INCUBA Awards 2026: Understory and Mathias Brink Lorenz are this year’s winners
This year, 22 startups and 12 investors were nominated for the INCUBA Award. Following the jury’s deliberations, Coana, Serpier og Understory were selected as finalists for Startup of the Year, while Berit and Christian Klibo, Geeta Schmidt and Mathias Brink Lorenz were the finalists for Investor of the Year.
At Aarhus Investor Summit on October 8, the two winners were revealed in front of around 130 investors and representatives from the Danish and international investment community.
Understory is Startup of the Year 2026
In just four years, Understory has grown from an Aarhus startup into an international company with 61 employees and operations in 11 countries.
The company has developed a digital platform for the experience industry, bringing together services including booking, payments, guest communication and marketing. In 2025, Understory raised EUR 12 million in a Series A funding round.
For the jury, it was particularly the combination of high ambitions, proven results and international scaling that made Understory this year’s winner. At the same time, the company and its founders’ continued engagement in the startup community they grew out of played an important role.
“In a very short time, Understory has built an impressive company and demonstrated its ability to turn big ambitions into tangible results. They have raised significant capital, created many jobs and taken their business international. At the same time, we placed great emphasis on their engagement in the startup community they are part of and their willingness to share their experience with others. It is a strong combination that makes Understory a very deserving Startup of the Year,” says Mathias Tannebæk Olesen, Relationship Manager at Danske Bank and member of the INCUBA Award jury.
The combination of results, potential and engagement in the ecosystem is at the heart of the INCUBA Award. Among other factors, the jury assesses companies on their ambitions, innovation, results and international potential, as well as their contribution to the startup community.
Christian Berndt (VP Product) & Kasper Hermansen (Head of Data), Understory
Mathias Brink Lorenz is Investor of the Year 2026
The Investor of the Year award goes to Mathias Brink Lorenz, Managing Partner at Delphinus Venture Capital.
Since the establishment of the Aarhus-based venture fund, Mathias Brink Lorenz and the team behind Delphinus have quickly established themselves as active players in the Danish venture market. Over the course of 12 months, the fund has made 14 investments.
Delphinus Venture Capital was established with backing from the Aarhus University Research Foundation, HEARTLAND, Norlys and Salling Group, with DKK 600 million to invest in, among others, knowledge-intensive and technology-driven companies. The fund invests from pre-seed to scaleup and is based in Aarhus.
But it is not only the number of investments or the size of the fund that led to the jury’s decision. Mathias Brink Lorenz has also established himself as a visible and engaged member of the startup community, sharing his experience and time with founders and companies – including beyond those in which Delphinus invests.
“In a remarkably short time, Mathias has helped create something of great importance to our ecosystem. Delphinus has brought more venture capital with a base in Aarhus, but what truly characterises Mathias is his engagement. He gives his time, shares his knowledge, provides feedback to founders and is present in the community. That is exactly the kind of investor we want to highlight with the INCUBA Award,” says Jacob Doktor Mogensen, CEO of INCUBA and member of the jury.
Mathias Brink Lorenz, Delphinus Venture Capital, winner of Investor of the Year 2026
An award for those who deliver results and contribute to the ecosystem
The INCUBA Award was presented for the first time in 2021 and each year shines a spotlight on startups and investors that achieve remarkable results while making a positive contribution to the startup ecosystem.
Previous winners include Ento Labs, NMD Pharma, Kvantify, BattMan Energy and Formalize, as well as investors Poul Carstensen, Bo Wase, Claus Hansen, Christian Vinther and Stefan Rosenlund.
This year’s jury consisted of Caroline Langergaard from City of Aarhus Business, Jan Snogdal from DLA Piper, Søren Grønbæk Nielsen from EIFO, Mathias Tannebæk Olesen from Danske Bank and Jacob Doktor Mogensen from INCUBA.
Congratulations to Understory and Mathias Brink Lorenz – Startup of the Year and Investor of the Year 2026.