Scale Capital
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.
Key facts
Recent exits
Coverage notes
3 funds tracked, 33 portfolio companies (25 active · 8 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
33 companiesFunds & portfolio
Every fund Scale Capital has raised, with its portfolio companies. Hand-checked from public filings.
Scale Capital Fund IIIVC2022 · 4yr18 active
Unrealized
18 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ClimateTech |  Norway | 2024 | |
| HealthTech |  Sweden | 2022 | |
| HR Tech |  Denmark | 2025 | |
| SaaS |  Germany | 2022 | |
| Aerospace & Defence | Germany | 2025 | |
| Energy | Sweden | 2026 | |
| Cybersecurity | Norway | 2025 | |
| SaaS | Germany | 2024 | |
| Data & Analytics |  US | 2024 | |
| AI/ML | Norway | 2022 | |
| Fintech | Denmark | 2022 | |
| SaaS |  Finland | 2023 | |
| Deep Tech | Denmark | 2023 | |
| SaaS | Denmark | 2023 | |
| Aerospace & Defence | Norway | 2026 | |
| Deep Tech | Norway | 2025 | |
| Deep Tech | Denmark | 2025 | |
| ClimateTech | Norway | 2025 |
Norway· Entry 2024Sweden· Entry 2022Denmark· Entry 2025Germany· Entry 2022Germany· Entry 2025Sweden· Entry 2026Norway· Entry 2025Germany· Entry 2024US· Entry 2024Norway· Entry 2022Denmark· Entry 2022Finland· Entry 2023Denmark· Entry 2023Denmark· Entry 2023Norway· Entry 2026Norway· Entry 2025Denmark· Entry 2025Norway· Entry 2025Scale Capital Fund IIVCHarvesting2019 · 7yr6 active · 1 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Finland | 2021 | |
| HealthTech | US | 2019 | |
| SaaS | Sweden | 2021 | |
| Fintech | Denmark | 2020 | |
| HR Tech | Denmark | 2021 | |
| Industrials | Germany | 2020 |
Scale Capital Fund IVCHarvesting2011 · 15yr1 active · 7 realized
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| HR Tech | Denmark | 2011 | 2020 | Trade Sale | |||
| HealthTech | Denmark | 2015 | 2018 | MBO | |||
| Fintech | Denmark | 2019 | 2022 | MBO | |||
| Mobility | Denmark | 2017 | 2021 | IPO | – | ||
| Consumer | Denmark | 2014 | 2017 | Trade Sale | |||
| Consumer | Denmark | 2012 | 2018 | Secondary | |||
| AI/ML | Denmark | 2013 | 2020 | Trade Sale |
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Denmark·€93.0B
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Denmark·€107MDenmark·€80MDenmark·€5MDenmarkDenmark
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