Denmark is known as a country with some beautiful scenery and a lot to explore, but the country also has a rapidly developing startup ecosystem that has already generated a number of top startups. Danish startups benefit from a wide variety of factors that allow them to grow and succeed. This is highlighted by the fact that startups in Denmark raised more than $1.1 Billion in 2022- this is despite the recent tech slump in that year.
The robust ecosystem is supported by a flourishing education system that provides top workers and a relatively low tax rate for foreign investors at 22%. This helps to direct talent and funding to Danish startups. The government is also known for effectively listening to the needs of startups and making adjustments to the overall ecosystem.
The Danish government plays a large role in the success of the country's startup ecosystem and is consistently implementing new ideas and policies to fuel growth in the country. One such example of this is Innobooster, which is one of the government's startup grant programs. This particular program gives grants to startups that deal with social challenges the country faces. It has given more than DKK 2.2 Billion to 2500 companies since 2020.
1. Algiecel
Year Founded: 2021
HQ: Odense, Syddanmark, Denmark
Size: 1-10
Founders: Henrik Busch-Larsen
The first company on our list of the top Danish startups to follow in 2023 is Algiecel. This is a greentech, reusable energy top startup working in the biotechnology, pollution control, and sustainability sectors in the Danish startup economy. Algiecel is working towards the aim of turning our current CO2 emissions into potential business opportunities and securing CO2 neutrality. One of the ways it is doing this is by turning CO2 emissions as well as LED light into microalgae biomass and oxygen. The science behind it involves using a plug & play photobioreactor developed by this top startup. According to Algiecel, the reactor is easy to install and does not require huge amounts of technical knowledge to use.
DKK19.3M is the Danish startup's total funding amount so far, having been raised through six funding rounds since being launched. Algiecel's first funding round was completed on the 1st of March, 2022, and was supported by just one investor. Since then, there have been five other funding rounds, the most recent of which was closed on the 27th of October, 2022. All six funding rounds together have been funded by four investors.
2. Growblocks
Year Founded: 2021
HQ: Copenhagen, Hovedstaden, Denmark
Size: 11-50
Founders: Copenhagen, Hovedstaden, Denmark
Growblocks is a Danish startup that was founded in 2021 and is currently based in the city of Copenhagen. The company has created a software platform that allows customers to get key insights into their revenue in all aspects, taking the guesswork away and helping companies to better manage their revenue through reporting tools, which is the lifeblood of all businesses.
The company has seen great success in raising startup funding, with a total of $8.8 Million being raised since being founded. This funding was achieved with the support of six investors across multiple rounds of startup funding.
3. Monta
Year Founded: 2020
HQ: Copenhagen, Hovedstaden, Denmark
Size: 101-250
Founders: Anders Pedersen, Casper Holzmann Rasmussen
Monta is a Danish startup that was founded in 2020 and is currently based in the city of Copenhagen. The company operates in the EV market and has developed a single integrated software solution that can be applied to help businesses to install and manage new EV charging points, as well as helping travellers to charge their vehicles on the go. They are powering the future of EV technology.
Monta has seen a lot of success in finding startup funding since being founded, with the company managing to raise a figure of 50 Million Euros at the time of writing. This funding was achieved by eight investors over a number of funding rounds.
4. Scaleup Finance
Year Founded: 2021
HQ: Copenhagen, Hovedstaden, Denmark
Size: 51-100
Founders: Alexander Wulff, Nicolai Rasmussen, Patrick Jørgensen, Thorbjorn Ronje
Scaleup Finance is a Danish startup that was founded in 2021 and is currently based in the country's capital. The company operates in the FinTech market and helps to take away the costs and difficulties that business owners face when trying to find a finance expert to guide their business. Instead, users are able to pay a subscription, which gives them access to the company's key finance professionals to help them to scale up their business.
The company has secured a respectable amount of startup funding since being founded, with the company managing to raise a figure of $9.1 Million in startup funding. This funding was achieved with the support of six investors and was achieved through three funding rounds.
5. Podimo
Year Founded: 2019
HQ: Copenhagen, Hovedstaden, Denmark
Size: 101-250
Founders: Andreas Sachse, Eva Lægdsgaard, Morten Strunge, Nikolaj Koppel, Sverre Dueholm
Podimo is a Danish startup that was founded in 2019 and is currently based in the city of Copenhagen. The company has created a platform that allows users to access original and exclusive content like TV shows and a range of podcasts from around the world. Whatever your interests, you'll be entertained for hours on end when you choose to watch and listen to Podimo.
The team at Podimo have done an incredible job of raising startup funding, with a total of 160.2 Million Euros being raised since being founded. This funding was achieved by nine investors and was completed over a number of funding rounds.
6. kompasbank
Year Founded: 2021
HQ: Vedbæk, Hovedstaden, Denmark
Size: 51-100
Founders: Michael Hurup Andersen, Sune Wettersteen
Kompasbank is a Danish startup that was founded in 2021 and is currently based in Vedbaek, Denmark. The company operates in the FinTech market and has created a new commercial bank to serve small and medium sized businesses in the country. They aim to help their customers by offering improved access to finance, which is one way in which businesses can rapidly grow and scale.
The new Danish bank has done a great job in raising startup funding, with the company raising a figure of $45.7 Million at the time of writing. This funding was achieved with the support of a single investor.
7. Naetion
Year Founded: 2021
HQ: Copenhagen, Hovedstaden, Denmark
Size: 11-50
Founders: Alexander Rindom-Andersen, Buddhika Perera
Naetion is a startup in Denmark that was founded in 2021 and is currently based in the country's capital. The company operates in the blockchain market and has created the first digital career network on the blockchain. Service providers on the platform are able to benefit from serious upsides and are also able to reap other financial benefits such as staking and lower fees.
Naetion has done an incredible job of raising startup funding since being founded, with the company raising a total of $150.4 Million at the time of writing. This funding was achieved through a pair of investors and the company's ICO.
8. ZeroNorth
Year Founded: 2020
HQ: Copenhagen, Hovedstaden, Denmark
Size: 101-250
Founders: Soren Christian Meyer, Ernesto DiGiambattista
ZeroNorth is a Danish startup that was founded in 2020 and is currently based in the city of Copenhagen. The company operates in the environmental sector and provides consultancy services to a range of shipping companies. The team help them to protect their business interests whilst also helping to drive down their greenhouse emissions, leading to a healthier and safer world.
The company has done a great job of raising startup funding since being founded, with the team raising a total of 49.6 Million Euros at the time of writing. This funding was achieved with the support of three investors across a single funding round.
9. Everfuel
Year Founded: 2019
HQ: Herning, Midtjylland, Denmark
Size: 51-100
Founders: Jacob Krogsgaard
Everfuel is a Danish startup that was founded in 2019 and is currently based in Herning, Denmark. The company works in the GreenTech market and aims to create the future of clean energy by generating green hydrogen fuel through the use of renewable energy sources like wind, solar and hydropower. They are powering the future of a safer and greener world.
The company has been very successful in raising startup funding since being founded, with a total of $50.2 Million being raised at the time of writing. The company has also completed the acquisition of a fellow startup to improve its offering.
10. Lobyco
Year Founded: 2020
HQ: Albertslund, Hovedstaden, Denmark
Size: 101-250
Founders: Unavailable
Lobyco is a Danish startup that was founded in 2020 and is currently based in the city of Albertslund. The company has created a SaaS solution that helps retailers to improve customer retention and loyalty through the creation of digital ecosystems that drive more profit to stores and increase the likelihood of customers making an order. Some of these things include loyalty programs and more.
Despite the rapid growth of the company, it has not yet sought any external startup funding to fuel this growth. It is currently unclear if the business has any future plans to pursue startup funding.
11. Hyme Energy
Year Founded: 2021
HQ: Copenhagen, Hovedstaden, Denmark
Size: 11-50
Founders: Unavailable
Hyme Energy is a Danish startup that was founded in 2021 and is currently based in the city of Copenhagen. The company works in the green energy market and aims to solve the problem of future energy storage by storing electricity with their proprietary technology that stores the electricity at high temperature in a molten salt. Their method reduces the cost and emissions involved.
The company has done a good job of raising startup funding since being founded, with a total of $11.2 Million being raised at the time of writing. This funding was achieved in a single Seed Funding Round.
12. Bright Star Studios
Year Founded: 2018
HQ: Aarhus, Midtjylland, Denmark
Size: 51-100
Founders: Joris Huijbregts, Loren Roosendaal, Mark Laursen, Sage Durain, Sune Thorsen
Bright Star Studios is a Danish startup that was founded in 2018 and is currently based in the city of Aarhus. The company works in the game development space and the studio is aiming to create the next generation of MMORPG experiences using their own internally built engine. The company has already started making games that people around the world are loving.
The studio has done a good job of raising startup funding since being founded, with the company raising a total of $2.7 Million. This funding was achieved with the support of twenty-nine investors.
13. Veo
Year Founded: 2015
HQ: Copenhagen, Denmark
Size: 101-250
Founders: Henrik Taesbaek
Veo is a Danish startup that was founded in 2015 and is currently based in the city of Copenhagen. The company has created a video editing and production solution for sports teams of all sizes that allows them to record their matches without the need for a cameraman. They are then able to make edits and alter their videos for publishing.
Since being founded, the company has done a fantastic job of raising startup funding. In total, the business has raised a figure of $113.3 Million in funding. This funding was achieved with the support of eleven investors.
14. Hemab
Year Founded: 2017
HQ: Copenhagen, Hovedstaden, Denmark
Size: 1-10
Founders: Johan H. Faber, Mads Behrndt
Our next startup from Denmark to follow in 2023 is the pharmaceutical startup Hemab. This top startup operates in the biotechnology and life sciences industries, working to create preventative treatments for problems such as bleeding and thrombosis. The business has created medicines that allow the patients using them to produce what is called hemostatic plugs or clots, which can 'avert life-threatening complications'. Hemab has an aim to reimagine the care standard for patients facing these problems.
Three funding rounds have been completed bringing the Danish startup's total funding amount to $190M. The first funding round was completed on the 14th of December, 2020, the second round was closed on the 22nd of July, 2021. Hemab's most recent funding round was closed on the 21st of February, 2023. Across all three of the funding rounds, the top startup has been supported by nine investors, four lead investors.
15. All Gravy
Year Founded: 2020
HQ: Copenhagen, Hovedstaden, Denmark
Size: 11-50
Founders: Jonatan Marc Rasmussen, Kristian Lundager
All Gravy is a startup in Denmark that was founded in 2020 and is currently based in Copenhagen. The company works in the HR market and aims to help employers to increase the effectiveness and happiness of their employees. This is achieved through providing earned wage access and also providing employees with the tools to improve their financial literacy and attain financial freedom.
The company has done a great job in attracting startup funding since being founded, with a total of $4.5 Million in investment being raised at the time of writing. This funding was achieved with the support of twenty-four investors.
16. Uniqkey
Year Founded: 2018
HQ: Herlev, Hovedstaden, Denmark
Size: 51-100
Founders: Hakan Yagci
Uniqkey is a Danish startup that was founded in 2018 and is currently based in the city of Herlev. The company works in the cybersecurity industry and has created the number one secure password manager for businesses. They help to reduce the risk of cyberattacks whilst also making sure that employees can easily access their systems with as little fuss as possible.
Uniqkey has done a great job of raising external funding since being founded, with the company raising a total of 7.1 Million Euros at the time of writing. This funding was achieved with the support of an unknown number of investors across multiple rounds of funding.
17. Mazepay
Year Founded: 2018
HQ: Aarhus, Midtjylland, Denmark
Size: 11-50
Founders: Dan Kortegaard Nielsen, Søren Aabel Hammer, Thomas Dragsbæk
MazePay is a Danish startup that was founded in 2018 and is currently based in the city of Aarhus. The company operates in the FinTech market and has been built for use by the world's largest corporations. The company's solution allows companies to manage their spending with specified limits per user and improve on existing processes without the need for more admin.
The team at Mazepay have done a good job of raising startup funding since being founded, with the company raising a total of 5.5 Million Euros at the time of writing. This startup funding was provided by three investors.
18. Codora
Year Founded: 2019
HQ: Ølstykke, Hovedstaden, Denmark
Size: 101-250
Founders: Tobias Geisler
Codora is a startup in Denmark that was founded in 2019 and is currently based in the Scandinavian country. The company works in the development market and helps businesses to create a range of different code-based products, such as games, web applications, blockchain, mobile and more. If you need something developed, the team at Codora is able to help.
Despite the rapid growth in the size of the company, the team at Codora have not yet publicly sought any startup funding to fuel the growth of the business. It is currently unclear whether the management team has any plans to pursue funding in the future.
19. Worksome
Year Founded: 2017
HQ: Copenhagen, Hovedstaden, Denmark
Size: 51-100
Founders: Christina Brun Petersen, Hans Peter Nielsen, Mathias Linnemann, Morten Petersen
Worksome is a Danish startup that was founded in 2017 and is currently based in the capital city. The company operates in the HR market and has created an improved platform that allows businesses to build and manage their team of external freelancers with a robust framework built around compliance and rapid payments. Their platform makes it easier to manage large independent workforces.
The team at Worksome has done a great job in raising startup funding since being founded, with the company raising a total of $22.9 Million in funding at the time of writing. This funding was achieved with the support of a pair of investors.
20. Custimy.io
Year Founded: 2020
HQ: Copenhagen, Hovedstaden, Denmark
Size: 11-50
Founders: Kristoffer Degn, Martin Navne
Custimy is a Danish startup that was founded in 2020 and is currently based in the city of Copenhagen. The company helps businesses to improve the way in which they identify and pursue their target customers. This helps businesses to avoid wasting their marketing budget on prospects that aren't going to buy from them. This support leads to more conversions and customer retention.
The team at Custimy have done a great job in raising startup funding since the business was established. Since then, the company has managed to raise a total of $4.6 Million in startup funding. This funding was achieved with the support of three investors.
21. FLATPAY
Year Founded: 2022
HQ: Herlev, Hovedstaden, Denmark
Size: 1-10
Founders: Peter Lüth, Rasmus Busk, Sander Janca-Jensen
The final top startup from Denmark that has made our list to follow in 2023 is FLATPAY. This company operates in the credit cards, financial services, and payments industries, providing payment solutions for physical shops. The fintech startup offers an all-in-one solution for shops needing to receive card payments. FLATPAY is an excellent option for small businesses looking to open, as there are no upfront fees or subscription fees, instead customers of FLATPAY follow a price of 0.99% per transaction.
Since launching, this top startup has completed just one funding round, which was closed on the 14th of October, 2022. This finding round was supported by one investor and was a Venture - Series. The total funding amount raised currently sits at DKK26M.
FAQs
How Many Startups Are There in Denmark?
There are currently more than 4000 startups operating in Denmark.
What is the Average Investment in Danish Startups?
The average Seed Round in Denmark is worth $1.2 Million and the average Series A is worth $4.7 Million.
What Startup Industries Are The Strongest in Denmark?
The strongest startup industries in Denmark are Internet & IoT, E-Commerce & Retail and Health
