Frog Capital

Managing Partner Mike Reid and Senior Partner Jens Düing co-lead the firm's investment committee. Both founders have been involved in the European venture and growth equity landscape since the late 1990s, having previously worked together at Elderstreet before launching Frog in 2009. The firm's concentrated portfolio structure means individual deal sponsors carry significant responsibility through the investment process.

Frog leverages the long tenures of its partners across the European software ecosystem. Reid and Düing have spent more than two decades building relationships with founder-CEOs, industry operators, and regional tech networks in the UK, DACH, and the Nordics. Because Frog targets sub-EUR 50 million revenue firms — a segment below the radar of mega-cap growth funds — a significant portion of its pipeline comes from direct founder outreach and referrals rather than broad auction processes.

Frog operates as a traditional institutional private equity firm, not a family office. It manages commingled blind-pool funds raised from external limited partners, including pension funds, funds-of-funds, and family offices. The firm's Fund III, which closed in 2022, represents its third institutional fundraising cycle.

Frog invests exclusively through direct equity transactions in operating companies. The firm does not operate a fund-of-funds program or allocate LP capital into other managers. Its model is built on taking board seats and working directly with management teams to drive operational improvements, which requires active ownership rather than passive fund commitments.

Frog targets the scale-up stage — companies that have already achieved product-market fit and generate between EUR 10 million and EUR 50 million in revenue. The firm deliberately avoids seed and early-venture investments, and it does not compete for late-stage pre-IPO rounds. This middle lane is where Frog believes its operational model generates the highest return on effort.