NOON Ventures Research
Investment Thesis
NOON Ventures is a hands-on co-developer for Northern European deeptech climate startups in advanced manufacturing and biomanufacturing. Founded in 2020, the firm positions itself fundamentally differently from traditional venture capital. Rather than following the conventional VC path of selecting winners and following up, NOON Ventures takes an active ownership approach similar to later-stage private equity. The firm believes that breakthrough technologies addressing climate and environmental challenges require not just capital, but deep operational and technical partnership.
The core thesis centers on transformative technologies with industry-defining potential that drive meaningful environmental impact. NOON invests in proven deep-tech innovations that have already demonstrated technical feasibility, requiring capital and operational support to scale and commercialize. The firm explicitly focuses on the transition period where promising ideas become impactful companies.
Investment Approach: The Power of Focus
NOON Ventures operates with an ultra-concentrated strategy of one company at a time. This differentiation is fundamental to their model. Rather than deploying across a broad portfolio, they invest in a few carefully selected companies, allowing them to fully commit the time and resources needed to help build lasting businesses. This approach enables the partnership to provide hands-on support including technical guidance, operational expertise, commercial strategy development, and access to their network of industrial advisors and board executives.
This concentrated strategy reflects a belief that deeptech ventures—particularly those in advanced manufacturing and biomanufacturing—require sustained, deep engagement to navigate technical, operational, and commercial complexity. The firm actively assists portfolio companies on technical aspects, operational scaling, commercial strategy, recruitment of key talent, and securing strategic partnerships.
Stage Focus and Check Size
NOON Ventures focuses primarily on early-stage investments:
- Pre-Seed to Seed: Primary investment stage
- Series A: Selective follow-on investments for strong portfolio companies
Typical check size: €500K - €10M (approximately $500,000 - $10,000,000 USD)
- Pre-seed investments: €500K-€2M
- Seed investments: €1M-€5M
- Series A follow-ons: €5M-€10M
The firm typically serves as lead or co-lead investor in seed rounds, reflecting their hands-on approach and conviction in the investment thesis.
Sector Focus: Deeptech and Climate
NOON Ventures specializes in Northern European deeptech, with explicit focus on companies addressing climate and environmental challenges through:
Advanced Manufacturing & Biomanufacturing:
- Power and thermal management solutions (semiconductors, electronics, AI computing)
- Advanced sensor technology and measurement systems
- Bioproduction and cellular engineering
- Industrial technology for renewable energy transition
- Agricultural technology and biostimulants
Thematic Areas:
- Power and energy transition technologies
- Climate resilience and adaptation
- Semiconductors and hardware (especially for power efficiency and AI)
- Industrial biotechnology
- Food and agriculture sustainability
- Clean energy and renewable energy infrastructure
NOON explicitly avoids pure hardware-only plays and focuses on ventures with scalable technical innovation. The firm has increasing activity in advanced materials, semiconductors, energy transition, and agricultural technology.
Lead Tendency and Decision-Making
NOON Ventures actively leads or co-leads investment rounds in their focus stage. The decision process reflects a partnership model with serial execution across technical validation and commercial development. The firm typically completes investment decisions with supporting analysis and commitment to hands-on partnership, rather than passive observation.
Timeline: Investment decisions typically complete within 1-2 months for well-positioned companies, with ongoing engagement expected post-investment.
Recent Activity and Fund Status
Fund I (First Fund): Closed with capacity to invest in 5-6 core portfolio companies. Current focus is on scaling and supporting portfolio companies including Lotus Microsystems (power management), Spectro Inlets (sensor technology), Enduro (bioproduction), Phlit (renewable energy), and Agrobiomics (agricultural resilience).
Recent Investment Activity (2021-2025):
- June 2021: Led investment in Lotus Microsystems ($1M+ seed) - power and thermal management
- July 2021: Led investment in Spectro Inlets (initial) - advanced sensor technology
- February 2022: Led investment in Enduro ($1M+ seed) - bioproduction/cell engineering
- July 2023: Led investment in Phlit ($3M+ seed) - renewable energy flexibility
- June 2024: Led investment in Agrobiomics ($1M+ seed) - agricultural biostimulants
- February 2025: Follow-on investment in Enduro - expanding support for scaling
Fund Status: Fund I is actively supporting portfolio companies through growth and scaling. The firm has indicated active deployment capacity and continues to assess high-quality deeptech opportunities in Northern Europe.
Portfolio Overview
The portfolio reflects the firm's thesis of concentrated, hands-on investment in deeptech climate solutions:
-
Lotus Microsystems - Transforming power and thermal management for AI computing and advanced electronics. Founded by Yasser Nour, Hoa Thanh Le, and Ahmed Ammar. NOON partner: Caspar Høgh.
-
Spectro Inlets - Advanced sensor technology enabling real-time data collection. Founders: Daniel Trimarco, Anil Thilsted. NOON partner: Theis Malmborg.
-
Enduro (Enduro Genetics) - Breakthrough bioproduction technology. Founded by Peter Rugbjerg, Christian Munck. NOON partner: Theis Malmborg. Secured €7.5M EIC Accelerator funding (July 2025).
-
Phlit - Enabling flexibility trading and power optimization for electrical drives. Founded by Tomislav Dragičević, Wybren Oppedijk, Rama Subroto. NOON partner: Caspar Høgh.
-
Agrobiomics - Enhancing agricultural resilience through biostimulants. Founded by Ling Ding, Andreas Laustsen-Kiel, Ejner Bech Jensen, Jonas Jürgensen-Breum, Mathilde Nordgaard. NOON partner: Theis Malmborg. Secured €7.5M EIC Accelerator funding (July 2025).
Geographic Focus
NOON Ventures explicitly focuses on Northern Europe, with primary investment concentration in Denmark (Copenhagen and DTU area), Scandinavia, and selective Western European opportunities. The firm benefits from proximity to technical talent, university spin-outs, and industrial clusters.
Team and Expertise
Theis Malmborg - General Partner and Co-founder. Background in corporate finance, M&A, and strategy. Extensive experience buying/selling companies and managing SMEs. Started in investment banking, 6 years in family office before co-founding NOON. Focus: Bio-solutions and energy.
Caspar Høgh - General Partner and Co-founder. Experienced entrepreneur with hands-on company building. Background at Bain & Company. Focus: Advanced manufacturing, semiconductors, tech, and energy. Board member and advisor for multiple early-stage ventures.
William Taul Madsen - Associate. Strong technical understanding of emerging technologies. Background at Ørsted and Demant. M.Sc. Industrial Engineering and Management (DTU).
The board includes significant experience in industrial companies and private equity (Christian Dyvig as Chairman). Industrial advisors include former executives from Renesas, Intel, Carlsberg, Ørsted, and Novozymes.
Decision Process and Involvement
DECISION FRAMEWORK: Partnership-based due diligence combining technical assessment, market opportunity validation, and team evaluation. Typical board involvement includes board seat or observer rights, active participation in hiring key talent, strategic guidance on commercial strategy, network access, and hands-on operational support.
Investment Criteria Summary
Entry Stage: Pre-Seed to Series A Check Size: €500K - €10M Lead Tendency: Leads or co-leads Geographic Focus: Northern Europe (Denmark primary) Sector Focus: Deeptech, climate solutions, advanced manufacturing, biomanufacturing Stage Preferences: Early-stage with technical proof-of-concept Typical Board Involvement: Board seat or active observer Fund Status: Fund I actively deploying