Our investment thesis
The world is changing fast – but some long term global trends remain challenging. We invest in companies developing innovative solutions that address these challenges and can make a lasting difference.
We typically invest from pre-seed stage and continue to invest into our portfolio until the growth stage. With a strong and long-term capital base, we help bridge the valley of death in deep tech, and this is where we believe we can make a real difference for you.
What we invest in
We focus on scalable, research-based solutions with clear defensibility:
- Software and AI with proprietary data or technical moats
- Hardware and physical products with outsourced manufacturing
- Biotechnology and processing with strong IP protection
- Enabling technologies that accelerate R&D in deep tech
What we don’t invest in
We avoid business models that rely on high CapEx, low margins or limited defensibility:
- Software companies built on foundational AI models
- Capital-intensive manufacturing models
- Consumer products competing mainly on price
- Brands with limited or no technical moat
Our backers
Delphinus Venture Capital is a EUR 80m evergreen fund launched in 2025. We are backed by four strong LPs: Aarhus University Research Foundation, Salling Group, Norlys and Heartland. Together, we aim to help build globally competitive companies grounded in science and innovation.
