The empirical basis of the report is based on anonymised quantitative survey data which was sent out to 356 Nordic investors in TechBBQ’s network. The report response rate was 7%. This number might seem low, which could compromise data validity. However, for the purposes of this report, investors are conceptualised as an umbrella group and account for both business angels and venture capital organisations that include venture capital, corporate venture capital, and government-controlled venture capital investment foundations.

Of the 25 respondents that replied to our survey, 92% are considered to be leading venture capital foundations operating in Denmark, with only 8% being business angels, entailing that one response does not equal one individual, but rather one organisation. This in turn heightens data validity as the weight of responses is higher due to the organisations’ central role in the Danish investment ecosystem.

The survey consisted of 12 questions including general information on the investor’s organisational fabric, preferred rounds, ticket-size, and vertical preferences. We also asked more detailed questions relating to the importance of different criteria for the investors’ decision-making processes. These more detailed questions dealt primarily with gauging the relevance of scalability, financial performance, and the diversity and background of the founding team, as well as questions on the importance of policies on responsible business conduct, working with sustainability baselines, metrics and goal setting, the necessity of communicating impacts to stakeholders, and the relevance of engaging business relationships.


Christopher Macias Escalona, Project Manager - Sustainability & Life Science, TechBBQ


A person standing on stage at TechBBQ in front of an audience.



The State of Sustainability in the Danish Investment Ecosystem