GRO Capital
GRO Capital is a Copenhagen-based private equity firm founded in 2014 by Lars Dybkjaer that invests in enterprise-grade B2B software companies across the Nordics, DACH, Benelux and the UK through majority and minority growth and buyout deals.
AUM
€1.2B
Funds
4
vintages 2015–2024
Portfolio
18
Exits
5
Key facts
Recent exits
Coverage notes
4 funds tracked, 23 portfolio companies (18 active · 5 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
23 companiesSaaS
7 · 30%
Software
5 · 22%
Cybersecurity
4 · 17%
Data & Analytics
3 · 13%
HealthTech
2 · 9%
AdTech
1 · 4%
IT Services
1 · 4%
Funds & portfolio
Every fund GRO Capital has raised, with its portfolio companies. Hand-checked from public filings.
4 funds
GRO Generation IGrowth2024 · 2yr€150M2 active
AustriaGRO Fund IIIBuyout2022 · 4yr€600M6 active
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Data & Analytics |  Netherlands | 2025 | |
| Software |  Switzerland | 2023 | |
| SaaS |  Norway | 2024 | |
| SaaS |  Sweden | 2022 | |
| SaaS | Sweden | 2023 | |
| SaaS | Sweden | 2023 |
GRO Fund IIBuyoutHarvesting2019 · 7yr€255M9 active
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AdTech |  Denmark | 2019 | |
| Cybersecurity | Sweden | 2021 | |
| Data & Analytics | Sweden | 2024 | |
| Software |  Germany | 2020 | |
| Software | Denmark | 2021 | |
| Cybersecurity | Denmark | 2018 | |
| Cybersecurity | Norway | 2021 | |
| SaaS | Denmark | 2020 | |
| Cybersecurity | Denmark | 2021 |
AdformActive
AdTechDenmark· Entry 2019
Denmark· Entry 2019CurityActive
CybersecuritySweden· Entry 2021
Sweden· Entry 2021DigitalRouteActive
Data & AnalyticsSweden· Entry 2024
Sweden· Entry 2024iPointActive
SoftwareGermany· Entry 2020
Germany· Entry 2020KeyShotActive
SoftwareDenmark· Entry 2021
Denmark· Entry 2021OmadaActive
CybersecurityDenmark· Entry 2018
Denmark· Entry 2018PromonActive
CybersecurityNorway· Entry 2021
Norway· Entry 2021Queue-itActive
SaaSDenmark· Entry 2020
Denmark· Entry 2020SecomeaActive
CybersecurityDenmark· Entry 2021
Denmark· Entry 2021GRO Fund IBuyoutRealized2015 · 11yr€135M1 active · 5 realized
Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| HealthTech | Denmark | 2016 | 2026 | Secondary | – | ||
| Software | Denmark | 2016 | 2020 | Secondary | – | ||
| Data & Analytics | Denmark | 2017 | 2025 | Trade Sale | – | ||
| SaaS | Denmark | 2015 | 2025 | Secondary | – | ||
| IT Services | Denmark | 2015 | 2021 | IPO | – | – |
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Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Lars Dybkjaer
Managing Partner
Ben Hopper
Partner, Investments
Christopher Ager
Partner, Investments
Johan Olsson
Partner, Investments
Lars Lunde
Partner, Investments
Maxwell Veyhe
Partner, Investments
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Geography breakdown across 7 geographies
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Last updated August 2026 · Sourced from public filings · Report an issue