New venture fund of DKK 600 million becomes part of INCUBA
The fund, established by Aarhus University Research Foundation, HEARTLAND, Norlys, and Salling Group, has raised DKK 600 million with the ambition to support companies all the way from their first ideas to international scaling.
“In INCUBA, innovation, capital, and entrepreneurship come together in one integrated environment, creating direct and valuable connections to startups and researchers. We are close to visionary entrepreneurs and technology-driven companies developing the solutions of the future. It is the ideal place for us to be, because we can create direct links between founders and the capital that can help them scale globally,” says Mathias Brink Lorenz, CEO of Delphinus Venture Capital.
The establishment comes at a time when venture investments in Denmark are under pressure. According to EIFO’s report From Startup to Scaleup 2025, capital inflow to Danish startups fell significantly in the first half of 2025—by as much as 44 percent compared to the year before. However, the report also shows that there is still a strong deal flow and high international interest in Danish startups, particularly within life science and software.
“The fact that Delphinus Venture Capital has chosen to establish itself in INCUBA sends an important signal in a more selective market. It strengthens our role as a hub where the entire value chain—from research to investment and growth—is represented. At the same time, this is yet another piece that reinforces the Aarhus ecosystem, which is rapidly approaching a level that compares with the very best places nationally and internationally,” says Jacob Doktor Mogensen, CEO of INCUBA.
Delphinus Venture Capital will become part of the Investor Hub in INCUBA Next Level, Aarhus’ new meeting point for investors and growth-ready startups, where capital, competencies, and community come together in a strong accelerator and networking environment.
The establishment was marked with a reception on September 17 at INCUBA Katrinebjerg, where investors, entrepreneurs, and partners were invited to celebrate the beginning of a new chapter for the Aarhus startup ecosystem.
