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Frog Capital 2021

Finance and Risk Capital

Impact for scaleups


UK companies backed


Follow-on investments


Investments outside London


Growth-stage investments

Key sectors

Healthcare Impact ventures / Social Impact Technology & Communications Building & Construction Transport & Logistics Creative, digital, film, games & media Defence & security Engineering / Advanced Engineering Environmental Science & Technology Farming, fisheries & forestry Finance Food & drink

Newly endorsed by the ScaleUp Institute in 2021, Frog Capital is a scaleup stage investor focused on software-enabled businesses in Europe. It invests in companies with revenues of €3m – €30m and requiring €5m – €20m of growth capital. To date, it has invested in over 60 companies around Europe. Their most recent fund, the €150m Frog European Growth II, was announced in 2019.

The firm selects software companies that deliver in two main areas: smart data or digital infrastructure. Notable scaleups in its portfolio include SHE Software, Azimo and Rated People. The firm has backed – and exited from – scaleups such as Skimlinks, ip.access, and Dealflo.

Frog Capital has been endorsed as an exemplar of a fund that is acting as “a scaleup partner,” tailoring its support to match the unique needs of each business, helping with senior-level recruitment and introducing portfolio CEOs to other investment partners from their network. The firm’s website offers dedicated pages with scaleup insights, including thought leadership and toolkits to support and help scaleups on their growth journey. The firm has defined major elements which are essential for any CEO to succeed in the scaleup phase, and they provide expert guidance on execution, planning, strategy and resilience. 

Between January 2014 to June 2021, the firm has invested a total of £128m in 11 fundraising rounds in nine UK companies, with eight of those being growth-stage investments.

Frog Capital 2021 website