AshGrove Capital, with €1B under management and a sharp focus on B2B software and services, just picked Copenhagen as its Nordic HQ, aiming to help the region’s tech scene scale even faster.
I caught up with Samuli Kytö, Director at AshGrove and the one leading their new Copenhagen office (their first ever outside London!). Here’s what he shared with me.
Why Copenhagen?
While AshGrove’s main focus is Europe, they’re not afraid to look further afield. The Nordics have become a tech powerhouse, with cities like Stockholm, Helsinki, Copenhagen, and Oslo producing global software leaders.
But despite all this momentum, there’s still a funding gap for ambitious B2B software and services founders, especially those looking to scale up and go global.
“The Nordics represent one of the largest concentrations of fast-growing software and services businesses in Europe, a key factor in AshGrove’s decision to establish its first international office in Copenhagen,” says Samuli Kytö, Director at AshGrove.
The funding gap for Nordic SaaS with €5–30M ARR
AshGrove points out a real pain point: Nordic B2B software and services companies with ARR of €5–30M are finding it tough to secure the right funding to keep growing.
Kytö explains to TFN, “Nordic tech has scaled rapidly, with the region’s software and services market projected to grow from $6.75 billion in 2025 to over $11 billion by 2030, an almost 12% annual growth rate.”
He continues, “Yet despite this momentum, a clear funding gap has opened for fast-growing software and services companies in the €5m – €30m ARR range, as venture capital has shifted to early-stage bets and fewer larger funding rounds, while banks and generalist credit funds may be reluctant to back non-EBITDA recurring revenue models.”
The result? Nordic SaaS founders are often left underfunded just when they need capital the most, right as they’re ready to scale across the region and beyond. That’s where specialist investors like AshGrove see a real opportunity to step in with flexible, founder-friendly funding.
What types of Nordic companies does AshGrove want to back next?
“AshGrove focuses on high-quality B2B software and services businesses in the €10–50 million revenue range, supporting them through critical expansion phases,” Kytö notes.
AshGrove’s toolkit for founders includes ARR-based credit, capital for M&A and bolt-ons, funding for product launches, new markets, sales pushes, refinancing to swap out restrictive debt, liquidity for shareholders (without forcing an early exit), and capital reserves founders can tap into when needed.
Their approach is especially relevant for Nordic founders eyeing international expansion or cross-border roll-ups, where bank loans just aren’t flexible enough, and nobody wants more equity dilution.
AshGrove has already backed Finland’s Smartvatten (a leader in water analytics) and Position Green (a top Nordic ESG software and advisory player).
What about a diversity strategy?
On the diversity front, AshGrove says it’s weaving inclusion into both its own team and every investment decision.
Kytö notes, “AshGrove have long been committed to diversity and inclusion. Our own aim is to continue to build a diverse pool of talent and enhance equal opportunities and inclusion through our hiring strategy.”
“This applies when we consider investments too, and we look at a company’s wider governance and processes, as the more obvious considerations such as gender or ethnicity, to ensure we understand the different components of the businesses we choose to partner with,” he adds.
What’s next for AshGrove in Copenhagen?
AshGrove has already been active in the Nordics from London, but with the new Copenhagen base, they’re doubling down on building real connections with the local tech scene.
Kytö shares, “The next 12 months will see AshGrove being more actively and physically present in all Nordic markets, expanding the financing landscape available for B2B software and services businesses, which will also mean bringing people together from these industries and sharing ideas on how to take Nordic businesses further.”
