Verdane Research
Investment Thesis
Verdane is an independent, specialist growth equity and growth buyout firm that partners with tech-enabled and sustainable businesses based in Europe to help them reach the next stage of international growth. It deploys behind two structural megatrends: digitalisation (technology-enabled B2B and B2C businesses) and decarbonisation (energy transition and resource efficiency). It pioneered the portfolio-of-companies investment strategy in Europe in 2003 and only backs businesses that pass its "2040 test", meaning the company can thrive in a more sustainable future economy. It is a certified B Corporation and partly owned by the Verdane Foundation.
Stage Focus
Verdane invests at growth and buyout stages, not venture seed. It takes majority or minority positions in single companies or portfolios of companies, buys existing shares or provides primary capital. The Freya funds target portfolio acquisitions and lower mid-market companies, the Edda funds invest in individual mid-market companies, and the Idun funds target sustainable businesses that pass strict environmental-impact criteria. This is a poor fit for pre-seed and seed founders; it is relevant as a later-stage or co-investor reference.
Check Size
Equity tickets run from EUR 20M to EUR 150M and above, with capacity for larger tickets. Recent deals: Xpansiv (reported as a roughly $150M, nine-figure raise led by Verdane, September 2026) and the Trifork Labs portfolio deal (Verdane acquired 52 percent of four companies for EUR 22.8M cash, July 2026).
Lead Tendency
Verdane typically takes control or significant-influence positions and leads. It led the Xpansiv raise, took a majority stake in Factbird (August 2026), and led the earlier Onomondo growth round (2022).
Recent Activity
- September 2026: Led the capital raise for Xpansiv, the environmental-markets infrastructure platform, to fund acquisitions and product expansion.
- September 2026: Realised its Onomondo investment through a sale to Aspirity Partners.
- August 2026: Majority investment in Factbird, a Danish manufacturing-intelligence software company.
- July 2026: Acquired stakes in four Trifork Labs technology businesses (including Axoniq and Dawn Health).
- May 2026: Closed a EUR 635M multi-asset continuation vehicle, led by Coller Capital, anchored by Arrive Group, Talentech and Pet Media Group.
- May 2026: Back in market for Edda IV, targeting EUR 1.6bn.
- 2026: Four healthcare investments in the year, including MEDADOM, ETERNO and Smartbox.
Fund Status
Funds are actively deploying: Freya XII (2025, EUR 2.0bn), Idun II (2024, EUR 700m) and Edda III (2024, EUR 1.1bn). Verdane has raised about EUR 10bn in total and reports over 8 billion euros in AUM as of early 2025. Edda IV is being raised.
Portfolio Highlights
More than 200 investments since 2003, with 80+ active portfolio companies. Notable names include Urban Sports Club, inriver, Voyado, Meltwater, Tide, Zopa, Boozt.com, Desenio, Hem, Mathem, Eversports, Parkopedia, Smava, Swappie, Stratasys and Storytel. Bjarne Kveim Lie also cites Banqsoft, Chipcon, Easypark, Kappa Bioscience, Polytech and Resman as companies built under his leadership.
Team
- Bjarne Kveim Lie: Founder, Managing Partner and Chief Investment Officer; launched the firm in 2003 as a spin-out from Four Seasons Venture; former McKinsey, Harvard MBA.
- Moez Gharbi: Partner, London; joined January 2025 from Blackstone Growth, where he spent over 12 years.
- Bjarne Abrahamsen: Chief Operating Officer, Oslo; joined 2025 from Antler.
- Andreas Daae: Principal, Head of Capital Markets.
- Kristoffer Cedfors: Elevate operational expert, Stockholm.
The firm has 180+ team members across offices in Berlin, Copenhagen, Helsinki, London, Munich, Oslo and Stockholm, plus New York and San Francisco presence listed in the team filters.
Value Creation
Elevate, the in-house team of operational experts, supports portfolio companies on commercial, talent, data, technology and cybersecurity, finance and sustainability. Verdane runs an ecosystem of 600+ CXOs and 30+ portfolio-only events a year.
Decision Process
Partnership-led investment committee structure across a large multi-office team; thematic deal sourcing in digitalisation and decarbonisation. Warm introductions are helpful but the firm also sources through proprietary data and GP relationships.
Founder Preferences
Ambitious European entrepreneurs running profitable or scaling tech-enabled and sustainable businesses, often with B2B software, marketplace or consumer subscription models, who want an operational partner for international expansion and M&A.
Geographic Focus
Europe, with a core in the Nordics, DACH and the UK, and growing activity across continental Europe including France (MEDADOM). Headquartered in Oslo, with offices in Berlin, Munich, London, Copenhagen, Helsinki and Stockholm.