GRO Capital backs Adform

GRO drew capital from Gro Fund II, which held a first close on €180m towards its €250m target in October and targets companies with turnover of between €10-100m.

The GP will partner with existing investor Via Equity and Adform's management team to support further growth for the business.

GRO partners Lars Dybkjær and Lars Lunde will join Adform's board, and have also introduced Torben Munch (former CEO of Itivity Group) as chairman.

Previous funding
Via Equity invested an undisclosed equity ticket in Adform in January 2010. At the time of Via's initial investment, the company employed 70 people, a figure that has increased more than 12x to 850 in 2019.

Company
Adform was founded in 2002 and is headquartered in Copenhagen. It providers software for the buying, managing and distribution of digital advertising. It employs 850 people across 27 offices globally.

People
GRO Capital – Lars Dybkjær (managing partner); Lars Lunde (partner).
Adform – Gustav Mellentin (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Nordics
• Technology
• Denmark
• Venture
• Via Venture Partners