Investment thesis
Ugly Duckling Ventures is a Copenhagen fund investing at pre-seed and early seed in Nordic medtech, resilience tech and business software. It targets post-revenue B2B companies that other investors pass over because they look rough, highly technical or far from the usual networks, writing around €1 million initially and reserving half the fund for follow-on rounds. The team is made up of former founders and operators.
Past investments
| Company | Round | Date | Round size |
|---|---|---|---|
| Spiich Labs Stockholm, Sweden | Seed | Sep 2026 | €3M |
| Palette Copenhagen, Denmark | Pre-seed | Aug 2026 | €3M |
| Cytely Stockholm, Sweden | - | Oct 2025 | €3M |