What investment strategy does Scale Capital focus on?

Scale Capital focuses on VC strategies in the private equity space.

How many portfolio companies does Scale Capital have?

Scale Capital has 26 active portfolio companies and 8 completed exits and 3 funds tracked on GP Intel.

Where is Scale Capital headquartered?

Scale Capital is headquartered in Copenhagen, Denmark.

When was Scale Capital founded?

Scale Capital was founded in 2012.

What sectors does Scale Capital invest in?

Scale Capital invests across Software, Industrials, Healthcare, Energy.

What are Scale Capital's recent exits?

Recent realized exits by Scale Capital include: Cylindo (2022) to Chaos, 9.0x; Calculo (2022) to Calculo Capital management (management buy-back), 1.2x; Actimo (2020) to Kahoot, 5.4x; UNSILO (2020) to Cactus Communications, 3.2x; Be My Eyes (2018) to Be My Eyes management, 1.1x; Puori (2018) to Juggernaut Capital Partners, 10.0x; Dynastrom (2017) to Roku, 4.4x.

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Scale Capital

Copenhagen, Denmark·Founded 2012·

Venture Capital

·scalecapital.com

Scale Capital is a Copenhagen-based venture capital firm founded in 2012 that invests EUR 1-4m at seed and Series A into Nordic and Northern European B2B technology startups across software, AI, cybersecurity, defence, energy and supply-chain, and helps them scale into the US market from offices in Copenhagen, Stockholm and Silicon Valley.

AUM

–

Funds

vintages 2011–2022

Portfolio

Exits

Scale Capital is a Copenhagen venture capital firm with 26 active companies and 8 exits.

SectorsSoftware Industrials Healthcare Energy

Key takeaways

·3 exits in the last 5 years · consistent DPI cadence.
·Average hold across 8 realized deals: 5 years.
·Best return: 10.0x MOIC on Puori (2018).
·Fund cadence: ~6Y between vintages · last raise 2022.

Sector breakdown

34 companies

SaaS

6 · 18%

ClimateTech

3 · 9%

HealthTech

3 · 9%

HR Tech

3 · 9%

Fintech

3 · 9%

Deep Tech

3 · 9%

Aerospace & Defence

2 · 6%

AI/ML

2 · 6%

Geography breakdown

7 geographies

Denmark

16 · 47%

Norway

6 · 18%

Germany

4 · 12%

Sweden

3 · 9%

2 · 6%

Finland

2 · 6%

San Francisco, California, US

1 · 3%

Key facts

HQCopenhagen, Denmark

Founded2012

Websitescalecapital.com

Recent exits

Scale Capital sold Cylindo to Chaos in 2022 after 3 years.

9.0x

Scale Capital sold Calculo to Calculo Capital management (management buy-back) in 2022 after 3 years.

1.2x

Scale Capital took Donkey Republic public in 2021 after 4 years.

1.0x

Scale Capital sold Actimo to Kahoot in 2020 after 9 years.

5.4x

Coverage notes

3 funds tracked, 34 portfolio companies (26 active · 8 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

3 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Scale Capital Fund III

VC202218 assets

2022 · 4yr

–

Unrealized

18 held

Company	Entry
7Analytics ClimateTech · Norway	2024
Alex Therapeutics HealthTech · Sweden	2022
All Gravy HR Tech · Denmark	2025
Alphin SaaS · Germany	2022
ARX Robotics Aerospace & Defence · Germany	2025
Blykalla ClimateTech · Sweden	2026
Bsure Cybersecurity · Norway	2025
CI HUB SaaS · Germany	2024
Denominator Data & Analytics · US	2024
Globus AI AI/ML · Norway	2022
Mazepay Fintech · Denmark	2022
MeetingPackage SaaS · Finland	2023
MQS Deep Tech · Denmark	2023
Players 1st SaaS · Denmark	2023
Six Robotics Aerospace & Defence · Norway	2026
Sonair Deep Tech · Norway	2025
Sparrow Quantum Deep Tech · Denmark	2025
Telescope ClimateTech · Norway	2025

Scale Capital Fund IIHarvesting

VC20197 assets1 exits

2019 · 7yr

–

Unrealized

7 held

Company	Entry
Collo Industrials · Finland	2021
DoctorPlan HealthTech · US	2019
Favro SaaS · Sweden	2021
Meo Fintech · Denmark	2020
Pleaz HR Tech · Denmark	2021
Quantica Industrials · Germany	2020
side PropTech · San Francisco, California, US	2021

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Cylindo SaaS · Denmark	2019	2022	Trade Sale	Chaos	9.0x

Scale Capital Fund IHarvesting

VC20111 assets7 exits

2011 · 15yr

–

Unrealized

1 held

Company	Entry
Airtame Software · Denmark	2015

Realized

7 exits

Company	Entry	Exit	Type	Buyer	MOIC
Actimo HR Tech · Denmark	2011	2020	Trade Sale	Kahoot	5.4x
Be My Eyes HealthTech · Denmark	2015	2018	MBO	Be My Eyes management	1.1x
Calculo Fintech · Denmark	2019	2022	MBO	Calculo Capital management (management buy-back)	1.2x
Donkey Republic Mobility · Denmark	2017	2021	IPO	–	1.0x
Dynastrom Consumer · Denmark	2014	2017	Trade Sale	Roku	4.4x
Puori Consumer · Denmark	2012	2018	Secondary	Juggernaut Capital Partners	10.0x
Unsilo AI/ML · Denmark	2013	2020	Trade Sale	Cactus Communications	3.2x

Frequently asked questions

What investment strategy does Scale Capital focus on?: Scale Capital focuses on VC strategies in the private equity space.
How many portfolio companies does Scale Capital have?: Scale Capital has 26 active portfolio companies and 8 completed exits and 3 funds tracked on GP Intel.
Where is Scale Capital headquartered?: Scale Capital is headquartered in Copenhagen, Denmark.
When was Scale Capital founded?: Scale Capital was founded in 2012.
What sectors does Scale Capital invest in?: Scale Capital invests across Software, Industrials, Healthcare, Energy.
What are Scale Capital's recent exits?: Recent realized exits by Scale Capital include: Cylindo (2022) to Chaos, 9.0x; Calculo (2022) to Calculo Capital management (management buy-back), 1.2x; Actimo (2020) to Kahoot, 5.4x; UNSILO (2020) to Cactus Communications, 3.2x; Be My Eyes (2018) to Be My Eyes management, 1.1x; Puori (2018) to Juggernaut Capital Partners, 10.0x; Dynastrom (2017) to Roku, 4.4x.