Formalize and Stefan Rosenlund win the INCUBA Award 2025
Formalize is Startup of the Year 2025
In just a few years, Formalize has positioned itself as one of Aarhus’ most inspiring growth companies. Founded in 2021 with a different business idea, the company has since carried out several strategic pivots – from whistleblower software to modular solutions for compliance and legal automation.
In 2024, Formalize raised DKK 112 million in funding and today employs more than 100 people across offices in Aarhus, Copenhagen, Milan, and Madrid. Its rapid growth has created jobs, attracted talent to the region, and demonstrated that Aarhus can serve as a springboard for international ambition.
“Formalize represents the very best of the Aarhus startup environment: a strong team, a scalable solution, and a clear ambition to reach a global market. They show how technology can make a difference across industries and borders. At the same time, the quality of the entire field reflects how the startup community nourishes both the city’s brain and heart – opening up exciting opportunities for ambitious and skilled investors,”
says Jan Snogdal, Partner at DLA Piper and member of the jury.
The jury also highlighted Formalize’s ability to create local value:
“Formalize is a textbook example of how Aarhus can foster international growth adventures. They have built a global company in record time and created more than 100 local jobs in Aarhus. The local talent pool is outstanding, and here, they and other companies can find the candidates they need from the university,”
adds Søren Boel Pedersen, Manager at Business Aarhus, Aarhus Municipality, and member of the jury.
Jacob Lilholm, founder & CEO, Formalize
Stefan Rosenlund is Investor of the Year 2025
Stefan Rosenlund was recognized as Investor of the Year for his ability to combine capital, experience, and network into high-impact investments – particularly focused on growth companies in East Jutland and Aarhus.
Rosenlund has previously been active in building hosting and cloud companies. He co-founded Zitcom and served as CEO before the company became part of the European structure team.blue in 2019.
With a solid track record in the tech and hosting industries, he now invests actively in innovative companies and founded Dreamers Collective – a fund established to strengthen the East Jutland startup ecosystem.
Through the fund, he has invested in companies such as Cernel, Relewise, and Understory.
“Stefan is a role model as an investor. He doesn’t just invest money but also time, knowledge, and energy in the founders he works with. His commitment lifts not only the individual companies but the entire ecosystem. The new fund is a great example of how people from Aarhus want to invest in Aarhus – an approach that can have a major impact on the region’s growth and innovation,” says Mathias Tannebæk Olesen, Relationship Manager at Danske Bank and member of the jury.
Stefan Rosenlund, Dreamers Collective
Celebrating the role models of the ecosystem
With the INCUBA Award, we honor the entrepreneurs and investors who not only build companies but also inspire, empower, and strengthen the ties within the ecosystem.
In addition to the recognition and prestige, the winners receive a travel grant to an international innovation hub in 2026 – an opportunity to gain inspiration, expand their networks, and bring new knowledge home to Aarhus and the Central Denmark Region.
“We are proud to recognize Formalize and Stefan Rosenlund as the winners of the INCUBA Award 2025. They are both strong role models who, through ambition, courage, and tangible results, contribute to lifting the entire ecosystem,” says Jacob Doktor Mogensen, CEO of INCUBA.
The INCUBA Award is founded, financed, and managed by INCUBA A/S. It was first presented in 2021 in the categories Startup of the Year and Investor of the Year in the Central Denmark Region.
Previous winners include Ento, NMD Pharma, Kvantify, and Battman Energy, as well as Poul Carstensen, Bo Wase, Claus Hansen, and Christian Vinther.
The winners are selected by a jury composed of representatives from the Aarhus startup ecosystem and are announced at the Aarhus Investor Summit, organized by INCUBA.
Following an open nomination process, the jury first narrowed down the field to a group of nominees, then selected the finalists and one winner in each category.
This year, a total of 32 startups and 14 investors were nominated.
The 2025 jury consisted of:
• Jan Snogdal, Partner, DLA Piper
• Søren Grønbæk, Associate Director, EIFO
• Mathias Tannebæk, Relationship Manager, Danske Bank
• Søren Boel Pedersen, Manager, Business Aarhus, Aarhus Municipality
• Jacob Doktor Mogensen, CEO, INCUBA
