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The Venture Codex

Overview

Seed stage investor supporting ambitious founders in technology.

Founded

2016

Deals · 12mo

4

Stage focus

Seed
Series A

Geographic focus

Denmark
Finland
Germany
Norway
...

Sector focus

Venture Capital

Investment portfolio

21rounds
NAMEDATESIZE
Good Tape
Oct 2026Led
$0.60 MSeed
Birdsview
Aug 2026Participated
$4 MOther Equity
Atech
May 2026Participated
$0.80 MSeed
Kime
Jan 2026Participated
$2 MSeed
Munchfam
Oct 2024Participated
$0.66 MOther Equity
Pluto.markets
Feb 2024Participated
$3 MOther Equity
Cognigy
Jun 2021Participated
$44 MSeries B
CluedIn
Apr 2021Participated
$15 MSeries A
Cooler Future
Nov 2020Participated
$2 MOther Equity
Willa
Jun 2020Participated
$3 MSeed
ClimateView
Apr 2020Participated
$3 MSeed
Cognigy
Nov 2019Led
$6 MSeries A
Good Tape
Oct 2026Led
$0.60 MSeed
Birdsview
Aug 2026Participated
$4 MOther Equity
Atech
May 2026Participated
$0.80 MSeed
Kime
Jan 2026Participated
$2 MSeed
Munchfam
Oct 2024Participated
$0.66 MOther Equity
Pluto.markets
Feb 2024Participated
$3 MOther Equity
Cognigy
Jun 2021Participated
$44 MSeries B
CluedIn
Apr 2021Participated
$15 MSeries A
Cooler Future
Nov 2020Participated
$2 MOther Equity
Willa
Jun 2020Participated
$3 MSeed
ClimateView
Apr 2020Participated
$3 MSeed
Cognigy
Nov 2019Led
$6 MSeries A
21
Items
...
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Insights

Time horizon

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Deal Distribution

Nordic Makers: 21 funding rounds are recorded in the selected participation categories.All available history.
Nordic Makers: 21 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed28
Series A14
Series B02
Other Equity04

Monthly Deal Activity

Nordic Makers: 21 deals are recorded across 119 months.All available history.
Nordic Makers: 21 deals are recorded across 119 months. All available history
MonthDeals
Dec '161
Jan '170
Feb '170
Mar '170
Apr '170
May '170
Jun '171
Jul '170
Aug '170
Sep '171
Oct '171
Nov '171
Dec '170
Jan '180
Feb '180
Mar '180
Apr '181
May '180
Jun '180
Jul '180
Aug '180
Sep '181
Oct '180
Nov '180
Dec '180
Jan '190
Feb '190
Mar '190
Apr '191
May '190
Jun '190
Jul '191
Aug '190
Sep '190
Oct '190
Nov '191
Dec '190
Jan '200
Feb '200
Mar '200
Apr '201
May '200
Jun '201
Jul '200
Aug '200
Sep '200
Oct '200
Nov '201
Dec '200
Jan '210
Feb '210
Mar '210
Apr '211
May '210
Jun '211
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '241
Mar '240
Apr '240
May '240
Jun '240
Jul '240
Aug '240
Sep '240
Oct '241
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '261
Feb '260
Mar '260
Apr '260
May '261
Jun '260
Jul '260
Aug '261
Sep '260
Oct '261

Sector Breakdown

Nordic Makers: Enterprise Software is the largest displayed sector by deal count (13 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.

Nordic Makers: Enterprise Software is the largest displayed sector by deal count (13 deals). All available history
SectorDeals
Enterprise Software13
Networks, Cloud & Communication6
AI & Machine Learning6
Data, Analytics & IT5
Real Estate & Construction4
Education & Workforce3
Fintech3
Professional Services3
Cybersecurity & Privacy2
E-Commerce & Retail2
Health & Life Sciences2
Developer Tools2
Travel & Hospitality1
AR/VR1
Clean Energy & Sustainability1
Space & Frontier Tech1
Hardware & Robotics1
Marketing & Advertising1
Food & Agriculture1

Deal Size Distribution

Nordic Makers: 21 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.

Nordic Makers: 21 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M15
$5M-$10M2
$10M-$25M3
$25M-$50M1
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Nordic Makers: Europe has the largest recorded deal count among the displayed regions (18 deals).All available history.

Top 3 of 3 regions; European countries are grouped as Europe.

Nordic Makers: Europe has the largest recorded deal count among the displayed regions (18 deals). All available history
RegionDeals
Europe18
United States2
Brazil1
Nordic Makers: 20 co-investors are shown, with DN Capital 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

Nordic Makers: Led accounts for 14% and participating for 86% of round participation.All available history.
Nordic Makers: Led accounts for 14% and participating for 86% of round participation. All available history
CategoryDeals (count)Share (%)
Led314%
Participating1886%
Nordic Makers: Single-lead accounts for 33% and co-led for 67% of lead dynamics.All available history.
Nordic Makers: Single-lead accounts for 33% and co-led for 67% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead133%
Co-led267%

Team

Benjamin Ratz

Operating Partner

Erik Byrenius

Co-founder

Klaus Nyengaard

Co-founder & Partner

Lars Nielsen

Co-founder, Partner & Chairman