We invest in and develop outstanding software companies

The world is changing.
Technology with software at its core is evolving from being an industry in itself, to becoming an enabler across all industries.

GRO Capital is a Nordic-based Private Equity fund, specialized in mid-sized B2B software companies. GRO Capital focuses on companies with strong products, which can help facilitate a change in performance through scaling sales and marketing, strengthening the leadership team and improving the operational performance.


Software and digitalization significantly affect industries and business models. They enable productivity gains, and create new ways of doing business. Similarly, the business benefits of data-driven strategies and digital workflows are equally as important.

At GRO Capital, we are passionate about partnering and supporting companies that offer products and solutions that can help end-customers change their ways of doing business, and potentially transform their industries.


At GRO Capital, we focus our investments in B2B software companies, with scalable business models that are intrinsically profitable. We focus mainly on business critical software that makes a real difference for the end-customer, carrying a solid value proposition in the form of a high ROI. Our sector focus allows us to make use of our substantial B2B software domain expertise, in new and existing investments.
We target companies headquartered in Northern Europe, but with potential for international expansion. We also invest in bringing most of our existing portfolio companies to the US market.
GRO Capital typically deploy between EUR 10m and EUR 50m equity per investment, acquiring both majority and minority stakes. This usually implies that the relevant Enterprise Value ranges between EUR 20m and EUR 200m. Typically, minority investments consist of both an acquisition of shares from existing shareholders and a capital increase in the company, allowing for an acceleration of growth.
GRO Capital Investment Space (B2B)
  • Telematics
  • Medtech
  • Software enabled tech
  • Industrial tech
  • IoT
  • BI & analytics
  • Vertical software
  • E-health
  • Security
  • Network Equipment
  • Comunications equipment
  • CRM & sales
  • Planning software
  • Engines and drivers
  • HR software
  • ERP & finance
  • Fintech
  • IT intrastructure


We help scaling businesses with a focus on building leadership teams, identifying and executing investment strategies and operational improvements.

At GRO Capital, we deploy a value creation toolbox that has been developed through more than 20 years of investing in B2B software. Apart from our financial toolbox, we also have the following core focus areas:


We assist in coaching and strengthening management teams, and broadening the leadership bench for the challenges ahead.
Often, mid-sized technology companies have a strong technology and product focus, whilst sales and marketing generally receive fewer resources. At GRO Capital, we typically invest significantly in the sales and marketing organization of our portfolio companies, by applying mechanics that makes sales and marketing scalable through processes, tools, metrics and strong talent.
Structuring and prioritizing innovation and the product development process, is highly important as a company grows. We support the investment in, and development of, a structured product development and innovation strategy.
GRO Capital has established an operating team that works in conjunction with portfolio company executives and GRO Capital investment professionals, to support execution of selected high impact strategic initiatives.


Our team of investment and operating specialists bring their deeply specialised knowledge and experience to play focused on B2B software situations only. The teamwork and single focus creates better insights, decisions and faster impact.

Who we are

At GRO Capital, we have a shared passion for technology and business development, and a deep interest in how technological progress is changing the way we do business. We apply our knowledge and knowhow to every investment opportunity, so we can support our portfolio companies in their mission of creating true customer value.

We work across investment and operational teams to support each aspect of the journey at board level, but also with holistic, yet specific, operational expertise.

Lars Dybkjær

Managing Partner

Ruhne Fiala

Partner & Head of Operations

Peter Bagge Grimstrup

Senior Operating Manager

Peter Sommer Fabricius

Investment Associate

Krista Hein Lindahl

Office Manager & Executive Assistant

Henriette Precht Reiming

Finance Controller

Joakim Lassen

Investment Associate

Ragnhild Machholm

Junior Analyst

Frederik Knudsen

Investment Associate

Mia Malene Loft

Junior Analyst

Louise Callesen

Executive Assistant

Christopher Ager

Investment Director

Jens Kjølbye

Operating Manager

Johan Olsson

Investment Director

Hedvig Ulrichsen Helseth

Junior Analyst



GRO Capital opens office in London

The opening of the London office follows the recent fund raise of the EUR 0.6 billion GRO Capital Fund III and the establishment of presence in Oslo, Norway. The London-based team will be lead by Johan Olsson, and the team will support GRO's existing activities and further expand its network across Northern Europe.


Netigate receives strategic investment from GRO Capital to fuel growth and accelerate the build-out of a leading experience management platform

Netigate AB, a leading experience management platform, announced that it will partner with GRO Capital. GRO becomes
a majority investor in the Company and through this investment, Netigate will accelerate the Company’s product vision and international growth.


TARGIT acquires CalmCo, a Provider of Business Intelligence Solutions for Automotive Dealerships and further strengthens the verticalization strategy

TARGIT, a portfolio company of GRO Capital and a leading business intelligence (BI) software provider for small to mid-sized enterprises, announced its acquisition of long-time partner and BI solution provider, CalmCo.


GRO Capital announces close of GRO Fund III at €600m hard cap

The Fund received strong support from existing investors and welcomed many new high-quality investors across Europe and the US. GRO Capital now has in excess of €1bn AUM.


Promon to receive strategic investment from GRO Capital, Kirk Kapital and Trifork to fuel growth and build global app shield leader

GRO Capital became a majority investor in Promon in December 2021 together with Kirk Kapital to support the company’s growth journey with a focus on solidifying presence in the US and further accelerating growth across verticals. Trifork, a former GRO portfolio company, invested alongside GRO Capital and Kirk Kapital as a strategic partner to Promon.


Trackunit and ZTR come together to connect construction

Trackunit and the Industrial IoT division of ZTR are uniting to better serve the growing demands of the construction industry. Putting customer needs first, the two telematics leaders are combining their considerable resources to accelerate innovation and drive digital transformation — with collaboration and service at the centre of their strategy.


Secomea to receive strategic investment from GRO Capital

Secomea A/S, a global provider of secure remote access industrial IoT solutions, today announced that GRO Capital A/S will become a new shareholder and provide further capital into the company to support the company’s product ambition and accelerate growth globally.


GRO Capital announces a reinvestment in Trackunit, a company recently sold to Hg

June 4th, 2021 - GRO Capital today announced a reinvestment in Trackunit, a global leader in software-led telematics solutions for the off-highway vehicle market, through a newly established continuation vehicle securing a minority position with board representation.


GRO Capital exits Trifork through a successful listing on Nasdaq Copenhagen

On 27th May 2021, GRO Capital announced its exit of Trifork Holding AG through a successful initial public offering of shares on NASDAQ Copenhagen


Luxion Partners with GRO Capital to Accelerate Global Growth

Luxion, a global leader in 3D product design rendering software, today announced that it will partner with GRO Capital to solidify the Company’s industry leadership position and accelerate global growth


Goldman Sachs and GRO Capital announce the sale of Trackunit, a global leader in off-highway telematics solutions, to Hg

March 24th, 2021 - Goldman Sachs Asset Management Division (“Goldman Sachs”) and GRO Capital today announced that they have agreed to sell Trackunit, a global leader in software-led telematics solutions for the off-highway vehicle market, to Hg, a leading global software investor. Terms of the transaction were not disclosed.


iPoint-systems receives strategic investment from GRO Capital

iPoint-systems gmbh, a global leader in product compliance and sustainability software, today announced that GRO Capital A/S will become a shareholder, adding capital and experience to further strengthen product innovation and accelerate growth globally.


GRO Capital and Mikael Boyum sign an agreement to sell Boyum IT Solutions

After 4 years of successful co-ownership, GRO Capital and Mikael Boyum have signed an agreement to sell Boyum IT Solutions (“Boyum”), a global leader in manufacturing, warehousing and usability software solutions in the SAP Business One ecosystem, to Volpi Capital.


Queue-it to receive strategic investment from GRO Capital

Queue-it, a global leader of virtual waiting room software and services, announced that GRO Capital has agreed to become new majority shareholder and provide further capital into the Company to accelerate growth.


GRO Capital announces final close of GRO Fund II at €255m

With the final close of GRO Fund II, GRO Capital now has €400m in AuM to accelerate leading software companies in Northern Europe


Adform receives strategic investment from GRO Capital

Adform A/S, a global leader of ad tech software and services, today announced that GRO Capital has agreed to become a new shareholder and inject significant equity into the Company providing a solid basis for the future.


GRO Capital announces first close of GRO Fund II

GRO Capital announces the first close of GRO Fund II. Fund II is a continuation of the strategy pursued in GRO Fund I with focus on accelerating mature software companies and a geographical investment mandate covering the Nordic region and DACH.


CVC Capital Partners’ Growth Fund and GRO Capital new majority shareholders in Omada A/S

CVC Capital Partners’ Growth Fund and GRO Capital are new majority shareholders in Omada A/S, a global leader of Identity Governance and Administration (“IGA”) software and services. Omada is headquartered in Copenhagen, Denmark, with over 270 employees across offices in Europe and North America.


Boyum IT Solutions cements leading global position with new acquisition

Boyum IT Solutions, a leading global SAP Business One software solutions provider, has acquired Produmex, a leading provider of Warehouse Management software solutions.


Trackunit acquires Satrak

Trackunit A/S today announced its acquisition of the UK based telematics provider Satrak UK Ltd. Trackunit’s acquisition of Satrak makes Trackunit the leading machine telematics provider in the UK and further strengthens Trackunit’s position in Europe within the machine telematics market. The investment is the second European acquisition made by Trackunit in the last 2 years.


GRO Capital becomes majority owner of Tacton Systems AB

An investor consortium consisting of GRO Capital and KIRK KAPITAL have signed an agreement today, whereby they become majority owners of Tacton Systems AB, a world leader in sales and product configuration for the manufacturing sector. Tacton is headquartered in Stockholm, Sweden, with customers and resellers across the globe.


GRO Capital acquires TARGIT A/S

GRO Capital has acquired all shares in TARGIT A/S, an international Business Intelligence Software company targeting SME’s. TARGIT A/S is experiencing accelerated growth, and GRO Capital aim to further accelerate the growth through an increased focus on sales and marketing activities and to invest into an already strong product roadmap.


Trackunit acquires Dreyer+Timm

Trackunit, which in 2015 was acquired by Goldman Sachs and GRO Capital, today announced its acquisition of Dreyer+Timm. Trackunit’s acquisition of Dreyer+Timm GmbH strengthens Trackunit’s leading position in Europe within the machine telematics market.


GRO Capital becomes shareholder of Boyum IT Solutions in connection with its acquisition of beas group

GRO Capital becomes shareholder in Boyum IT Solutions in connection with Boyum IT Solutions’ acquisition of the Swiss company beas group. Boyum IT Solutions is a Software Solutions Provider (SSP) delivering proprietary add-on solutions to SAP Business One applicable across all industries.


GRO Capital acquires 46% of Auditdata A/S and becomes main shareholder

GRO Capital acquires 46% of Auditdata A/S and becomes main shareholder in the global independent provider of audiology solutions. Auditdata is a leading Danish manufacturer of diagnostic instruments and clinic management solutions for hospital hearing care clinics and private practices.


Goldman Sachs Merchant Banking Division and GRO Capital to acquire Trackunit A/S

Goldman Sachs Merchant Banking Division and GRO Capital to acquire M-Tec Holding, Pandrup, the parent company of Trackunit, from the founders of the company, Svend M. Hansen and Jesper Fjeldsø. Trackunit is a leading global independent provider of machine telematics products and software.


GRO Capital new lead investor in Trifork

Trifork is pleased to announce that GRO Capital A/S joins as a shareholder and invests in the future development of the Trifork Group. Trifork is a fast growing software innovation company with a particular strong position in the growing markets of cloud, mobile, databases, “Internet of Things” and content management.



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