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.

Transforming
Industries

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)
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

Accelerating
leaders

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.
case study

Trackunit: Creating a global leader in software enabled telematics

In 2015, Trackunit was regional leader in Europe with a hardware led value proposition, operating in an industry with very significant potential to transform the construction industry. The new shareholder group and CEO Jørgen Raguse was determined to capture that opportunity.

Read case study

1 TEAM.
1 FOCUS.

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.

Anders Brejner

Investment Manager

Caroline Lindegaard


Student Assistant

Christian Borelli-Kjær

Operations Manager

Krista Hein Lindahl

Office Manager & Executive Assistant

Jesper Bo Jensen

Investment Manager

Lars Dybkjær

Managing Partner

Morten Weicher

Partner

Peter Sommer Fabricius

Private Equity Analyst

Ruhne Fiala

Operating Partner

News

8.4.2019

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.

30.10.2018

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.

30.10.2018

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.

30.4.2018

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.

19.4.2018

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.

19.11.2017

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.

2.2.2017

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.

25.11.2016

It-fond åbner for nye investorer (article in Inside Business)

Veldrevne it-firmaer er i høj kurs blandt både hjemlige og udenlandske kapitalfonde, og konkurrencen om de solide selskaber ser ud til at blive endnu hårdere den kommende tid. Senest har ATP’s kapitalfond Via Equity rejst sin tredje fond med opbakning fra både pensionskæmpen og nytilkomne PFA, men også Danica Pensions techfond Gro Capital gør nu…

6.9.2016

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.

5.9.2016

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.

6.7.2016

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.

9.6.2015

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.

9.6.2015

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.

Portfolio

In October 2018, CVC Capital Partners’ Growth Fund and GRO Capital became majority shareholders of Omada A/S, a global leader of Identity Governance and Administration software and services.

In November 2017, GRO Capital and KIRK KAPITAL became majority owners of Tacton Systems AB, a world leader in sales and product configuration for the manufacturing sector.

In February 2017, GRO Capital acquired all shares in TARGIT A/S, an international Business Intelligence Software company targeting SME’s. At the core of the product’s value proposition is to help customers to become more data driven by revealing actionable insights to make better and faster decisions.

In September 2016, GRO Capital became shareholder in Boyum IT Solutions in connection with its 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.

In July 2016, GRO Capital became main shareholder in Auditdata, a global independent provider of audiology solutions. Products offered includes software and hardware based diagnostic instruments and clinic management solutions for hospitals, hearing care clinics and private practices.

In July 2015, GRO Capital and Goldman Sachs acquired the Danish company Trackunit. Specializing in off-highway telematics, Trackunit is a leading supplier of fleet management solutions to a wide range of industries around the world.

In June 2015, GRO Capital obtained a minority shareholding in Trifork, a fast growing software innovation company founded in 1996.

In April 2019 GRO Capital became a shareholder in Adform A/S, a global leader of ad tech software by injecting significant equity into the Company. Adform enable buyers and sellers of digital advertising to automate and optimise their advertising processes and effectiveness. The company has 27 offices globally, and serves large advertisers, agencies and publishers.

We use cookies to improve our site and your experience. By continuing to browse our site you accept our cookie policy. Read more.