GRO Fund I: A Decade of Scaling Nordic B2B Software Leaders
With the exit of Auditdata in 2026, GRO Fund I come to a close. The fund closes in its 10th year following the first investments in Trifork and Trackunit, marking the success of a focused strategy: partnering with advanced Nordic B2B software companies and supporting them in scaling into international category leaders.
Launched in 2015, GRO Fund I was built on the conviction that software would define industries and that the Nordics were home to specialized, technically strong companies with global potential when paired with the right long-term partner.
As Lars Dybkjær, Partner at GRO, reflects:
“We set out with a clear agenda; software was eating the world, and we wanted to enable Nordic B2B software leaders to scale and be successful. Closing our first fund now, this conviction was right – not only in terms of returns, but in the quality and durability of the companies we helped build.”
Over the life of the fund, GRO partnered with Trifork, Trackunit, Auditdata, Boyum IT Solutions, TARGIT and Tacton, all vertical B2B software platforms with strong product DNA and international scaling potential. Each company entered the portfolio with deep domain expertise and leading positions in their respective niches, providing a strong foundation for global scale and long-term structural robustness.
Trifork entered the portfolio in 2015 as a technically respected software development and IT services group with deep expertise and a strong innovation-driven culture. The opportunity was to support structured scaling across its business areas while strengthening governance and organizational maturity.
During the partnership, the company expanded across FinTech, Digital Health and Smart Building & IoT through both organic growth and acquisitions. The focus remained on balancing continued innovation with increasing operational discipline. GRO exited Trifork through an IPO on the Copenhagen Stock Exchange in 2021.
Alongside Trifork, Trackunit was among the fund’s first investments in 2015. At entry, the company was primarily a hardware-centric telematics provider serving the construction industry. As connectivity and data increasingly reshaped the sector, the opportunity was to evolve beyond devices and build a scalable software platform at the center of the construction ecosystem.
Over the following decade, Trackunit developed into a global SaaS infrastructure platform connecting OEMs, rental companies and contractors. The business expanded significantly in North America, strengthened its enterprise and OEM go-to-market model and complemented organic growth with targeted acquisitions. GRO exited Trackunit in 2025.
Auditdata entered the portfolio in 2016 as a focused workflow digitization provider with clear potential to scale internationally within hearing care. The opportunity was to expand beyond this foundation – broadening the platform, strengthening international reach and deepening its role within a specialized healthcare vertical by connecting clinical and operational data.
During the ownership period, Auditdata evolved into an international software platform serving both clinical professionals and retail hearing aid chains. By integrating clinical and operational insights, the company enhanced its value proposition and scaled geographically. The exit of Auditdata in 2026 marks the final realization of Fund I.
When Boyum IT Solutions joined the portfolio in 2016, the company had established itself as a trusted SAP Business One partner with growing proprietary software capabilities and a strong founder-led culture. The opportunity was to build on that foundation and scale beyond its roots as a value-added reseller into a globally leading software platform within the SAP B1 ecosystem.
During the ownership period, through strategic acquisitions and expansion of its global partner-led distribution model, the company accelerated its international reach and strengthened its vertical capabilities. Boyum IT Solutions evolved into the world’s leading SAP B1 software solution provider, scaling to more than 100 countries, materially increasing recurring revenue and strengthening profitability while preserving the entrepreneurial DNA. GRO exited Boyum IT Solutions in 2020.
With a long-standing presence in business intelligence, TARGIT had built a strong position in the Danish market around a largely horizontal and on-premise offering when GRO invested in 2017. As customer demands evolved and analytics became increasingly vertical and cloud-driven, the company faced the need to reposition for long-term relevance and scale.
During the GRO ownership period, the company repositioned toward selected verticals with distinct analytics needs and undertook a full SaaS and cloud transition. The leadership team was strengthened, the technology stack modernized and international expansion accelerated, resulting in a more focused, recurring and internationally scaled analytics platform. TARGIT was exited in 2025.
In 2017, GRO invested in Tacton alongside Kirk Kapital. At the time, the company was a recognized pioneer in constraint-based configuration and CPQ software for global manufacturers, with strong technological foundations and growing international momentum.
During the ownership period, Tacton completed its transition to a pure SaaS model, strengthened and streamlined its commercial organization and expanded significantly in the US market. The company further consolidated its leadership position in CPQ for complex manufacturers, as acknowledged by Gartner®. In 2023, GRO and Kirk Kapital sold Tacton to Rubicon Technology Partners. GRO Fund III reinvested alongside Rubicon to support the next phase of the company’s global scaling journey.
Throughout the decade, GRO’s approach remained consistent: thematic software expertise combined with operational insights and a pro-active partnership approach. The emphasis has been on strategic sparring grounded in sector understanding – supporting internationalization, SaaS transitions, executive recruitment and disciplined execution.
As Lars Lunde, Partner at GRO, notes:
“We are very proud to have partnered with visionary software companies helping them scale and develop into category leaders. And in turn, delivered a strong return to our founding investor, who has since joined us in all subsequent funds.”
GRO Fund I has delivered returns above expectations, validating the original thesis and establishing the foundation for GRO’s subsequent funds. The experience gained across the portfolio has deepened GRO’s sector expertise and strengthened its ecosystem of executives, board members and operating partners.
Software’s role in reshaping industries has only accelerated over the past decade. The companies of GRO Fund I demonstrate how specialized European software businesses can scale globally while preserving deep technical roots and domain focus.
With GRO Fund I concluded, GRO continues to build on the same conviction: partnering with ambitious software leaders to create enduring companies that redefine their industries.
GRO Contact
Lars Lunde (Partner) ll@grocapital.dk
