About Capnova
Capnova is a venture capital firm founded in 1998. It is primarily based out of Brabrand, Denmark. As of Sep 2020, Capnova has invested in 136 companies. It primarily invests in Seed round in Denmark based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and Gaming. Most recently it participated in the $***** Seed round of Ulobby Overall, Capnova portfolio has seen 3 IPOs and 7 acquisitions including key companies like Ascelia, Ghost Ship Games and Photocat. A lot of funds co-invest with Capnova, with names like Vaekstfonden sharing a substantial percentage of its portfolio. Capnova has team of 6 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Seed, Series A & 1 more
Portfolio Acquisitions
Portfolio Soonicorns
Capnova's List of Top Investments
Capnova has a portfolio of 136 companies. Their most notable investments are in Codeable and SOUPHERB.Their portfolio spans across Denmark, Belgium, Sweden and 1 more locations. They have invested in Enterprise Applications, Life Sciences, Gaming and 27 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Capnova:1. Tiimo
Tiimo is a mobile app for creating to-do lists for children. Parents can schedule timely activities for their children through the app. The app, in turn, guides children in an interactive way through vibrations. The app tells the child when an activity starts, and notifies along with visual countdown for each activity. Parents can customize activities using emojis and icons. The app synchronises with calendar and displays to-do activities in both smartphones and smartwatches. It is available for download from App Store and Play Store.
Key facts about Tiimo
2. NMD Pharma
NMD Pharma is developing small molecule drugs for neuromuscular disorders including myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy (SMA). It is currently developing compounds that can maximize the residual muscle activity by targeting an ion channel specific to skeletal muscle fibers.
Key facts about NMD Pharma
- Founded Year: 2015
- Location: Aarhus (Denmark)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $174M
- Employee Count: 80 as on May 31, 2026
- Investors: Lundbeck Foundation, Novo Holdings and 6 Others
- Latest Funding Round: Series B, Nov 15, 2023, $*****
- Highlight: Editors' Pick
3. Ascelia
Ascelia develops drug candidates for various diseases with unmet clinical needs. The company's flagship products are two drug candidates which are in clinical stage. Mangoral which ready for phase 3 is used as a liver imaging drug agent to detect the liver metastases using MRI and Oncoral is a chemotherapeutic agent used for the treatment of advanced gastric cancer, it is in phase 2 of the clinical study.
Key facts about Ascelia
- Founded Year: 2000
- Location: Malmo (Sweden)
- Stage: Public
- Total Funding till date: $6.92M
- Employee Count: 14 as on May 31, 2026
- Investors: Sunstone, Eiffel Investment Group and 3 Others
- Latest Funding Round: Post IPO, Mar 22, 2021, $*****
- Highlight: Public
4. Bladena
Bladena is a leading manufacturer and distributor of wind turbine blades. Have been developing new designs and technologies to increase the efficiency and performance of the blades by reducing the formation of cracks at higher wind speeds. Product range includes a variety of blades each with a new design and new technology. Products are supplied under the brand names "D-Stiffener", "D-String", "X-Stiffener", "Floor", and "Cap-Stiffener". All the technologies have been patented.
Key facts about Bladena
Ghost Ship Games is a game developer that develops core games. Founded in 2016 and based in Denmark, Ghost Ship Games has developed Deep Rock Galactic, an FPS-based core game which is available through Steam.
Key facts about Ghost Ship Games
Capnova's Year-on-Year Investment Trends
Capnova has invested in 136 companies over the last 20 years, with an average of 2 new investments annually in the last 10 years. Its most recent first time investment was in Ulobby and most recent follow-on round was in Casebase.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 |
2020 | 1 | 0 | 1 |
2019 | 1 | 0 | 1 |
2018 | 5 | 0 | 5 |
2017 | 7 | 0 | 7 |
Capnova's Investments by Stage
Capnova has made 28 investments in Seed stage with an average round size of $745K, 1 investment in Series A stage with an average round size of $228K and 1 investment in Series B stage.Stage of entry | No. of Investments |
|---|---|
Seed | 28 |
Series A | 1 |
Series B | 1 |
Note: We have considered here, only first round of investments
Capnova's Investments by Sector
Capnova has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, Gaming, Life Sciences and Enterprise Infrastructure. Notably, it has invested in 85 Tech companies, 72 Enterprise (B2B) companies, 43 Software companies and at least 40 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Consumer | 6 |
Enterprise Applications | 6 |
Gaming | 5 |
Life Sciences | 5 |
Enterprise Infrastructure | 2 |
Others | 15 |
Note: We have considered here, only first round of investments
Capnova's Investments by Geography
Capnova has made most investments in Denmark (29), followed by Belgium where it has made 1 investment.Country | No. of Investments |
|---|---|
Denmark | 29 |
Belgium | 1 |
Note: We have considered here, only first round of investments
Capnova's recent investments
Capnova has not made any investment in 2026 so far.Here are the most recent investments by Capnova:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 15, 2020 | Belgium | Seed | 7384 | [+1] | |
Apr 03, 2019 | Denmark | Series A | 9108 | - | |
Dec 07, 2018 | Denmark | Seed | 6715 | - | |
Jul 13, 2018 | Denmark | Seed | 9659 | - | |
2018 | Denmark | Seed | 8094 | - |
IPOs and Publicly Listed companies in Capnova's Portfolio
3 of Capnova's portfolio companies have become public. Ascelia got listed on the Nordic and Baltic regions (NASDAQ OMX), in Mar 2019 and Photocat got listed on the Nordic and Baltic regions (NASDAQ OMX).Here are Capnova's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 15, 2019 | - | - | 5762 | |
Nov 10, 2015 | - | - | 6072 | |
- | - | - | 4345 |
Acquired companies in Capnova's Portfolio
7 companies from Capnova's portfolio have been acquired. The most recent acquisition was eeSea in Aug 2025 by Xeneta for $*****.Here are Capnova's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 18, 2025 | - | - | 6128 | |
Nov 21, 2024 | - | - | 7311 | |
Aug 25, 2023 | - | - | 2020 | |
Apr 04, 2023 | - | - | 6450 | |
Mar 23, 2022 | Jan 23, 2015 | Seed | 2808 |
Team profile of Capnova
Capnova has a team of 6 members including 2 Partners and 2 Principals located in Denmark. Capnova's team sits on the board of 1 company.Here is a list of all team members in Capnova:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Roskilde | - | ||
Partner | Aarhus | |||
Principal | Aarhus | - | ||
Principal | Denmark | - | - |
Co-investors of Capnova
Over the past 20 years, 28 investors have co-invested in Capnova's portfolio companies. This includes funds and angels.
- Invested before Capnova: Cullen International has invested before Capnova.
- Top Co-investors of Capnova: 7 investors entered a company along with Capnova. These include investors like Vaekstfonden (3 companies).
- Invested after Capnova: A total of 20 investors have invested in Capnova's portfolio after their investments. Top Investors include Europa (3 companies), EIC Fund (2 companies) and Vaekstfonden (2 companies).
Recent News related to Capnova
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Capnova invests in TakeDaily - Øresund StartupsOresund Startups•Jul 24, 2017•TakeDaily, CAPNOVA, Capnova
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CAPNOVA investerer 3,5 millioner i fødevare-startuppet FooducerTrendsonline•Apr 19, 2016•Fooducer, Capnova
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FUNDED! Kittypocalypse is all grown up. - Bolverk Games | Developing games for Virtual RealityPogfane Media•Nov 24, 2015•Bolverk Games, Capnova
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