Invest in technological front-runners


CAPNOVA has more than 20 years of experience in spotting startups with the potential to go all the way. We are experts in assessing the brilliant business plan and the right team to execute it. At the moment we do not invest in new projects.

Until 2019, on behalf of the state, we have helped tech startups through the critical start-up phase with venture capital and advice through the innovation incubator scheme. In May 2018, it was politically decided to phase out this scheme and, together with the other three innovation environments, CAPNOVA has been selected as the exit operator for the state’s investments. This means that CAPNOVA no longer invests government or private funds, but we continue to manage the over 10 companies in our current portfolio until 2024.

Our role is to settle loans and holdings in the portfolio. At the same time, we continue to be active in the portfolio boards, so that we can develop the companies towards standing on their own or getting new investors involved.

In addition, CAPNOVA serves as a management company for the Midtjylland Entrepreneurship Fund. Here we take care of the investment process and the subsequent administration of the growth process. 

CAPNOVA creates strong and viable companies through investment with a solid network and many years of industry-specific experience.


The road to success

Our experience shows that capital alone is not enough to create a successful business. Therefore, entrepreneurs can also draw on our broad knowledge of business development and our strong alliances and networks for other investors and companies. Our experience tells us that it is the combination of capital, network and development that is ultimately crucial to the success of businesses.

Early in the investment process, we focus on how our investment can be supplemented with external capital and how relevant external competences can complement the founding team. Over time, our companies have attracted more than DKK 3 billion from other Danish and international investors.

The board


Jens Søndergaard (chairman)

Investment Manager, CAPNOVA. 

Flemming Würtz Andersen

Investment Manager, CAPNOVA.

Martin Haahr Mikkelsen

Controller, CAPNOVA. 

Ole Ostenfeldt Mathiesen

Finance Manager, CAPNOVA

Lars Stigel



CAPNOVA Holding APS is owned by the five board members.

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