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Frog Capital [2024]
Finance and Risk Capital
Impact for scaleups
7
UK companies backed
36%
Follow-on investments
43%
Investments outside London
28%
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.
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.
