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The Venture Codex

Overview

Investment arm of the A.P. Møller Foundation.

Founded

2013

Deals · 12mo

5

Stage focus

Series B

Geographic focus

Denmark
Finland
France
Germany
...

Sector focus

—

Investment portfolio

14rounds
NAMEDATESIZE
Quantum Systems
Jul 2026Participated
$1.2 BSeries D
KreditBee
Apr 2026Participated
$280 MSeries E
Oviva
Jan 2026Participated
$234 MSeries D
ICEYE
Dec 2025Participated
$175 MSeries E
Upway
Nov 2025Led
$60 MSeries C
Zopa
Dec 2024Led
$89 MOther Equity
Tenderd
Jun 2024Led
$30 MSeries A
CIRCTEC
May 2024Led
$106 MOther Equity
Automata
Oct 2023Participated
$40 MOther Equity
Verity
Jul 2023Led
$11 MSeries B
Verity
Mar 2023Led
$32 MSeries B
project44
Nov 2022Led
$80 MOther Equity
Quantum Systems
Jul 2026Participated
$1.2 BSeries D
KreditBee
Apr 2026Participated
$280 MSeries E
Oviva
Jan 2026Participated
$234 MSeries D
ICEYE
Dec 2025Participated
$175 MSeries E
Upway
Nov 2025Led
$60 MSeries C
Zopa
Dec 2024Led
$89 MOther Equity
Tenderd
Jun 2024Led
$30 MSeries A
CIRCTEC
May 2024Led
$106 MOther Equity
Automata
Oct 2023Participated
$40 MOther Equity
Verity
Jul 2023Led
$11 MSeries B
Verity
Mar 2023Led
$32 MSeries B
project44
Nov 2022Led
$80 MOther Equity
14
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Insights

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Deal Distribution

A.P. Moller Holding: 14 funding rounds are recorded in the selected participation categories.All available history.
A.P. Moller Holding: 14 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Series A10
Series B21
Series C+14
Other Equity41

Monthly Deal Activity

A.P. Moller Holding: 14 deals are recorded across 58 months.All available history.
A.P. Moller Holding: 14 deals are recorded across 58 months. All available history
MonthDeals
Jan '221
Feb '220
Mar '220
Apr '220
May '220
Jun '221
Jul '220
Aug '220
Sep '220
Oct '220
Nov '221
Dec '220
Jan '230
Feb '230
Mar '231
Apr '230
May '230
Jun '230
Jul '231
Aug '230
Sep '230
Oct '231
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '241
Jun '241
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '241
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '251
Dec '251
Jan '261
Feb '260
Mar '260
Apr '261
May '260
Jun '260
Jul '261
Aug '260
Sep '260
Oct '260

Sector Breakdown

A.P. Moller Holding: Hardware & Robotics is the largest displayed sector by deal count (6 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

A.P. Moller Holding: Hardware & Robotics is the largest displayed sector by deal count (6 deals). All available history
SectorDeals
Hardware & Robotics6
Space & Frontier Tech5
Transportation & Logistics5
AI & Machine Learning4
Clean Energy & Sustainability3
Networks, Cloud & Communication3
Fintech2
Manufacturing2
Health & Life Sciences2
Enterprise Software1
Government & Defense1
E-Commerce & Retail1
Real Estate & Construction1
Data, Analytics & IT1
Professional Services1
Social & Community Platforms1

Deal Size Distribution

A.P. Moller Holding: 14 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

A.P. Moller Holding: 14 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M0
$10M-$25M1
$25M-$50M3
$50M-$100M5
$100M-$250M3
$250M-$500M1
$500M-$1B0
$1B+1

Deals By Geography

A.P. Moller Holding: Europe has the largest recorded deal count among the displayed regions (11 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

A.P. Moller Holding: Europe has the largest recorded deal count among the displayed regions (11 deals). All available history
RegionDeals
Europe11
India1
United Arab Emirates1
United States1
A.P. Moller Holding: 20 co-investors are shown, with Advent International sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Investment Strategy

A.P. Moller Holding: Led accounts for 57% and participating for 43% of round participation.All available history.
A.P. Moller Holding: Led accounts for 57% and participating for 43% of round participation. All available history
CategoryDeals (count)Share (%)
Led857%
Participating643%
A.P. Moller Holding: Single-lead accounts for 75% and co-led for 25% of lead dynamics.All available history.
A.P. Moller Holding: Single-lead accounts for 75% and co-led for 25% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead675%
Co-led225%

Team

Birgitte Schou

Vice President, Head of Accounting and Tax

Chetan M.

Head of Growth Equity

Diane Greene

Director

Jan Nielsen

Chief Investment Officer