Discover if this is a suitable investor for your startup. If they are we'll make a warm introduction for free. Otherwise, we'll connect you with matching investors.
Ugly Duckling Ventures (UDV) is a venture capital firm founded in 2021 and based in Denmark. The firm focuses on supporting Nordic ventures at the seed and pre-seed stages by providing capital, expertise, and practical applications. UDV has established itself as a key player in the Nordic startup ecosystem, emphasizing its commitment to early-stage investments.
The founding team consists of experienced builders and business angels with a proven track record of scaling companies. This background ensures that portfolio companies receive the necessary guidance to thrive in competitive markets. UDV currently manages a fund size of approximately $22 million and has built a portfolio of ten companies since its inception.
Located in Copenhagen, UDV is strategically positioned to tap into the growing Nordic startup scene. The firm has a strong focus on sectors such as Medtech, Resilience Tech, and Business Services software, aligning with Denmark's strengths in these areas. Notable milestones include the successful deployment of Fund I and the ongoing fundraising for Fund II, which targets a total of 18 investments.
Ugly Duckling Ventures invests primarily in early-stage Nordic B2B software and technology companies that demonstrate proven revenue traction and the potential for long-term growth. The firm emphasizes sectors such as Medtech, Resilience Tech, and Business Services software. UDV prefers to make initial investments ranging from $1 million to $5 million, reserving a significant portion of its fund for follow-on investments as companies gain traction.
UDV seeks strong founder teams with complementary skill sets, aiming to provide both capital and expertise to help these companies scale. The firm’s investment strategy is designed to support startups that are not only innovative but also have a clear path to market and revenue generation. This focus on proven traction allows UDV to mitigate risks while maximizing potential returns.
Ugly Duckling Ventures has built a diverse portfolio of ten notable companies across various sectors. The following are key portfolio companies:
This portfolio reflects UDV's commitment to investing in innovative B2B software solutions that address real-world challenges. The firm actively supports these companies with both capital and expertise, ensuring they are well-positioned for growth.
Andreas Green Rasmussen: Partner at Ugly Duckling Ventures, Andreas has a background from Copenhagen Business School and over 15 years of experience in the agency space before transitioning to venture capital. He has a strong network with over 5,000 LinkedIn followers and is known for his active involvement in portfolio companies.
Louise Lachmann: Partner at Ugly Duckling Ventures, Louise brings a wealth of experience in business development and investment strategy. Her expertise lies in identifying high-potential startups and supporting them through their growth phases.
To pitch Ugly Duckling Ventures, founders should submit their pitch decks through the firm's website. It is important to include detailed information about the business model, market opportunity, and team background. UDV values clarity and conciseness in presentations.
Response times may vary, but founders can expect feedback within a few weeks. Warm introductions are preferred, as they can enhance the chances of securing a meeting with the partners.
As of early 2026, Ugly Duckling Ventures is actively deploying Fund II, which targets a total of 18 investments. The firm has already completed 5 of these investments. Fund I closed at DKK 153 million (approximately $22 million) in 2023, and Fund II has a target size of DKK 250 million (around $36 million), with over 90% committed as of February 2026.
Recent reports indicate that UDV is focusing on Nordic B2B subscription startups, refining its investment thesis around three verticals: Resilience Tech, Medtech, and Business Services software. This strategic focus aligns with the firm's commitment to supporting innovative solutions in these sectors.
What are Ugly Duckling Ventures' investment criteria?
Ugly Duckling Ventures focuses on early-stage Nordic B2B software and technology companies that demonstrate proven revenue traction and the potential for scalable growth. They emphasize sectors such as Medtech, Resilience Tech, and Business Services software.
How can I apply or pitch to Ugly Duckling Ventures?
Founders can submit their pitch decks through the firm's website at this link. It is recommended to include detailed information about the business model, market opportunity, and team background.
What makes Ugly Duckling Ventures different from other investors?
UDV combines capital with hands-on expertise, providing active involvement in the growth and scaling of its portfolio companies. The firm emphasizes a partnership approach, leveraging the team's extensive background in business operations and management.
What is the geographic scope of Ugly Duckling Ventures?
Ugly Duckling Ventures primarily invests in the Nordic region, focusing on startups based in Denmark and surrounding countries.
What is the typical check size for investments?
UDV typically invests between $1 million and $5 million in its portfolio companies, with a preference for smaller initial investments followed by significant follow-on funding as companies scale.
What kind of post-investment involvement can founders expect?
Founders can expect active support from UDV's partners, who provide guidance on business operations, international expansion, and management strategies to help scale their companies effectively.
All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.