Ugly Duckling Ventures
Ugly Duckling Ventures is a Copenhagen-based, GP-only Nordic early-stage venture firm founded in 2021 that invests at pre-seed and early seed across three themes: medtech, resilience tech and business software. It runs two closed-end funds, Fund I (DKK 153M, final close 2023) and Fund II branded UDV The Nest Fund II (DKK 260M, final close May 2026 with EIFO as an LP), and is led by partners Andreas Green Rasmussen, Rune Hven-Jensen and Louise Lachmann. Note: the onboarding brief labeled the firm German, but the official site confirms it is Danish and headquartered in Copenhagen.
Ugly Duckling Ventures is a Copenhagen venture capital firm with 16 active companies and 1 exit.
Sector breakdown
17 companiesGeography breakdown
3 geographiesKey facts
Recent exits
Ugly Duckling Ventures sold Juristic to Board Intelligence in 2026 after 2 years.
Coverage notes
2 funds tracked, 17 portfolio companies (16 active · 1 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Ugly Duckling Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Fund IIHarvestingVC2023€35M8 assetsVC2023 · 3yr€35M8–
Unrealized
8 held| Company | Entry |
|---|---|
| Clock&Cloud Data & Analytics · Finland | 2025 |
| Cytely Biotech · Sweden | 2025 |
| FNS Fintech · Denmark | 2026 |
| P-Secure HR Tech · Denmark | 2025 |
| Palette AI/ML · Denmark | 2026 |
| Pentimenti SaaS · Denmark | 2025 |
| Unioo Fintech · Denmark | 2023 |
| Velatir AI/ML · Denmark | 2026 |
Fund IVC2021€21M8 assets1 exitsVC2021 · 5yr€21M81
Unrealized
8 heldRealized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Juristic LegalTech · Denmark | 2024 | 2026 | Trade Sale | Board Intelligence | – |
Frequently asked questions
- What investment strategy does Ugly Duckling Ventures focus on?
- Ugly Duckling Ventures focuses on VC strategies in the private equity space.
- How many portfolio companies does Ugly Duckling Ventures have?
- Ugly Duckling Ventures has 16 active portfolio companies and 1 completed exit and 2 funds tracked on GP Intel.
- Where is Ugly Duckling Ventures headquartered?
- Ugly Duckling Ventures is headquartered in Copenhagen, Denmark.
- When was Ugly Duckling Ventures founded?
- Ugly Duckling Ventures was founded in 2021.
- What sectors does Ugly Duckling Ventures invest in?
- Ugly Duckling Ventures invests across Software, Healthcare, Business Services, TMT.
- What are Ugly Duckling Ventures's recent exits?
- Recent realized exits by Ugly Duckling Ventures include: Juristic (2026) to Board Intelligence.
Similar firms
Other private equity firms tracked on GP Intel.
Denmark·€93.0B
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