Denmark

Copenhagen

MEMBERS:
Digital Hub Denmark

With a growth close to 40% since 2019 it’s an incredibly exciting time for the Danish ecosystem. With record-breaking rounds, increased global attention and a very strong talent pool, Denmark’s startup scene will only continue to grow.

Ulla Brockenhuus-Schack
Managing Partner at SEED Capital
Top 10 European Ecosystem: Performance
Top 30 Global Emerging Ecosystem: Talent & Experience
Top 5 Global Emerging Ecosystem: Funding

Highlights

Denmark has already churned out an impressive eight unicorn companies and its capital, Copenhagen, looks set to produce many more thanks to the city’s combination of a supportive and experienced entrepreneurial community, hassle-free business environment, and highly educated workforce. The success of Copenhagen-founded companies like Just-Eat and Zendesk has produced a new generation of mentors and angel investors to support the city’s early-stage companies. The ecosystem’s newest unicorns Fintech Pleo, which just raised $150 million at a $1.7 billion valuation and Lunar which raised $249 million in a series D round to achieve unicorn status in July 2021. Entrepreneurs here also lean on a large network of tech-focused events, organizations, and investors. Every year TechBBQ gathers approximately 8,000 entrepreneurs and investors for the largest innovation summit in Denmark. Danish Startup Group (DSG) is a non-profit organization offering events, workshops, and networking opportunities. A new VC fund, 2150, launched in 2021 with the first close of a €200 million fund to back technologies aimed at reducing the carbon footprint of cities. Sector-specific events and organizations include Copenhagen Fintech Week, which connects startups with financial institutions, researchers, governments, and NGOs, and 2150, a new $228 million fund targeting sustainable tech startups in Copenhagen, London, and Berlin. PropTech Denmark is dedicated to nurturing tech-driven innovation in real estate. Danish proptech startups attracted more than $26M in investments in 2020. Two notable companies are LifeX which raised $6.9M in October 2020, and Proper, which closed a $4.6M seed round in March 2021.

Ecosystem by the numbers

TOTAL EARLY STAGE FUNDING
$641 m
GLOBAL AVG.
$548 m
ECOSYSTEM VALUE
$15.1 bn
GLOBAL AVG.
$13.68 bn
MEDIAN SEED ROUND
$740 k
GLOBAL AVG.
$480 k
MEDIAN SERIES A ROUND
$1.9 m
GLOBAL AVG.
$3 m
SOFT. ENGINEER SALARY
$78 k
GLOBAL AVG.
$44 k

Sub-sector Strengths

Healthtech

Health Tech Hub Copenhagen is a unique community and co-working space of leading health tech startups, determined to solve global health issues with solutions built on scalable software, technology and data. BioInnovation Institute, an initiative of the Novo Nordisk Foundation, will house up to 500 researchers and aims to attract international talent to the cluster. Biotech company Cytoki Pharma raised $45 million Series A in May 2021. MedTrace, which specializes in the diagnosis of heart diseases, raised $30 million also in May.

Fintech

The number of Fintech jobs in Denmark grew to approximately 3,000 in 2019, up 44% since 2015. The amount of VC funds flowing into the sub-sector likewise skyrocketed with $540.7 million invested in the sub-sector in 2020, a growth rate of 106%. In April 2021 cluster Copenhagen Fintech announced a partnership with Infosys to provide masterclasses and hackathons to up-skill the ecosystem’s tech talent. The Infosys Innovation Network (IIN) also provides members investment opportunities via the Infosys Innovation Fund. Banking app Lunar has raised a total of $122.1 million over 7 rounds.

Reasons to move your startup to Copenhagen

Ease of Relocation

Start-up Denmark provides a single point-of-entry for entrepreneurs wishing to relocate and grow their startups in Denmark. The program is targeted at early-stage companies and can accept up to 2 founders. Those accepted receive a residence and work permanently for up to 2 years, with the possibility of extension for an additional 3 years.

Educated Talent

The Technical University of Denmark (DTU), one of the leading engineering institutions in Europe, and Copenhagen Business School, one of Europe’s largest business schools, are both located in Copenhagen. Thanks to these institutions, startups will find an abundance of highly qualified talent to hire in the region.

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