GRO Capital has closed its second fund at 255 million euros. The fund will focus on B2B software companies in Northern Europe.
8 October 2019: GRO Capital is pleased to announce final close of GRO Fund II (“Fund II”), a B2B software focused fund targeting leading software companies with momentum in Northern Europe.
GRO Capital now has c €400m in AuM to accelerate leading software companies in Northern Europe.
Fund II is a continuation of the strategy pursued in GRO Fund I with focus on accelerating mature software companies and a geographical investment mandate covering the Nordic region, Benelux and DACH.
Fund II has received capital commitments from institutional investors and multi-lateral organisations, including leading Nordic institutional investors such as Danica Pension, Sampension, Dansk Vækstkapital II and Argentum. Through the European Investment Fund, Fund II furthermore benefits from the financial backing of the European Union under the European Fund for Strategic Investments set up under the Investment Plan for Europe. GRO Capital also welcomed non-European investors into the Fund II, most notably from the US and Australia.
GRO Capital’s investment and operating teams have expanded significantly over the course of the past year, to accommodate the increasing level of activity across the regions and to enhance GRO Capital’s ability to implement high impact, operational intervention. In its market segment, GRO Capital has become a recognized leading investor and owner of SaaS and on-premise based software companies.
The close of Fund II follows a period of high investment activity by GRO Fund I. Since 2015, the investment team has completed eight platform investments and made nine add-on investments. Fund II is already 30% invested between the two platform investments in Fund II; Omada a global leader of Identity Governance and Administration software and services and Adform a global leader of ad tech software and services.
Lars Dybkjær, Managing Partner of GRO Capital, said: “We are honoured that we have been entrusted with the capital from these many high quality investors and we will do our outmost to provide exposure to high quality software companies that stand to benefit from the increasing digitalisation of societies and industries.”
Bruun & Hjejle provided legal advice and Asante Capital was exclusive advisor on the fundraising.