Ugly Duckling Ventures

Ugly Duckling Ventures is a Copenhagen, Denmark-based venture capital firm established in 2021. The firm primarily focuses on early-stage Nordic B2B software and technology companies, specifically at the pre-seed and seed investment stages. Their investment strategy is concentrated on sectors such as Medtech, Resilience Tech, and Business Services software. Ugly Duckling Ventures seeks out companies demonstrating proven revenue traction and significant potential to scale into durable, category-leading businesses over a long-term venture capital horizon.

The firm was co-founded in 2021 by Andreas Green Rasmussen and Rune Hven-Jensen, with Louise Lachmann joining as a partner in 2024. The founders bring a background as experienced builders and business angels, possessing a track record of successfully building and scaling companies. This experience underpins their active and hands-on approach, aiming to provide not just capital but also crucial know-how and real-world application to their portfolio companies, helping early ventures prepare for rapid scale.

Ugly Duckling Ventures has built a diverse portfolio of companies, including Eupry (automated temperature compliance for pharma), P-Secure (case management for background checks), Pentimenti (Intelligent Tender Assistant using AI), Clock&Cloud (AI-powered geopolitical intelligence), Skyfora (precise weather forecasts), Juristic (legal workflow streamlining), BeCause (AI-powered sustainability data management), Moxso (cybersecurity solution), YOGO (SaaS booking platform for fitness), and Kanda (virtual training platform). Recent investments include Financial News Systems (FNS) in March 2026, Velatir in December 2025, and Cytely in October 2025. The firm successfully closed its first fund at approximately $22 million (DKK 153M) in 2023 and is actively deploying its second fund, targeting DKK 250M (approximately $36M).

The leadership team comprises experienced partners Andreas Green Rasmussen, Rune Hven-Jensen, and Louise Lachmann. Andreas Green Rasmussen contributes expertise in business operations, international expansion, M&A, and management, having founded and successfully exited companies like Challenge Copenhagen and Nodes. Louise Lachmann, a former tech entrepreneur and co-founder of the B2B SaaS company Mono Solutions, also serves as Chair of the Danish Foundation for Entrepreneurship. The partners are committed to providing direct strategic guidance, mentorship, and access to a valuable network, ensuring portfolio founders benefit from their extensive experience rather than being managed by junior staff.