Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora

Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora

Venture capital investments demand long-term strategic expertise across diverse fields to ensure optimal returns.

With our long history of being one of the most active Nordic law firms advising in venture capital and growth equity financings, we are deeply connected to the venture capital industry.

Through our extensive experience and client base, we have a thorough understanding of market terms and participants. By leveraging this knowledge, we are able to act as a strategic advisor to our clients and provide efficiencies in a way that is unmatched in the Finnish market.

We have the expertise to efficiently handle all aspects of venture capital and minority investments, such as:

  • legal due diligence and ESG reviews
  • term sheet documentation
  • investment and shareholder agreements
  • corporate resolutions
  • follow-on financing rounds and other financing arrangements
  • employment agreements and incentive schemes for key personnel
  • exits.

Our clients include domestic and international venture capital investors, institutional and corporate investors, growth-focused development financers, and green transition investors making direct investments in growth companies. Through our market-leading Growth Companies practice we act as a strategic partner to various founder-led and venture-backed companies in their fundraisings and other growth initiatives.

Clients value our agile, reactive, and proactive way of working. You will be supported by a dynamic and responsive core team. Through our cross-practice approach, all relevant industry and domain knowledge is integrated into every investment process. Our processes are further optimised through the use of AI and advanced legal technology.

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Latest references

We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.
Case published 10.6.2026
We advised the NATO Innovation Fund as lead investor on Kelluu’s EUR 15 million Series A funding round, with participation from Keen Venture Partners, Gungnir Capital, and Tesi. Kelluu is a Finnish deep tech company operating the world’s largest autonomous airship fleet. We advised NIF on this transaction alongside global law firm Latham & Watkins.
Case published 17.4.2026
We are assisting CapMan Growth in its significant investment in Kuntokeskus Liikku, a Finnish gym chain known for its high-quality self-service facilities and excellent value for money. The investment will further strengthen Liikku’s position as a market leader and support the continued execution of its growth strategy. Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth. The company’s main shareholder is COR Group, a long-time partner of CapMan Growth, and a Finnish health and wellness conglomerate known for active ownership and long-term value creation. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with a turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 27.2.2026
We are assisting CapMan Growth in making a significant investment in Factory, a Finnish restaurant chain known for its high-quality homemade meals and excellent value for money. The investment supports Factory’s ambitious growth strategy to expand nationwide and strengthen its presence also in shopping centres. Industry veteran Aku Vikström also joins as a co-investor and member of the board to support the company. Factory is a restaurant chain that specialises in high-quality homemade meals. In addition to buffet offerings, Factory provides catering services for meetings and events. All dishes are prepared in Factory’s own restaurant kitchens by the restaurants’ own chefs, and the menu focuses on diverse, high-quality home cooking. The company currently operates 22 restaurants in Southern Finland and employs around 200 people. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 2.12.2025