28 May 2026 – Marketing communication

Dansk Vækstkapital IV invests in oversubscribed byFounders fund

Dansk Vækstkapital IV Venture K/S has committed DKK 75 million to the sought-after byFounders Fund III. byFounders has demonstrated an ability to access world-class companies, says a partner at Dansk Vækstkapital.

Dansk Vækstkapital IV has become a significant investor in the oversubscribed byFounders Fund III and has secured a seat on the fund’s investor board. The investment is made via Dansk Vækstkapital IV Venture K/S, which constitutes the venture module of our new Dansk Vækstkapital IV fund programme*.

“We are pleased to offer our investors exposure to Fund III from one of the leading Nordic venture managers. byFounders has a strong track record of value creation,” says Carsten Gjørtler Salling, partner and head of venture investments at Dansk Vækstkapital.

The Dansk Vækstkapital funds are managed by Danske Private Equity, which is part of Danske Bank Group.

byFounders is deeply rooted in Denmark but simultaneously leverages its strong international network to help Nordic start-ups expand and think globally from the outset.
Carsten Gjørtler Salling
Partner at Dansk Vækstkapital

Previous successes may drive further momentum
The Dansk Vækstkapital funds has previously invested in both Fund I and Fund II from byFounders. Most recently, Dansk Vækstkapital III in 2021 invested in Fund II, which was among the first investors in the AI scale-up Lovable. The Stockholm-based company was founded in 2023 and, during its latest capital raising at the end of 2025, reached a valuation exceeding DKK 40 billion. This extraordinary achievement has also left a significant positive mark on the returns of Dansk Vækstkapital III, where Fund II from byFounders has so far been the best-performing venture fund.

“byFounders is deeply rooted in Denmark but simultaneously leverages its strong international network to help Nordic start-ups expand and think globally from the outset, providing easier access to new attractive investment opportunities. They have demonstrated an ability to access world-class companies,” says Carsten Gjørtler Salling.

Most recently, byFounders has received a EUVC Award in London — one of the most recognized awards in the European venture capital industry.

With Danske Bank’s takeover of Dansk Vækstkapital last year, they have not only maintained momentum but also demonstrated a greater level of ambition in allocating capital to leading venture funds.
Eric Lagier
Founding partner at byFounders

byFounders: A strong need for Danish players like Dansk Vækstkapital
At byFounders, founding partner Eric Lagier is enthusiastic about having Dansk Vækstkapital IV onboard:

"We appreciate the continued support from Dansk Vækstkapital. The future of Denmark and Europe depends on whether we can continue to foster innovation and entrepreneurship. Now more than ever, there is a need for strong Danish players like Dansk Vækstkapital, which brings investors together and ensures capital to build our future. With Danske Bank’s takeover of Dansk Vækstkapital last year, they have not only maintained momentum but also demonstrated a greater level of ambition in allocating capital to leading venture funds,” says Eric Lagier.

Perfectly aligned with our Danish and Nordic focus
Dansk Vækstkapital IV primarily focuses on investments in the Nordics, particularly Denmark – making Fund III from byFounders a perfect fit for the strategy. The new byFounders fund focuses on promising Danish and Nordic tech companies, as well as interesting opportunities in the Baltic countries.

In the first two byFounders funds, approximately 30% of investments have been in Danish companies such as Corti, Monta, and Parahelp within, respectively, health care, the green transition, and artificial intelligence.

“With Dansk Vækstkapital IV, we aim to support the ecosystem for start-ups and growth companies while creating attractive return potential for our investors. It is important to support local companies with local capital to ensure they remain in the Nordics rather than moving across the Atlantic. A thriving start-up ecosystem is crucial for societal development because successful start-ups typically lead to the creation of more start-ups as well as a broader and stronger talent pool. We believe that byFounders aligns with this agenda,” says Carsten Gjørtler Salling.

Facts about Dansk Vækstkapital

At the turn of 2024/2025, Danske Bank Group took over the management of the first three Dansk Vækstkapital funds from EIFO.
In 2025, we launched Dansk Vækstkapital IV, which consists of three fund modules within venture funds, buyout funds, and co-investments in carefully selected companies. Most recently, we have invested in Danish United Fintech. Read more on LinkedIn.
Alongside the first investments, capital raising for Dansk Vækstkapital IV is still ongoing among institutional investors. The capital raising is expected to conclude in the second half of 2026.
Carsten Gjørtler Salling joined Dansk Vækstkapital as a new partner in March this year and brings deep international experience in venture investments from his previous roles as Investment Manager and General Partner at venture capital firm Dreamcraft Ventures.
Read more: New partner strengthens Dansk Vækstkapital’s pursuit of top venture investments in Denmark and the Nordics.

* This post is marketing communication and not investment advice. The three fund modules are Dansk Vækstkapital IV Venture K/S, Dansk Vækstkapital IV Buyout K/S, and Dansk Vækstkapital IV Co-Invest K/S. The commitment to byFounders Fund III is made by the Dansk Vækstkapital IV K/S fund. Please note that all investments carry risks, and your invested amount may be lost. Please refer to Dansk Vækstkapital’s website for further information, including the Key Information Document (PRIIPs), a summary of investor rights as well as more information on the sustainability aspects of the funds.