Ugly Duckling
Ventures
Nordic B2B founders backed by a GP-only team with founder- and operator experience.
We are currently raising 250mDKK for our fund II with +70% commitment from fund I investors. The minimum investment is 750.000DKK. Please reach out if you want to hear more.
Who is Ugly Duckling Ventures?
Nordic B2B founders backed by a GP-only team with founder- and operator experience.
We invest in Danish and Nordic B2B subscription startups at the preseed and seed stage;
- Initial ticket €0.5-1m
- Follow-up thesis: Heavy
- Geo: Nordics
- Stage: Pre-seed/seed, post revenue (>€200k ARR + traction)
- Focus: B2B subscription, open to hardware-enabled SaaS
- Lead or co-lead
2023, March: Final close UDV The Nest Fund K/S (€20m)
Currently fundraising for UDV The Nest Fund II K/S (Target: €33, Hard cap €40m)
Portfolio includes: Eupry, BeCause, Juristic, Moxso, Kanda, YOGO, Diplomasafe, and Unioo.
Hi, we are Andreas, Rune and Louise
Andreas Green Rasmussen
Co-founder & GP
Andreas co-founded Ugly Duckling Ventures in 2021, where he has spent the last 3 years as partner. He has lead UDVs investments in Eupry (multiple rounds, w. EIFO + Sagitta, chair), BeCause (multiple rounds, w. Super Angel + Curiosity VC, board), Moxso (board), Diplomasafe (board) and Kanda (board). Pre-VC,
Andreas founded and scaled Nodes from 0-150 employees across offices in Copenhagen, Berlin, London, Dubai and more. Sold it to Monstarlab in 2017.
He also founded YWC Sports and sold it to IRONMAN in 2013. Actively angel investing since 2014.
Rune Hven-Jensen
CO-FOUNDER & GP
Rune co-founded Ugly Duckling Ventures in 2021, where he has spent the last 3 years as partner. He has lead UDVs investments in Juristic (board), Unioo (chair, multiple rounds, recently with Compounding Capital (FO)), YOGO (board, multiple rounds, recently w. Compounding Capital (FO)), and Kanda (previously board), and is currently working directly with several companies across the portfolio. Pre-VC, Rune was a product leader and a startup mentor.
He has 13 years’ hands-on experience in building SaaS and E-commerce products that customers love. Rune was the first employee in Nodes*, and later relocated to London to found Nodes’ UK-branch. He later joined Danish SaaS company Planday, owning product vision, roadmap and direction. Rune stayed with Planday across 3 funding rounds and an exit to global SaaS unicorn Xero in 2021. Actively angel investing since 2016.
Louise Lachmann
GP
Louise joined Ugly Duckling Ventures as partner in 2024. Louise is an LP in Ugly Duckling Ventures’ Fund I and has worked closely with Rune and Andreas on the boards of several of UDV’s portfolio companies, including Eupry, Kanda and Juristic. She has actively engaged in sourcing and vetting potential new investments for UDV over the last 2 years.
Pre-VC, Louise was the CEO and co-founder of Mono Solutions, a B2B SaaS company serving large enterprises and their 500,000 SME customers across Europe and North America. Acquired by Bauer Media Group in 2019. Previous to founding Mono, she co-founded and exited two other companies within the digital agency space.
Louise is chairperson for the Danish Foundation for Entrepreneurship, ambassador for Angella Invest, and serves as a committee member for Innovation Fund Denmark. Actively angel investing since 2021.
Who are we together?
Rune and Andreas have been working together for 10+ years prior to starting Ugly Duckling Ventures. They successfully raised more than 150mDKK for their first fund, The Nest, in 2023. Louise is an LP in Fund I and has worked closely together with Andreas and Rune on the boards of several of UDV’s portfolio companies, including Eupry, Kanda and Juristic. She has actively engaged in sourcing and vetting potential new investments for +2 years.
Getting the opportunity to work together as GPs with shared DNA and diverse competencies is a great new adventure!
Our investors
We are proud to have many business angels and exited founders among our LPs; people who have helped build great businesses and products and who believe hands-on active GPs can influence the traditional venture mathematics so more startups succeed. Our LP’s contribute in a number of ways (optional):
Ad-hoc sparring with UDV and/or founders
Board or Advisory boards positions
Co-invest: A chance to double down on the winners
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