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Cold Fund

Noon Ventures

noon-ventures.dk · Copenhagen, Denmark

“We invest in proven, transformative technologies that have the potential to be industry-defining while driving meaningful impact on the climate and environment. We partner with founders as active co-developers, not passive investors.”

$500K – $10M
Check Size
Leads
Lead Tendency
~1 Month
Timeline
01Investment Thesis

We invest in proven, transformative technologies that have the potential to be industry-defining while driving meaningful impact on the climate and environment. We partner with founders as active co-developers, not passive investors.

Exclusion Criteria

Pure hardware-only plays, software-only solutions without hardware integration, ventures without proven technical foundation, companies outside Northern Europe, investments that don't address climate/environmental challenges

02Investment Team
TM
Theis Malmborg
General Partner
CH
Caspar Høgh
General Partner
WT
William Taul Madsen
Associate
03F4 Research Brief

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:

  1. 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.

  2. Spectro Inlets - Advanced sensor technology enabling real-time data collection. Founders: Daniel Trimarco, Anil Thilsted. NOON partner: Theis Malmborg.

  3. Enduro (Enduro Genetics) - Breakthrough bioproduction technology. Founded by Peter Rugbjerg, Christian Munck. NOON partner: Theis Malmborg. Secured €7.5M EIC Accelerator funding (July 2025).

  4. Phlit - Enabling flexibility trading and power optimization for electrical drives. Founded by Tomislav Dragičević, Wybren Oppedijk, Rama Subroto. NOON partner: Caspar Høgh.

  5. 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

04Selected Portfolio
Biotech & Life Sciences
Enduro Genetics
Other
Spectro Inlets·Phlit·Agrobiomics·Lotus Microsystems
Open the full portfolio→
05Recent Updates

Fresh signals from public announcements, essays, and portfolio activity.

Plexar Energy acquired NOON Ventures portfolio company Phlit to integrate into their market-leading solution for Microgrids. Announced August 2026.
EXIT·linkedin.com
AUG 2026
Led Lotus Microsystems' DKK 53.5m follow-on funding round with EIFO to scale energy-efficient power-supply microchips for AI data centers.
INVESTMENT·mainsights.io
JUL 29, 2025
Co-invested €12M Series A round in Enduro Genetics for biomanufacturing technology.
INVESTMENT·agfundernews.com
FEB 2025
Quick Reference
Check Size
$500K – $10M
Stages
Pre-Seed · Seed · Series A
Decision
Partnership · ~1 Month
Warm Intro
Not Required
Involvement
Board Seat
Location
Copenhagen, Denmark
Sector Focus
Manufacturing & IndustrialBiotech & Life SciencesSemiconductors & HardwareClimate & SustainabilityFood & Beverage
Models
DeeptechClimate TechAdvanced ManufacturingBiomanufacturing
Technology
Power ManagementSensorsBiotechnologyEnergy Infrastructure
See all Manufacturing & Industrial investors →See all Biotech & Life Sciences investors →See all Semiconductors & Hardware investors →
Visit noon-ventures.dk ↗

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Focus Areas
Manufacturing & IndustrialBiotech & Life SciencesSemiconductors & HardwareClimate & SustainabilityFood & Beverage

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F4 Intelligence Report · Last Researched September 23, 2026F4 Research Engine