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Frog Capital

Growth equity

London · Series B–Late Stage · 13 people tracked

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Investment thesis

Frog Capital invests growth capital in purpose-driven European software scale-ups. Its core focus is technology companies entering the scale-up phase, backing entrepreneurial teams that want investment plus hands-on value-add from a growth specialist. Frog emphasizes 'scaling with purpose'—helping companies grow their product, organisation and culture without losing sight of their founding values. This is codified in its Scale-Up Methodology, a framework built on more than a hundred scale-up journeys and supported by a comprehensive Operating Partner team of tech entrepreneurs, engineers, executives and VC veterans. Frog also promotes Positive Growth Equity, its approach to responsible investing.

Source: firm website, verified Sep 27, 2026.

Stage
Series B–Late Stage
HQ
London, GB
Instruments
Equity
Founded
2009
Net assets · FY2025
$2.6M
Tracked investments
22
Acquisitions
1

Team · 13 people

from the firm's website & curated & public directories
Martin Haugein
Reema Thawrani· Investorin

What they invest in

from 15 of 22 portfolio companies

SaaS ×7AI & Machine Learning ×6Enterprise Software ×4Digital Health ×3Fintech ×3Consumer ×2Data & Infrastructure ×2EdTech ×2

HQs:United Kingdom×3Germany×2United States×2Spain×1France×1Sweden×1

Who they back

founder profiles across 8 portfolio companies
13%
solo founders
1 of 8 mapped founding teams

Founding team size:solo founder×12 founders×23 founders×34+ founders×2

Investments · 22 tracked

founders shown can be your intro path

By year:2024 · 12021 · 22020 · 12018 · 12012 · 16 dated

Azimoazimo.com

Azimo provides cross-border payment infrastructure supporting multi-currency payments to workers and local authorities on local rails under top-tier regulatory frameworks.

Fintech

Marek Wawro(Founder)Marta Krupinska(Founder)Michael Kent(Founder)Ricky Knox(Founder)

Co-investorsCraigie CapitalGR CapitalGreycroftQuona CapitalRakuten CapitalRipple+3 more

Casparcaspar.aiinJul 2021

Caspar develops a privacy-first Physical AI platform that processes continuous real-world data to help healthcare care teams intervene earlier and deliver proactive care at scale, particularly for vulnerable populations.

AI & Machine LearningDigital HealthHealthtechMedical Devices

Co-investorsAtlanticStanford Angels & EntrepreneursThird Act VenturesAnanda Impact VenturesAtlantic Labs

Cluehelloclue.com𝕏Feb 2024

Clue is a menstrual and reproductive health app that lets people track their periods, cycle, ovulation, fertility, and related symptoms, and contributes anonymized data to scientific research with institutions such as Johns Hopkins and the Gates Foundation.

ConsumerDigital HealthFemTechWellness & FitnessBerlin, DE

Ida Tin(Founder)inHans Raffauf(Founder)Moritz von Buttlar(Founder)Mike LaVigne(Founder)Rhiannon White(CEO)inGreg Ryzhov(CTO)

Co-investorsAtlanticBalderton CapitalExpedite VenturesFJ LabsFuture Positive CapitalGotham Gal Ventures+9 more

Clue Softwarecluesoftware.comin

Clue develops intelligence and investigation software that consolidates fragmented data into a single secure source, using AI-assisted link discovery and guided workflows to help teams identify risks, prioritize cases, and track outcomes.

AI & Machine LearningGovTechSaaS

Dealflodealflo.com𝕏acquired by Onespan

OneSpan provides electronic signature and digital agreement software for enterprises, supporting document signing, identity verification, and workflow integrations with CRM, HRIS, and productivity tools.

CybersecurityEnterprise SoftwareSaaS

Co-investorsNotion CapitalHoltzbrinck Ventures

Genasyslradx.com

Woody Norris(Founder)

Co-investorsCriteria Venture Tech

Housfyhousfy.comin𝕏

Housfy is a Spanish platform offering real estate and home services — property sales, residential rentals, mortgage brokering, and home services such as renovations and moves — through a single digital platform (My Housfy) supported by local offices.

FintechMarketplacesPropTechBarcelona, ES

Jordi CidinAlbert Bosch(Founder)Carlos Blanco(Founder)Miquel A. Mora(Founder)

Co-investorsCathay InnovationDN CapitalLoric VenturesnoaTorch CapitalAcurio Ventures+5 more

McMaklermcmakler.de

Germany's online estate agent (exited)

Felix Jahn(Founder)Hanno Heintzenberg(Founder)Lukas Pieczonka(Founder)

Co-investorsBalderton CapitalGR CapitalKreos CapitalTarget GlobalDN CapitalLakestar+1 more

Modulrmodulrfinance.comin𝕏

Modulr provides an embedded payments platform that lets businesses automate and manage payment flows, integrating deeply into the payments ecosystem across Europe.

Cloud ComputingEnterprise SoftwareFintechSaaSLondon, GB

Andrew Dellow(Founder)Martin Threakall(Founder)Myles Stephenson(Founder)Ritesh Tendulkar(Founder)

Co-investorsGeneral AtlanticHighland Europe

Opensignalopensignal.comin𝕏Mar 2018

Opensignal provides independent analytics on mobile network experience and market performance, measuring real-world user experiences such as web browsing, video streaming, and online gaming.

Data & InfrastructureEnterprise SoftwareSaaSLondon, US

Sina Khanifar(Executive Officer)inJames Robinson(Director)inBrendan Gill(Executive Officer, Director)inMalcolm Ferguson(Director)inMark Jacobsen(Director)

BoardJason Ball(Director)in

Co-investorsOctopus VenturesQualcomm VenturesSilversmith Capital Partners

Ostaraostara.comin𝕏May 2012

Ostara manufactures specialty granular phosphate fertilizers for crop production that release nutrients in response to crop demand, reducing environmental losses from conventional fertilizers.

AgTechCircular EconomyCleantechFoodTechSt. Louis, US

Co-investorsCIBUS ENTERPRISE FUND II LPVantagePoint Capital PartnersForage Capital Partners

Oxford Medical Simulationoxfordmedicalsimulation.comin

Oxford Medical Simulation (OMS) provides immersive VR and AI-based clinical training scenarios for healthcare professionals and learners.

AI & Machine LearningDigital HealthEdTechHealthtech

Co-investorsOxford Investment Opportunity Network (OION)ACF InvestorsSalica Investments

Rated Peopleratedpeople.comin𝕏

Rated People is the UK's largest online marketplace connecting homeowners with local tradespeople across 30+ trades.

Construction TechMarketplacesPropTechLondon, GB

Co-investorsChannel 4 Ventures

SkimBitskimlinks.comin

Skimlinks provides automated affiliate technology that monetizes product links for publishers and content creators, enabling them to earn commissions from commerce-related content across channels including articles, social, and newsletters.

AdTechB2B MarketplacesData & InfrastructureMarketing Tech

Alicia Navarro(Founder)inJoe Stepniewskiin

Co-investors500 GlobalGreycroftLocalGlobeSussex Place VenturesGreycroft Partners

sofatutorsofatutor.comin𝕏

sofatutor provides an online learning platform offering educational content and resources to support students' academic success in German-speaking regions.

AI & Machine LearningConsumerEdTechSaaSBerlin, DE

Co-investorsActon CapitalEMERAM Capital PartnersGimv

Vulogvulog.cominJan 2021 · $31M

Vulog provides technology solutions that power shared mobility services, including carsharing, digital vehicle rental, subscriptions, micromobility, and corporate fleet mobility.

AI & Machine LearningIoTMobility & TransportationSaaSLyon, FR

Laurent labatut(Founder)inGeorges GALLAIS(Founder)inGregory Ducongéin

Co-investorsInven CapitalBpifranceETF PartnersEuropean Investment Bank

Winningtempwinningtemp.comin𝕏Oct 2020

This page is a case study of Alfa Laval's use of Winningtemp, an employee engagement and feedback platform.

AI & Machine LearningEnterprise SoftwareHR TechSaaSGothenburg, SE

Pierre Lindmark(Founder)in

Co-investorsBonnier CapitalChalmers Ventures ABNorrsken VCAlmi InvestBonnier Ventures

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

EvotixOMSSellicsSkimlinks

Exits · 1

1 acquisitions

Dealfloacq. by Onespan

Portfolio news

latest coverage across their companies

Principals & officers · per Companies House

what is this? ⓘ
Steven Michael Dunne

Director · British · since 2015

Robert Michael Reid

Director · British · since 2009

Ownership & control

Steven Michael Dunne — 25–50% of shares

Robert Michael Reid — 25–50% of shares

Frequently asked questions

How many investments has Frog Capital made?
Frog Capital has 22 tracked investments, 1 of which have exited.
What stage does Frog Capital invest at?
Frog Capital invests at the Series B, Series C, Growth, Late Stage stages.
What sectors does Frog Capital focus on?
Frog Capital focuses on Data & Infrastructure, E-commerce, Enterprise Software, Impact & Social Good, SaaS.
Where is Frog Capital located?
Frog Capital is headquartered in London, GB.
Who does Frog Capital co-invest with?
Frog Capital most often shares deals with GR Capital, Greycroft, Balderton Capital, among 35 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Fireside Chat: Alicia Navarro, Skimlinks & Mike Reid, Frog Capital - NOAH17 London

NOAHConference · Mike Reid

Mike Reid - Frog Capital

Capital On Stage · Mike Reid

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