Frog Capital
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. 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.
Key facts
Recent exits
Coverage notes
2 funds tracked, 20 portfolio companies (10 active · 10 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
20 companiesFunds & portfolio
Every fund Frog Capital has raised, with its portfolio companies. Hand-checked from public filings.
Frog European Growth IIGrowth2019 · 7yr€150M5 active · 1 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| HealthTech |  Germany | 2021 | |
| Software |  UK | 2021 | |
| InsurTech | UK | 2021 | |
| PropTech |  Spain | 2022 | |
| HealthTech | UK | 2024 |
Germany· Entry 2021UK· Entry 2021UK· Entry 2021Spain· Entry 2022UK· Entry 2024Frog European Growth IGrowth2014 · 12yr€90M5 active · 9 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| PropTech | Germany | 2016 | |
| Fintech | UK | 2019 | |
| Business Services | UK | 2011 | |
| Mobility |  France | 2017 | |
| HR Tech |  Sweden | 2020 |
Germany· Entry 2016UK· Entry 2019UK· Entry 2011France· Entry 2017Sweden· Entry 2020Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Fintech | UK | 2015 | 2022 | Trade Sale | – | ||
| Fintech | UK | 2017 | 2018 | Trade Sale | – | ||
| SaaS | UK | 2014 | 2020 | Trade Sale | – | ||
| Data & Analytics | UK | 2009 | 2013 | Secondary | – | ||
| Gaming | UK | 2012 | 2019 | Trade Sale | |||
| Telecom | UK | 2020 | 2021 | Trade Sale | – | ||
| SaaS | Germany | 2019 | 2022 | Trade Sale | – | ||
| AdTech | UK | 2016 | 2020 | Trade Sale | – | ||
| EdTech | Germany | 2018 | 2021 | Trade Sale | – |
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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.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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United Kingdom·€11.7BGet the full picture on Frog Capital.
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