skill sets. Being a strong founder doesn't mean you excel at everything, but it does mean that you know your strengths and weaknesses. Where do you shine and where do you need help?
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Smaller initial tickets - big follow ups.
Our structural setup allows us to invest early in promising founders, with the largest portion of our fund reserved for follow-on investments as they gain traction.
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Value beyond capital
With our experience and hands-on approach, we provide strategic guidance, mentorship, and access to a valuable network of industry contacts, which can significantly accelerate the growth of our portfolio companies. We have worked with B2B all our careers, this is what we know and can evaluate. We have extensive experience in B2B SaaS and can support companies with real traction.
Andreas Green Rasmussen
Partner
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Business operations, international expansion, M&A, management
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Founder at Challenge Copenhagen, acquired by Ironman in 2013
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Actively angel investing since 2014
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Founder & CEO at Nodes, a digital consultancy acquired by Japanese Monstarlab Inc. in 2017
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EMEA CEO at digital consultancy, Monstarlab Inc. for 4 years following the acquisition
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Co-founded Ugly Duckling Ventures in 2021
"UDV is more than an investor, it’s a partnership. We feel lucky to work closely with these like-minded, empathetic guys who have such immense amount of experience and strong skill sets.
They’ve helped intro to investors and talent, letting us take our business to the next level. Also proven to offer the perfect balance of supporting- and challenging us which has been super valuable.”
Frederik Rubens Stensgaard,
Co-founder & CEO
BeCause
Louise Lachmann
Partner
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B2B SaaS, GTM & international scale
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CEO & Co-founder Mono Solutions, B2B SaaS company serving large enterprise customers with business critical software catering to 500.000 SMEs across Europe and North America. Acquired by Bauer Media Group in 2019
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Chairman of The Danish Foundation for Entrepreneurship
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Board member at Eupry, Kanda & Juristic
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Ambassadeur for Angella Invest
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7 direct investments as an angel investor
"Finding an investor with integrity that we can trust has been key for Eupry’s success. UDV is a non-conventional VC - they add value through experience, candidness and passion! They are not afraid to get their hands dirty, and I really like that they are never more than a phone call or slack message away. They are not “VC drill sergeants” who may neglect your vision, your USPs, and obsess over every detail of your KPIs and balance sheet. Sure, those things rightfully do matter to them, but they care most about the core of the business, the product, the positioning, and ensuring the foundation and team is rock-solid for growth. They are hands-on working with the core of the business but not in an intrusive way, they give the founders the necessary respect and space to flourish.
I believe this is what makes UDV unique. They possess a wealth of company building experience, from leadership, scale, to product, but they carry a founder persona far more than they carry an investor persona - for a start-up founder this removes a lot of unnecessary pressure from the get-go. UDV has been instrumental in connecting us with the right people and facilitating the successful completion of our SEED round."
Christian Herschend Jacobsen,
Co-Founder & CEO
Eupry
BeCause
The first AI-powered hub making sustainability data management flow simpler, faster and cheaper than ever for travel
Rune Hven-Jensen
Partner
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B2B SaaS and E-commerce product development - vison and business strategy
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Founded Nodes office in London, UK in 2012. Nodes was acquired by Monstarlab Inc. in 2017
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Actively angel investing since 2016
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Senior & Director Product positions at B2B SaaS company Planday across three funding rounds and an exit to New Zealand–domiciled Xero in 2021
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Co-founded Ugly Duckling Ventures in 2021