Delphinus Venture Capital Due Diligence

Run due diligence on Delphinus Venture Capital: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Independent (Denmark) · delphinus.vc · 9 vendors

Delphinus Venture Capital is a EUR 80 million evergreen venture fund headquartered in Aarhus, Denmark, that backs early-stage and growth-stage founders in the Food, Health, Defence, and Energy sectors. The fund invests from pre-seed through Series B, with initial tickets ranging from EUR 100k to EUR 1 million and follow-on support up to EUR 10 million per company. It is backed by four Danish institutional LPs: Aarhus University Research Foundation, Salling Group, Norlys, and Heartland.

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Last updated 2026-09-13 · revision 3

9 direct vendors, 113 subvendors

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Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

ISO 27001 (source) — No public evidence

Evidence: https://delphinus.vc, https://delphinus.vc/about-us/, https://www.iso.org/standard/27001, https://www.ds.dk/en/standards/it/iso-27001

AML — No public evidence

Evidence: https://delphinus.vc/about-us/, https://www.finanstilsynet.dk/en/Supervision/Anti-money-laundering, https://www.retsinformation.dk/eli/lta/2021/1062, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32018L0843

ISAE 3000 (source) — No public evidence

Evidence: https://delphinus.vc/about-us/, https://www.finanstilsynet.dk/en, https://www.iaasb.org/publications/international-standard-assurance-engagements-isae-3000-revised-assurance-engagements-other-audits, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32019R2088

Financials

Three-year financials

Financial Resilience Score: 7/10

Delphinus Venture Capital is a newly launched (2025) Aarhus-based evergreen venture capital fund with approximately EUR 80M / DKK 600M in committed capital from four blue-chip Danish LPs: Aarhus University Research Foundation (AUFF), HEARTLAND (Bestseller family office), Norlys, and Salling Group. The LP base is exceptionally strong — all are highly creditworthy, long-term Danish institutions, which minimizes capital call risk and provides substantial financial backing. The evergreen structure (no fixed term/exit horizon) gives the fund flexibility to hold winners longer, avoid forced exits, and recycle proceeds, which improves through-cycle resilience compared to traditional closed-end VC funds. However, as a first-time fund launched in 2025, Delphinus has no track record (no measurable DPI or TVPI), no filed annual reports (CVR 45630242), and faces typical first-time-fund execution risk. The investment focus on deeptech verticals (Food, Health, Defence, Energy) involves longer time-to-revenue and higher capital intensity than software-focused funds. Geographic concentration in East/Central Jutland and Aarhus University spinouts narrows pipeline depth. Additionally, the illiquid nature of early-stage investments means zero distributions to LPs for several years until first exits crystallize. The ~85% follow-on reserve mitigates dilution risk on portfolio winners, but the J-curve effect is unavoidable.

Key strengths: Very strong LP base of four blue-chip Danish institutions (AUFF, HEARTLAND, Salling Group, Norlys) minimizing capital call risk, Evergreen fund structure with no forced-exit clock providing flexibility and through-cycle resilience, Sizable capital base of DKK ~600M / EUR 80M for a regional first-time fund, High follow-on reserve (~85%) reducing dilution risk on portfolio winners, Strategic optionality via LP industrial knowledge (food retail, energy, deeptech research)

Risk factors: First-time fund and first-time manager team with no track record (no measurable DPI/TVPI), Concentration in capital-intensive deeptech verticals (Food, Health, Defence, Energy) with long time-to-revenue, Geographic concentration in East/Central Jutland and Aarhus University spinouts narrowing pipeline depth, Illiquidity of early-stage asset class with 7-12 year holding periods and NAV mark-to-market volatility, Zero distributions to LPs until first exits crystallize (several years away), No filed annual accounts yet — limited public financial transparency until FY2025 reporting

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