Frog Capital
UnclaimedAt a Glance
- Check Size
- $5M – $20M
- Stage
- Series A, Series B+
- AUM
- $300M
- Sectors
- Enterprise, SaaS, Fintech
- Founded
- 2009
- HQ
- London, United Kingdom
About Frog Capital
Founded in 2001, Frog Capital is a London-based growth-stage venture capital firm focused on European enterprise software companies. The firm has built a reputation for backing B2B software companies that demonstrate strong unit economics and clear paths to international expansion. Frog typically invests in Series A and later rounds, providing both capital and strategic support to help European companies scale globally.
The firm has had notable exits including Zendesk's IPO and the acquisition of Trustpilot. Led by partners with deep operational experience in enterprise software, Frog Capital differentiates itself through its focus on sustainable growth metrics and its extensive network across European and global markets. The firm's portfolio spans SaaS, fintech, and other enterprise software verticals, with a particular emphasis on companies that can leverage Europe as a launching pad for worldwide expansion.
Investment Thesis
“Invests in European enterprise software companies at the inflection point between initial traction and global scale.”
Leadership Team
Mike Reid is a senior partner and the person who launched Frog Capital. He spent 13 years at 3i covering everything from startup investing to mature buyouts, and before that led an internal venture inside the UK's largest formerly state-owned gas company that divested more than $1 billion of property. He also drove the firm's pivot toward companies with a net positive social impact.
Steven Dunne is the other senior partner, and Sonia Powar chairs the investment committee. The distinguishing feature of the roster is how much of it is operational: James Bagan, Andrew Betteley, Susannah Nicklin, Amanda Stainton and John Sutherland all carry operating partner titles and sit behind the firm's Scale-Up Methodology, a published framework of toolkits organised around execution, planning and sustainability. The team page lists nine people in total, making Frog a small, operator-weighted shop rather than a large investment bench.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
- Frog Capital Limited was incorporated in London on 6 February 2009 under company number 06812490, is still listed as active, and registers under SIC code 64303 for venture and development capital activities.
- It is authorised and regulated by the Financial Conduct Authority under firm reference number 509967 and operates from Douglas House, 131 Great Titchfield Street in central London.
- The firm does not publish fund names or fund sizes, and it has no Form D filings with the SEC, meaning its vehicles have not been marketed into the United States under Regulation D; a full-text search for the name returns only an unrelated Texas partnership.
- What is documented is deployment rather than fundraising.
- Frog describes itself as a growth investor in European software scale-ups and now brands the strategy Positive Growth Equity, concentrating on companies with a measurable social benefit.
- The current book holds Oxford Medical Simulation, Modulr, Caspar, Clue Software, Winningtemp, Genasys, Vulog and Housfy.
- Realised positions include Evotix, acquired by SAI360, plus Sofatutor, Azimo, Sellics, McMakler, Opensignal, Skimlinks and Dealflo.
Frequently Asked Questions
What stage does Frog Capital invest at?
Frog Capital primarily invests at the Series A, Series B+ stages. This means they focus on companies that are scaling their go-to-market after proving product-market fit.
Where is Frog Capital located?
Frog Capital is headquartered in London, United Kingdom. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Frog Capital focus on?
Frog Capital focuses on investments in Enterprise, SaaS, Fintech. Their portfolio reflects deep expertise and networks within these sectors.
What is Frog Capital's typical check size?
Frog Capital's typical investment check size ranges from $5M to $20M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Frog Capital have under management?
Frog Capital manages approximately $300M in assets under management (AUM) across their funds.
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