Rulebreaker Ventures

About Rulebreaker Ventures

Rulebreaker Ventures is a private investment family office and active pre-seed and seed-stage technology investor headquartered at Højbro Plads 10 in Copenhagen, Denmark. The firm is owned and operated by Gregers Kronborg, who serves as founder and CEO. Kronborg was previously General Partner at Northzone Ventures Denmark ApS from 2003 to 2016, where he led investments in Trustpilot and other Nordic technology successes. He continues to serve as a board observer of Trustpilot and is a board member of Active Owners (formerly the Danish Venture Capital Association) and DANBAN, the Danish Business Angel Network. Rulebreaker Ventures was established as the Kronborg post-Northzone investment vehicle following his 2016 exit from the institutional general partner role. Assets under management are not publicly disclosed, with the firm funded exclusively from the Kronborg personal balance sheet as a single-principal family office. Structurally there is one investment vehicle, with the firm participating in the Danish state-backed business-angel matching-loan programmes.

Investment thesis

Rulebreaker Ventures invests at pre-seed and seed stages in venture-scale technology startups, with a thesis bias toward founder-led international-scale-from-day-one business models that Kronborg describes as ambitious and rulebreaking entrepreneurs. Sector mandate spans broad technology including enterprise applications and SaaS, fintech, productivity software, design tools and online marketplaces, drawing on the Northzone era exposure to companies including Trustpilot, Spotify, Klarna, iZettle and Tobii. Geographic scope concentrates on Denmark, the Øresund region covering greater Copenhagen and Malmö, and the wider Nordics. Ticket sizes are not publicly disclosed but are estimated at approximately €50,000 to €500,000 per initial cheque with follow-on capacity through the principal balance sheet. The capital base is the Kronborg personal capital exclusively, with no external limited partner capital and no institutional fundraising cycle. Value creation centres on hands-on operator support from a veteran Nordic general partner including board roles, strategic introductions across the Danish and broader Nordic ecosystem and fundraising guidance into later rounds.

Recent activity

Active representative portfolio holdings include Moonfare in financial services covering private-equity digital platform, Tame in business and productivity software, Mesh Community in buildings and property covering proptech, Ocean.io in software covering B2B data and SafeOnline in software covering cybersecurity. Disclosed exits include November First in fintech (2024) and Mdundo in consumer internet covering music streaming (2020, IPO on Nasdaq First North Growth Market Copenhagen). Earlier historic exits attributable to the Northzone-era track (Trustpilot, Asetek public listing, Napatech public listing) are not booked as Rulebreaker direct exits. The platform continues active pre-seed and seed deployment from the Kronborg personal balance sheet across Nordic technology. Detailed buyer names and multiple data available on Pro at €49/month.