What investment strategy does Northcap focus on?

Northcap focuses on VC strategies in the private equity space.

How many portfolio companies does Northcap have?

Northcap has 6 completed exits and 2 funds tracked on GP Intel.

Where is Northcap headquartered?

Northcap is headquartered in Copenhagen, Denmark.

What sectors does Northcap invest in?

Northcap invests across Software, TMT.

What are Northcap's recent exits?

Recent realized exits by Northcap include: Visiopharm (2026) to Grundium; Sekoia (2024) to KMD; GAN Integrity (2023) to Apax Partners; Falcon.io (2019) to Cision; Octoshape (2015) to Akamai Technologies.

Home/GPs/Northcap

DetailCard

Northcap

Copenhagen, Denmark·Founded 1999·

Venture Capital

·northcap.vc

Northcap is a Copenhagen-based venture capital firm founded in 1999 as Internet Ventures Scandinavia and renamed Northcap in 2006. It invests in seed, early-stage and growth-stage B2B software, SaaS and ICT companies across Denmark and Northern Europe, and has managed three closed-end funds since inception. Its most recent vehicle, NCP-IVS Fund III, closed at about EUR 70m in June 2012 with backing from Danish fund-of-funds programs. The firm is led by general partners Kim Wiencken and Thomas Weilby Knudsen, and its notable realizations include Octoshape (sold to Akamai), Falcon.io (sold to Cision), Linkfire (Nasdaq First North IPO) and Visiopharm (sold to Grundium). The firm now appears largely inactive, with its northcap.vc website suspended.

AUM

–

Funds

vintages 2009–2011

Portfolio

Exits

Northcap is a Copenhagen venture capital firm with 6 exits.

SectorsSoftware TMT

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 6 realized deals: 8 years.
·Top sector focus: SaaS (50% of portfolio).
·Fund cadence: ~2Y between vintages · last raise 2011.

Sector breakdown

6 companies

SaaS

3 · 50%

HealthTech

2 · 33%

Software

1 · 17%

Key facts

HQCopenhagen, Denmark

Founded1999

Websitenorthcap.vc

Recent exits

Northcap sold Visiopharm to Grundium in 2026 after 11 years.

Northcap sold Sekoia to KMD in 2024 after 9 years.

Northcap sold GAN Integrity to Apax Partners in 2023 after 6 years.

Northcap took Linkfire public in 2021 after 6 years.

Coverage notes

2 funds tracked, 6 portfolio companies (0 active · 6 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Northcap IIIRealized

VC2011€70M0 assets5 exits

2011 · 15yr

€70M

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Falcon.io SaaS · Denmark	2012	2019	Trade Sale	Cision	–
GAN Integrity SaaS · Denmark	2017	2023	Secondary	Apax Partners	–
Linkfire SaaS · Denmark	2015	2021	IPO	–	–
Sekoia HealthTech · Denmark	2015	2024	Trade Sale	KMD	–
Visiopharm HealthTech · Denmark	2015	2026	Trade Sale	Grundium	–

Northcap IIRealized

VC20090 assets1 exits

2009 · 17yr

–

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Octoshape Software · Denmark	2009	2015	Trade Sale	Akamai Technologies	–

Frequently asked questions

What investment strategy does Northcap focus on?: Northcap focuses on VC strategies in the private equity space.
How many portfolio companies does Northcap have?: Northcap has 6 completed exits and 2 funds tracked on GP Intel.
Where is Northcap headquartered?: Northcap is headquartered in Copenhagen, Denmark.
When was Northcap founded?: Northcap was founded in 1999.
What sectors does Northcap invest in?: Northcap invests across Software, TMT.
What are Northcap's recent exits?: Recent realized exits by Northcap include: Visiopharm (2026) to Grundium; Sekoia (2024) to KMD; GAN Integrity (2023) to Apax Partners; Falcon.io (2019) to Cision; Octoshape (2015) to Akamai Technologies.