New Danish venture fund Delphinus Venture Capital launches with €80 million to invest

Aarhus-based venture fund Delphinus Venture Capital has launched and raised €80 million to invest in research-focused startups from pre-Seed to scale-up – the fund is structured as an evergreen to enable long-term commitment and flexibility in their investments.

This new fund is a product of a joint venture between The Aarhus University Research Foundation, HEARTLAND, Norlys and Salling Group. The four founding partners recently appointed Mathias Brink Lorenz as the director of the new fund.

“Innovation takes time, courage and capital. Unlike traditional venture funds, Delphinus has been intentionally set up with a structure that enables long-term commitment and flexibility in our investments. We can and will participate as an investor from the very early stages through to the late growth stage. This is how we can make a real difference for the companies we invest in,” says Mathias Brink Lorenz, the newly appointed CEO.

Delphinus Venture Capital, named after the dolphins in Aarhus University’s seal, will be based in Aarhus to stay close to the research environments at Aarhus University, Aarhus University Hospital, and other regional innovation hubs, with its launch set to be celebrated on 17 September.

Lorenz emphasises that the Danish venture capital scene has evolved significantly in recent years, with increasing interest from international funds – especially in knowledge-based and technology-driven companies.

He’s delighted that the new fund will provide the region with an investor to support companies through their entire start-up journey.

Lorenz brings with him international VC experience, having most recently served as Investment Director at the European Circular Bioeconomy Fund in Germany. In this role, he focused on identifying and executing investments in research-intensive startups across Europe.

Brian Bech Nielsen, chair of the Aarhus University Research Foundation board and rector of Aarhus University, describes the creation of the new fund as a leap in the university’s commitment to supporting the development of new research-intensive companies.

“This unique partnership being created in our region will ensure that research ideas are transformed into sustainable, commercially viable companies. Speaking for the university, I’m particularly excited that this major backing will give even more researchers the chance to finance their entrepreneurial ideas. Both the bold, early-stage ideas undergoing proof-of-concept testing and the proven solutions closer to market launch.

“With this support, AU’s researchers will be even better equipped to drive the development of our society that is so important, and we at the Aarhus University Research Foundation are thrilled to be able to support this vital task,” says Nielsen.

Alongside its close connection to Aarhus University, the fund’s other partners – three of the region’s leading companies – bring a broader, business-oriented perspective on innovation and growth, both locally and across Denmark. They see Delphinus Venture Capital as a catalyst for the next generation of entrepreneurial talent.

Lise Kaae, CEO of HEARTLAND: “At HEARTLAND, we are proud to support the creation of Delphinus. We believe it has great potential to improve access to long-term, locally anchored financing for promising, high-growth companies. This is an important ambition that we look forward to pursuing – and actively contributing to – in the years ahead.”

Anne Mette Aaby Aes, CFO of Norlys: “Developing the solutions of the future takes time. As a cooperative, our ownership model means we can be patient investors, giving entrepreneurs the time they need to develop their ideas into successful businesses. At Norlys, we’re also committed to using the fund to create and maintain research-intensive jobs in East Jutland.”

Andreas Møballe, Head of Strategy, Mergers and Acquisitions, and Salling Seeds at Salling Group adds: “The ideas and vision behind the new venture fund embody the same innovation ambitions we hold at Salling Group. We are committed to promoting and supporting innovation by tapping into new knowledge, inspiration and insights from sectors and fields beyond our core competencies. We are also excited to actively support entrepreneurs in the city and the wider region, alongside Aarhus University and leading East Jutland companies like ourselves, who prioritise making a difference.”

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