What investment strategy does Frog Capital focus on?

Frog Capital focuses on Growth, VC strategies in the private equity space.

How many portfolio companies does Frog Capital have?

Frog Capital has 11 active portfolio companies and 8 completed exits and 2 funds tracked on GP Intel.

Where is Frog Capital headquartered?

Frog Capital is headquartered in London, United Kingdom.

When was Frog Capital founded?

Frog Capital was founded in 2009.

What sectors does Frog Capital invest in?

Frog Capital invests across Software, TMT, Business Services, Consumer.

Home/GPs/Frog Capital

Frog Capital

London, United Kingdom·Founded 2009·

Growth Equity Venture Capital

·frogcapital.com

Frog Capital is a London-based growth equity and venture firm founded in 2009 by Mike Reid, specialising in European software scale-ups with revenues of EUR 3m-30m. Frog invests EUR 5m-20m per deal across digital infrastructure, smart data and enterprise software themes. The firm is authorised and regulated by the UK Financial Conduct Authority under firm reference number 509967 (registered as FROG CAPITAL LIMITED, Companies House number 06812490). Frog has invested in over 60 companies across two named LP funds and has achieved 16+ exits with a total transaction value exceeding EUR 1 billion in the last five years.

AUM

–

Funds

vintages 2014–2019

Portfolio

Exits

SectorsSoftwareTMTBusiness ServicesConsumer

Key facts

HQLondon, United Kingdom

Founded2009

Websitefrogcapital.com

Recent exits

Evotix

SaaS · 2023 · 3yr hold

Azimo

Fintech · 2022 · 7yr hold

Opensignal

Telecom · 2021 · 1yr hold

sofatutor

EdTech · 2021 · 3yr hold

Coverage notes

2 funds tracked, 19 portfolio companies (11 active · 8 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Frog Capital has raised, with its portfolio companies. Hand-checked from public filings.

2 funds

Frog European Growth IIGrowth

2019 · 7yr€150M5 active · 1 realized

Unrealized

5 held

Company	Sector	Geo	Entry
Caspar Health	HealthTech	Germany	2021
Clue Software	Software	UK	2021
Genasys	InsurTech	UK	2021
Housfy	PropTech	Spain	2022
Oxford Medical Simulation	HealthTech	UK	2024

Caspar HealthActive

HealthTechGermany· Entry 2021

Clue SoftwareActive

SoftwareUK· Entry 2021

GenasysActive

InsurTechUK· Entry 2021

HousfyActive

PropTechSpain· Entry 2022

Oxford Medical SimulationActive

HealthTechUK· Entry 2024

Realized

1 exit

Company	Sector	Geo	Entry	Exit	Type	Buyer	MOIC
Evotix	SaaS	UK	2020	2023	Trade Sale		–

EvotixExited 2023

SaaSUK· Entry 2020

Trade Saleto

Frog European Growth IGrowth

2014 · 12yr€90M6 active · 7 realized

Unrealized

6 held

Company	Sector	Geo	Entry
McMakler	PropTech	Germany	2016
Modulr	Fintech	UK	2019
Rated People	Business Services	UK	2011
Sellics	SaaS	Germany	2019
Vulog	Mobility	France	2017
Winningtemp	HR Tech	Sweden	2020

McMaklerActive

PropTechGermany· Entry 2016

ModulrActive

FintechUK· Entry 2019

Rated PeopleActive

Business ServicesUK· Entry 2011

SellicsActive

SaaSGermany· Entry 2019

VulogActive

MobilityFrance· Entry 2017

WinningtempActive

HR TechSweden· Entry 2020

Realized

7 exits

Company	Sector	Geo	Entry	Exit	Type	Buyer	MOIC
Azimo	Fintech	UK	2015	2022	Trade Sale		–
EDITED	SaaS	UK	2014	2020	Trade Sale		–
GB Group	Data & Analytics	UK	2009	2013	Secondary	–	–
Mediatonic	Gaming	UK	2012	2019	Trade Sale		–
Opensignal	Telecom	UK	2020	2021	Trade Sale		–
Skimlinks	AdTech	UK	2016	2020	Trade Sale		–
sofatutor	EdTech	Germany	2018	2021	Trade Sale		–

AzimoExited 2022

FintechUK· Entry 2015

Trade Saleto

EDITEDExited 2020

SaaSUK· Entry 2014

Trade Saleto

GB GroupExited 2013

Data & AnalyticsUK· Entry 2009

Secondary

MediatonicExited 2019

GamingUK· Entry 2012

Trade Saleto

OpensignalExited 2021

TelecomUK· Entry 2020

Trade Saleto

SkimlinksExited 2020

AdTechUK· Entry 2016

Trade Saleto

sofatutorExited 2021

EdTechGermany· Entry 2018

Trade Saleto

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About Frog Capital

Frog Capital is a UK scale-up stage growth capital specialist with approximately $100-150 million of deployed capital as of December 2024 (fund size disclosed ~$102 million per PitchBook), headquartered in London. The firm was founded in 2008 and operates as a partner-owned independent FCA-regulated VC. Frog has completed 9 exits in 5 years across the scale-up portfolio with the Scaling with Purpose thesis combining growth capital with comprehensive operating partner support.

Investment thesis

Frog Capital deploys capital through approximately three funds (legacy plus current scale-up vehicle), targeting scale-up stage growth capital for European software-enabled businesses with €3-30 million revenue companies requiring €5-20 million of growth equity. The proprietary Scale-Up Methodology operates across Execution, Planning and Sustainability pillars. Sector focus spans B2B SaaS, fintech and payments, healthtech, investigation and regtech software, proptech and health and safety software. Geographic deployment is European-focused with UK, Germany and Spain core markets.

Recent activity

Recent realised exits include health and safety software (Evotix, 2023, most recent disclosed). Recent acquisitions include healthtech and VR education (Oxford Medical Simulation, £9.97 million round, 2024), regtech (Clue Software, £3 million, 2024) and HR tech (The Org Series C, 2024). The platform continues active deployment across the European scale-up thesis. Detailed buyer names and multiple data available on Pro at €29/month.