AshGrove has expanded into the Nordic region with the opening of a new office in Copenhagen.
The €1bn (£862.4bn) European fund investor said the site is its first office outside London and will act as a hub for the Nordic market.
Ilkka Rantanen, AshGrove’s co-founder and partner, and director Samuli Kytö will be based in the Copenhagen office.
AshGrove said its decision to establish its first international office in the Nordics was driven by the depth of business opportunities in the region. Nordic B2B software companies’ revenues have grown rapidly in recent years, with research suggesting the sector could triple revenues by 2030.
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“Choosing the Nordics as our first office expansion outside of London is a deliberate strategic decision,” said Rantanen. “The region produces a consistently strong volume of high-quality software and services businesses, many of which remain founder-owned.”
AshGrove said the growth in the region was reflected in its own activity, with Nordic deal flow roughly doubling over the past year and a high proportion of opportunities originating from direct conversations with founders and equity investors.
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The firm said it focuses on fast-growing B2B software and services businesses with revenues of between €10m and €50m.
“Based on what we’ve seen, more than half of Nordic B2B software and services companies within our target segment aim to invest heavily in growth, while also prioritising retaining control,” said Kytö. “They therefore find themselves in a funding gap which impairs their ambition to expand internationally or complete important strategic initiatives.”
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