Investment strategy

We invest where we can actually make a difference.

Our sweet spot is early-stage Nordic B2B software and technology with real commercial traction. Early enough for our experience to matter. Proven enough for us to build conviction.

Geography: Nordics, with a strong focus on Denmark
Stage: Pre-seed / early seed
Business model: B2B software & technology
Traction: Post-revenue, with evidence of genuine commercial demand
Initial investment: Typically around €1m
Follow-on: Approximately 50% of the fund reserved for follow-ons
Portfolio model: Concentrated rather than spray-and-pray

Where we focus

Medtech

Clinical software, regulatory compliance and software solutions powering life sciences. Software and technology enabling healthcare, research and life sciences — not traditional pharmaceutical drug development.

Eupry (Fund I) · Cytely (Fund II)

Resilience Tech

Technology that helps companies and societies understand, manage and withstand risk: cybersecurity, AI governance, background screening, infrastructure and supply-chain resilience, risk and geopolitical intelligence.

Moxso (Fund I) · P-Secure (Fund II) · Velatir (Fund II)

Business Software

Software using AI, automation and new technology to fundamentally improve enterprise workflows and efficiency — from tender and procurement workflows to financial data infrastructure, sales technology and customer operations.

Pentimenti (Fund II) · FNS (Fund II)

The Ugly Duckling factor

What makes an Ugly Duckling?

UGLY is just future-hot in disguise.

Undervalued: Potential the market may not fully see yet.
Growth-oriented: The product, market and founders need the ambition and potential to build something significantly bigger.
Lean: We like founders who understand how to create momentum with limited resources.
Yielding potential: We invest to generate meaningful venture returns. There must be a credible path to building a strategically valuable company.

A single dark feather on a black background

Think your company fits? We read every deck that comes through the website.

Pitch us Meet all the Ducklings