About Ugly Duckling Ventures
Ugly Duckling Ventures is a venture capital firm founded in 2021. It is primarily based out of Copenhagen, Denmark. As of Mar 2026, Ugly Duckling Ventures is an active investor, having invested in 18 companies, with 4 new investments in the last 12 months. It primarily invests in Seed round in Denmark based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and High Tech. Most recently it participated in the $***** Seed round of Financial News Systems A lot of funds co-invest with Ugly Duckling Ventures, with names like Vaekstfonden sharing a substantial percentage of its portfolio. Ugly Duckling Ventures has team of 12 people including 5 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Seed & Series A
Deals in last 12 months
Ugly Duckling Ventures' List of Top Investments
Ugly Duckling Ventures has a portfolio of 18 companies. Their most notable investments are in Skyfora and BeCause.Their portfolio spans across Denmark, Finland, Norway and 1 more locations. They have invested in Enterprise Applications, Consumer, High Tech and 13 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Ugly Duckling Ventures:
1. BeCause
Sustainability data management platform that helps companies collect and communicate information. The platform assists companies in the travel and tourism industry by providing and managing the data. It leverages AI-powered technology that automates the data collection tasks and facilitates communication between booking platforms, hotels, industry associations, and organizations.
Key facts about BeCause
- Founded Year: 2018
- Location: Copenhagen (Denmark)
- Stage: Seed
- Total Funding till date: $2.95M
- Employee Count: 2 as on Dec 31, 2018
- Investors: Superangel, Curiosity and 6 Others
- Latest Funding Round: Seed, Feb 22, 2024, $*****
- Highlight: Editors' Pick
2. Cytely
Provider of smart microscopy solution for biomedical research. It offers platform which is hardware agnostic and works with motorized microscope to analyse qualitatively each individual cell and high resolution contextual imaging to the population wide sample.The platform automates the entire microscopy process, from image acquisition to real time analysis, using AI and machine learning.
Key facts about Cytely
- Founded Year: 2022
- Location: Lund (Sweden)
- Stage: Series A
- Total Funding till date: $3.48M
- Investors: SmiLe Incubator, Icebreaker and 1 Other
- Latest Funding Round: Series A, Oct 24, 2025, $*****
3. Moxso
Provider of AI-powered phishing simulation and training platform. It is designed to strengthen employee awareness and defense against cyber threats through real-time risk intelligence. The company provides a comprehensive cybersecurity solution that combines phishing simulations, breach monitoring, and awareness training to minimize human risk.
Key facts about Moxso
- Founded Year: 2021
- Location: Copenhagen (Denmark)
- Stage: Seed
- Total Funding till date: $5.48M
- Employee Count: 74 as on Jan 31, 2026
- Investors: Seed Capital, D2 Fund and 1 Other
- Latest Funding Round: Seed, Aug 29, 2025, $*****
- Highlight: Editors' Pick
4. Eupry
Provider of web-based temperature logging and monitoring solutions for cold chains. Its product consists of a logging device and a web dashboard or application which can be used for accessing the data logged. Its devices can also be mapped to storage infrastructures such as fridges and storage areas. Its additional features include automated SMS and email alerts, documentation, and deviation management. Its sensors are capable of logging temperature and humidity.
Key facts about Eupry
- Founded Year: 2014
- Location: Copenhagen (Denmark)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $26.9M
- Employee Count: 94 as on Oct 10, 2025
- Investors: Danmarks Eksport og Investeringsfond, Chr. Augustinus Fabrikker and 6 Others
- Latest Funding Round: Series A, Dec 20, 2024, $*****
- Highlight: Editors' Pick
5. Skyfora
Provider of AI and computer vision-based weather forecasting systems. Its product portfolio includes storm tracker software and weather instruments. Its software has features like neural network-based weather and storm prediction using satellite images, historical catalogs of storm intensities, and dropsonde measurement. Its weather sonde utilizes IoT-based sensors and slow descent features.
Key facts about Skyfora
- Founded Year: 2019
- Location: Helsinki (Finland)
- Stage: Series A
- Total Funding till date: $4.31M
- Employee Count: 9 as on Jul 01, 2024
- Investors: Voima Ventures, EIC Fund and 5 Others
- Latest Funding Round: Series A, Mar 03, 2025, $*****
- Highlight: Editors' Pick
Ugly Duckling Ventures' Year-on-Year Investment Trends
Ugly Duckling Ventures has invested in 18 companies over the last 4 years, with an average of 3 new investments annually in the last 3 years. In 2025, it made 6 investments, while as of Mar 2026, it has made 1 investment in this year. Its most recent first time investment was in Financial News Systems and most recent follow-on round was in Eupry.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 6 | 0 | 6 |
2024 | 1 | 1 | 2 |
2023 | 1 | 0 | 1 |
2022 | 2 | 0 | 2 |
Ugly Duckling Ventures' Investments by Stage
Ugly Duckling Ventures has made 9 investments in Seed stage with an average round size of $2.03M and 2 investments in Series A stage with an average round size of $3.82M.Stage of entry | No. of Investments |
|---|---|
Seed | 9 |
Series A | 2 |
Note: We have considered here, only first round of investments
Ugly Duckling Ventures' Investments by Sector
Ugly Duckling Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, Vertical SaaS, High Tech and Transportation and Logistics Tech. Notably, it has invested in 13 Tech companies, 10 Software companies, 9 Enterprise (B2B) companies and at least 6 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 7 |
Consumer | 3 |
Vertical SaaS | 3 |
High Tech | 2 |
Transportation and Logistics Tech | 2 |
Others | 11 |
Note: We have considered here, only first round of investments
Ugly Duckling Ventures' Investments by Geography
Ugly Duckling Ventures has made most investments in Denmark (7), followed by Finland where it has made 3 investments.Country | No. of Investments |
|---|---|
Denmark | 7 |
Finland | 3 |
Sweden | 1 |
Note: We have considered here, only first round of investments
Ugly Duckling Ventures' recent investments
Ugly Duckling Ventures has made 1 investments in 2026 so far - Financial News Systems.Here are the most recent investments by Ugly Duckling Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 31, 2026 | Denmark | Seed | 3659 | - | |
Oct 24, 2025 | Sweden | Series A | 9708 | ||
Aug 29, 2025 | Denmark | Seed | 2715 | [+1] | |
Apr 28, 2025 | Denmark | Seed | 7901 | ||
Apr 03, 2025 | Finland | Seed | 1424 |
Team profile of Ugly Duckling Ventures
Ugly Duckling Ventures has a team of 12 members including 5 Partners, 1 Venture Partner and 2 Principals located in Denmark and United States. Ugly Duckling Ventures' team sits on the board of 1 company.Here is a list of top team members in Ugly Duckling Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Copenhagen | |||
Partner | Copenhagen | - | - | |
Partner | Copenhagen | - | - | |
Partner | Copenhagen | - | - | |
Partner | Copenhagen | - | - | |
Venture Partner | - | - | - | |
Principal | San Francisco | - | - | |
Principal | Copenhagen | - |
Co-investors of Ugly Duckling Ventures
Over the past 4 years, 23 investors have co-invested in Ugly Duckling Ventures's portfolio companies. This includes funds and angels.
- Invested before Ugly Duckling Ventures: Icebreaker, Innovationsfonden and 6 others have invested in rounds before Ugly Duckling Ventures. There are 2 companies where Icebreaker has invested before Ugly Duckling Ventures and 1 company where Innovationsfonden has invested before Ugly Duckling Ventures.
- Top Co-investors of Ugly Duckling Ventures: 11 investors entered a company along with Ugly Duckling Ventures. These include investors like Vaekstfonden (2 companies).
- Invested after Ugly Duckling Ventures: A total of 4 investors have invested in Ugly Duckling Ventures's portfolio after their investments. Top Investors include Curiosity (1 company), Chr. Augustinus Fabrikker (1 company) and Sagitta (1 company).
Recent News related to Ugly Duckling Ventures
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Copenhagen’s Moxso raises €4.7 million to bring adaptive, AI-powered security awareness to global marketsEU-Startups•Aug 29, 2025•Moxso, D2 Fund, Ugly Duckling Ventures, Seed Capital and 3 others
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Ugly Duckling Ventures’ Investment in SkyforaGlobal Legal Chronicle•Mar 07, 2025•Castren, Ugly Duckling Ventures, Skyfora
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Skyfora secures €4 million to supercharge AI weather forecasts using telecom GNSS meteorologyEU-Startups•Mar 03, 2025•Skyfora, Ugly Duckling Ventures, LUMO Labs, Voima Ventures and 2 others
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Helsinki-based Skyfora Raises €4Million in FundingStartup Rise EU•Mar 03, 2025•Skyfora, Ugly Duckling Ventures, LUMO Labs, Voima Ventures
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Eupry Secures €23m A-round FundingOresund Startups•Dec 30, 2024•Eupry, Chr. Augustinus Fabrikker, Ugly Duckling Ventures, Danmarks Eksport og Investeringsfond and 1 other
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Scandinavian legal tech startup Juristic snaps $1M to empower lawyers with AITech Funding News•Apr 22, 2024•Juristic, Ugly Duckling Ventures
