Danish sports tech company Veo has raised $80m in a Serie C round, enabling the company to offer its revolutionary video technology to every sports club in the world.

Founded in Copenhagen in 2015, Veo has developed an intelligent sports camera platform that enables sports teams of all levels to record and stream matches automatically in high definition, alongside an analytics platform that allows users to analyze their games and share the best highlights.

In this round, ATP, the fourth largest pension fund in Europe, has joined Veo’s strong investor community, including Seed Capital - the Danish seed-stage investor, Ventech - the Paris based early seed investor, and Chr. Augustinus Fabrikker. The investment serves as the ignition for Veo to fulfill its ambition to change the sports world from the grassroots upward.

“Since we launched our first camera three years ago, we have seen a huge demand worldwide. Last year, we tripled our customer base, and recently we rounded up a million recorded matches with Veo, so we have proven that the need exists out there in the sports world. Many of the world's best clubs are customers of Veo today, but our long-term goal is to help clubs of all levels record their matches and training sessions. With this investment round, we can put pressure on those ambitions, and we plan to employ over 200 people over the next two years, ”says Veo's CEO and co-founder Henrik Teisbæk.

New investor ATP feels that they identified a clear commercial opportunity that also supports Danish innovation: "At ATP, we have a special responsibility to invest responsibly and contribute to creating the successful Danish companies of the future. Veo has managed to break through in the American market and, at the same time, maintain its production and development here in Denmark. Veo's global potential as a Danish company is attractive to us." says Anja Bach Eriksson, Director of ATP Long-Term Danish Capital.

Seed Capital was one of Veo's earliest investors and is pleased to have ATP on the team: “We are pleased to have ATP as an investor and we share their belief in Veo's huge potential. We were the first institutional investor and have supported the company in creating a fantastic product, strong management - especially at board level - as well as commercial success, including in the US market, ”says Ulla Brockenhuus-Schack, Managing Partner at Seed Capital.

Ventech, the joint lead investor in Veo’s Series A fundraising, supplemented their investment in this round to support the company’s global development trajectory: “Veo has proven its worth to the market. Its unique offering helps millions of households and sports clubs capture the highlight moments of sports events. And this number of subscribers just keeps augmenting. As an investor and Veo’s partner, we are proud to fight alongside its founders and witness the company’s rapid growth and its prompt reaction to the market’s increasing appetite. Ventech is also glad to see ATP joining the club, which double confirms Veo’s great potential.”, says Tero Mennander, General Partner and Head of the Nordics at Ventech.

Existing investor Chr. Augustinus Fabrikker sees excellent potential in ATP joining the circle of investors: "Chr. Augustinus Fabrikker has always focussed on organizations such as Veo - innovative companies with Danish roots and an international outlook. Our goal is to invest in these companies, building a bridge between business angels, venture capital and long-term investors, creating the best conditions for the future growth of scale companies. With ATP on board, our ambition has been achieved, and we have no doubt that Veo will thus have optimal conditions for its future development ", says Claus Gregersen, CEO of Chr. Augustine Factories.

International success built in Denmark

Veo was founded by Henrik Teisbæk, Jesper Taxbøl and Keld Reinicke 7 years ago.

Since Veo entered the market at the end of 2018, sales have grown exponentially. Today, more than 15,000 clubs in over 80 countries use Veo. In March 2022, Veo passed the one million recorded matches landmark with more than half a million users.

In May 2022, Veo launched the first Veo Cam 2. The new version of Veo's camera can live-stream, making it the first of its kind in the world.

Veo currently has offices in Copenhagen, Miami and London and employs 220 people in eight countries. All hardware and software are created, designed and developed at Veo's headquarters in Copenhagen, Denmark.

Contact information

Veo
Adam von Haffner, PR consultant, tel.: +45 2613 2122

ATP
Trine Fruergaard, Press and communication advisor, tel.: +45 2897 9230

Chr. Augustine Factories
Adm. Director Claus Gregersen via Head of Secretariat Line Gulløv Lundh, tel.: +45 3842 2526

Ventech
Yakun Wang, Head of Communications and Marketing, tel .: +33 616 441 487

SEED Capital
Zenia W. Francker, zenia@seedcapital.dk, tel.: +45 3071 1216