INCUBA Awards: The finalists for Startup of the Year and Investor of the Year 2026
On Friday, 18 September, this year’s jury met to identify the candidates who have particularly stood out over the past year. The discussions covered a wide field, including early-stage startups, companies that have already raised significant capital and achieved international growth, and investors who contribute to the development of the Central Denmark startup ecosystem in different ways.
The jury evaluated the candidates based on factors including ambition, innovation, results and potential, as well as their contribution to and engagement in the ecosystem.
Six finalists now remain.
Finalists for Startup of the Year
Coana
Coana emerged from the research environment at Aarhus University and has since made the journey from research and technology to an international software security business.
That journey made a particular impression on the jury. Coana was highlighted as a strong example of how research and technological innovation from Aarhus can develop into a company with international ambitions.
Although the company today has American owners, the jury emphasised that Coana continues to have activities and roots in Aarhus and contributes to the city’s strong cybersecurity environment. The founding team’s willingness to share their experience and give back to the ecosystem was also highlighted.
For the jury, Coana is therefore not only the story of a technology and a company that has taken significant steps forward. It is also the story of the entire innovation journey from university research to international business.
Serpier
Serpier is one of the youngest companies in this year’s final, but in a short period of time, it has managed to build a product, attract customers and generate revenue.
Founded in 2024, the company works with AI. The jury particularly highlighted the pace, ambitions and the founding team’s ability to execute. In less than two years, Serpier has brought a product to market, built a business around it and raised capital from investors including True Collective.
The jury saw Serpier as an example of a new generation of AI-native startups that integrate technology, product development and scalability from the outset.
The ambitions are high. Serpier is still early in its journey, but the team has already demonstrated its ability to turn those ambitions into tangible results.
Understory
Understory has, in just a few years, built a company with 61 employees and raised more than DKK 100 million in funding.
Founded in 2022, the company impressed the jury with its rapid development, its ability to attract capital and the level it has already reached in a relatively short period of time.
But the numbers were not the only reason Understory made it to the final. The jury also emphasised the founder’s engagement in the startup ecosystem and willingness to share experience with others.
Understory therefore represents several of the qualities the INCUBA Award aims to highlight: strong ambitions, documented results and founders who actively engage in the ecosystem they themselves have grown out of.
Finalists for Investor of the Year
Berit and Christian Klibo
Berit and Christian Klibo were described by the jury as some of the quieter forces in the investment community. They may not seek the spotlight, but their commitment to startups and investments has made an impression.
Through DanBAN and syndicate investments, among other activities, they have engaged with early-stage companies, including Cystotech, contributing both capital and experience.
The jury’s discussion of Berit and Christian Klibo also highlighted that an investor’s impact cannot necessarily be measured by visibility. Some investors make a significant difference by working closely with companies and supporting their development without putting themselves at the centre of attention.
That commitment has earned Berit and Christian Klibo a place among this year’s three finalists.
Geeta Schmidt
Geeta Schmidt is a well-known and active figure in the Aarhus startup and investment community and has been involved with founders and companies at different stages for several years.
The jury particularly highlighted her contribution to the ecosystem. She shares her experience, engages with startups and actively contributes to the community surrounding founders and investors. Among other things, she does this as a Founder Friend in the INCUBA Next Level Founder Hub, where she makes her experience and network available to the startups participating in the programme.
It is this combination of investment, experience and active engagement in the startup community that has earned Geeta Schmidt a place among this year’s three finalists for Investor of the Year.
Mathias Brink Lorenz
14 investments in 12 months.
That was one of the figures that caught the jury’s attention when discussing Mathias Brink Lorenz and Delphinus Venture Capital.
In a short period of time, he and the rest of the team have built a new venture fund and established themselves as highly active investors. But the jury emphasised that their contribution goes beyond the number of investments.
Delphinus receives around 200 cases each month, with the ambition of providing feedback to all of them. At the same time, Mathias Brink Lorenz is highly visible and active in the startup community, regularly participates in events and contributes his time, advice and access to networks.
The jury also highlighted the significance of bringing investors together around the fund and thereby creating more venture capital with a base in Aarhus.
Winners to be announced on 8 October
This year’s jury consists 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.
The jury has selected both the three finalists and the winner in each category. However, the names of the two winners will remain a secret for a little while longer.
Startup of the Year and Investor of the Year 2026 will be announced on 8 October at Aarhus Investor Summit at INCUBA Next.
Since 2021, the INCUBA Award has highlighted startups and investors that achieve remarkable results while contributing to the development of and inspiring the startup ecosystem. The award was established and is organised by INCUBA.
This year’s jury, from left: Mathias Tannebæk Olesen, Søren Grønbæk Nielsen, Caroline Langergaard, Jacob Doktor Mogensen and Jan Snogdal.
