GRO Capital eyes European B2B software companies with newly closed fund

GRO Capital has closed its sophomore fund to further its goal of supporting software companies in northern Europe.

While it is not clear what the vehicle’s capital pool is, the firm now has around €400m in assets under management.

The new vehicle will continue the strategy of its predecessor, targeting mature software companies operating across the Nordic, Benelux, and DACH regions. The vehicle is already 30% invested.

Investors to the round included institutional investors including Danica Pension, Sampension, Dansk Vækstkapital II and Argentum. Several investors from outside Europe also contributed to the fund, most notably ones based in the US and Australia.

Primarily, GRO backs B2B software companies, making investments between €10m and €50m for either minority or majority stakes. Enterprise values of firms it backs range between €20m and €200m.

Its portfolio consists of businesses in the FinTech, security, medtech, IoT, analytics, health, CRM, communications, and HR sectors, among others.

GRO Capital managing partner Lars Dybkjær said, “We are honoured that we have been entrusted with the capital from these many high quality investors and we will do our outmost to provide exposure to high quality software companies that stand to benefit from the increasing digitalisation of societies and industries.”

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