Following what was a relatively muted year, venture capital activity in Denmark picked up significantly in the final quarter of 2025, according to new analysis by EIFO, the Danish Export and Investment Fund.
Overall, during 2025, Danish companies raised nearly DKK 8.3 billion across 135 investment rounds, representing a 7% decline in total capital and a 4% decline in the number of rounds compared to the previous year.
More than half of the capital inflow occurred in the last quarter, when DKK 4.6 billion was invested. This quarter marked the highest level of investment in a single quarter since 2021.
‘Shifted gears’
“The Danish investment market clearly shifted gears towards the end of the year. After a tentative start, several companies managed to attract significant capital and accelerate their scaling,”commented Erik Balck Sørensen, investment director at EIFO (pictured). “This is a very pleasing final sprint in a year that for a long time seemed to land below the level from the previous year.”
The increase in activity was driven by large financing rounds in companies including Flatpay, Hemab Therapeutics, and Sidera Bio. The biotech sector received the largest share of venture capital for the year, accounting for 38% of total investment. Fintech and enterprise solutions were the second largest sectors, with each accounting for 14%
Investment rounds
EIFO remained the country’s most active venture capital investor, participating in 31 investment rounds, followed by Novo Holdings and PSV, with six rounds each.
“We must ensure that strong Danish companies can develop here at home, as well as when they enter the late growth phases and prepare to step onto the big stage,” Sørensen added. “When we invest side by side with private players, we create momentum in the market and make it easier for companies to grow and for new technologies to break through.”
EIFO fund holds a portfolio valued at over DKK 20 billion and made 31 company investments and 15 fund investments during 2025. Read more here. [Main image by Caroline Bjørner]
