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Frog Capital
Finance and Risk Capital
Impact for scaleups
6
UK companies backed
40%
Follow-on investments
33%
Investments outside London
2
Growth-stage investments
Key sectors
Frog Capital is a European growth equity firm specialising in purpose-driven, software-enabled scaleups. It typically invests €5–30 million in companies with annual revenues between €3–30 million, focusing on two core themes: digital infrastructure and smart data.
Frog’s strategy centres on its Scale-Up Methodology, delivering hands-on support through a team of operating partners who advise on growth strategies, technology development and leadership.
Since January 2018 to June 2025, Frog Capital has participated in 10 fundraisings in 6 companies. The average turnover of these companies where £13.2m with an average employee count of 96.
The most recent investments of Frog Capital date back to early 2024 wherein, they invested £3.00m in Clue Software, an investigation management platform and participated in a £9.97m funding round for Oxford Medical Simulation that develops VR technology for healthcare professionals.
To date, it has invested in over 60 companies around Europe. Notable scaleups in its portfolio include Modulr and Clue. In 2024, it confirmed the first close of its second software scale-up fund, Frog European Growth II (FEG II), continuing its focus on high-growth software businesses. The firm also adopted the Sourcescrub platform, leading to a 50% increase in deal flow and a doubling of directly sourced pipeline contributions.
Frog Capital was endorsed by the ScaleUp Institute in 2021 as an exemplar fund “acting as a scaleup partner,” with tailored support that includes senior-level recruitment and introductions to other investment partners within its network.
Its website hosts a library of dedicated scaleup insights — including toolkits and thought leadership — designed to support CEOs through the challenges of scaling. These resources focus on the key elements of execution, planning, strategy and resilience critical to scaleup success.
