DENMARK Trends and Developments Contributed by: Poul Guo, Martin Søndergaard, Patricia Rasch and Jonas Miller Rasmussen, Moalem Weitemeyer
Q3 Slowdown Despite Stable Deal Count In the third quarter of 2024, the Danish VC mar - ket experienced a significant downturn, with total invested capital amounting to DKK1.2 billion (EUR161 million), representing a 50% decline compared to the DKK2.6 billion (EUR348 mil - lion) invested in the second quarter. Despite this sharp decrease in capital, the number of invest - ment rounds remained steady at approximately 30. The average investment size decreased by nearly 50%, indicating a higher proportion of bridge rounds and a notable reduction in late- stage and growth-stage funding, which fell by more than 50%. The primary investment drivers in Q3 2024 were life science companies Again and Cerebriu, and cleantech company Stiesdal. These three com - panies collectively raised over 40% of the total invested capital. Specifically, Again secured DKK223 million (EUR30 million), Cerebriu raised DKK126 million (EUR17million) and Stiesdal obtained DKK201 million (EUR27 million). These significant investments highlight the con - tinued interest in and support for the life scienc - es and cleantech sectors within the Danish VC market. The life sciences sector, with companies such as Again and Cerebriu, attracted substan - tial investment due to the growing demand for advanced medical technologies and treatments. The cleantech sector, represented by Stiesdal, also received considerable investment, reflect - ing the ongoing commitment to sustainable and environmentally friendly technologies. Strong Rebound in Danish VC Investments – Q4 2024 Marks a Return to Growth The Danish VC market experienced a notable recovery in the fourth quarter of 2024, with investment levels increasing significantly com - pared to the previous quarter. Total investments
reached DKK2.7 billion (EUR364 million) across 31 financing rounds, largely propelled by a few high-value transactions, including Adcendo (bio - tech), Antag Therapeutics (biotech) and Keepit (enterprise solutions). These three deals alone accounted for over DKK1.8 billion (EUR250 mil - lion) of the total deployed capital. While quarter-on-quarter fluctuations in venture funding are common, the sharp 111% increase in Q4 followed a subdued Q3, signalling a return to more typical investment activity rather than an outright acceleration. Deal volume expanded by a moderate 7%, and investment levels remained approximately 20% above those recorded in Q4 2023. Denmark’s performance stood out in a global context. While investment volumes increased across key international markets, the number of deals declined in the United States, Europe and globally. Denmark, in contrast, experienced simultaneous growth in both capital deployment and transaction count, demonstrating relative resilience in an otherwise uncertain economic climate. Green VC Investments Green VC investments in Denmark reached a record high in the first three quarters of 2024, surpassing the previous record set in 2022. The total amount of VC allocated to green business - es was DKK1.7 billion (EUR228 million), repre - senting a 26% increase compared to 2023. The number of investment rounds for green ventures reached 85% of last year’s total. Consequently, the share of Danish VC investments directed towards green companies increased, accounting for 29% of invested capital and 26% of invest - ment rounds – up from 16% and 24%, respec - tively, in 2023. This growth reflects the increas - ing importance of and focus on sustainable and
160 CHAMBERS.COM
Powered by FlippingBook