A new Aarhus-based investment vehicle, Delphinus Venture Capital, has launched with DKK 600 million to fuel research-intensive startups and scale-ups across East and Central Jutland.
The fund is a joint initiative between the Aarhus University Research Foundation, HEARTLAND, Norlys, and Salling Group, who share the ambition of strengthening the regional startup ecosystem and transforming research into commercially viable companies.
Delphinus will operate as an evergreen fund, providing long-term capital from the pre-seed to scale-up stage — offering a broader investment horizon than traditional venture funds.
The partners have appointed Mathias Brink Lorenz as director. Lorenz brings international experience from his time as Investment Director at the European Circular Bioeconomy Fund in Germany, where he specialized in research-driven ventures.
Highlighting the fund’s distinct approach, Lorenz said:
“Innovation takes time, courage and capital. Unlike traditional venture funds, Delphinus has been intentionally structured to enable long-term commitment and flexibility. We will be able to support companies from their earliest stages through to late growth.”
The initiative represents a major step for Aarhus University’s efforts to commercialize research, according to Brian Bech Nielsen, rector of Aarhus University and chair of the Aarhus University Research Foundation.
“This unique partnership ensures that research ideas are transformed into sustainable, commercially viable companies,” Nielsen said. “It provides AU’s researchers with new opportunities to test, fund, and scale both early-stage concepts and market-ready solutions — strengthening their ability to drive societal progress.”
The fund’s other founding partners emphasize its role in anchoring innovation locally while fostering growth.
• Lise Kaae, CEO of HEARTLAND, said the fund would “improve access to long-term, locally anchored financing for promising, high-growth companies.”
• Anne Mette Aaby Aes, CFO of Norlys, highlighted the cooperative’s commitment to patient investment and job creation: “Our model allows us to give entrepreneurs the time they need to develop their ideas into successful businesses.”
• Andreas Møballe, Head of Strategy at Salling Group, said the initiative aligns with Salling’s innovation goals: “We are committed to supporting entrepreneurs in Aarhus and the wider region, tapping into new knowledge and inspiration beyond our core business.”
Named after the dolphins featured in Aarhus University’s seal, Delphinus Venture Capital will be headquartered in Aarhus, ensuring proximity to the university, Aarhus University Hospital, and other innovation hubs.
The official launch will be marked with a reception on 17 September at Incuba, Katrinebjerg.
