Venture Capital

Heartcore Capital

Heartcore Capital, formerly Sunstone, is a Copenhagen based VC focused on early stage consumer and software companies. The firm invests across the Nordics and Europe, supporting founders who build category leading marketplaces, subscriptions, and SaaS products. Heartcore has been an early backer of companies such as Vivino and Lunar and has built one of Denmark's most experienced VC teams. Its consumer first perspective remains a distinctive focus in the Nordic funding market.

DenmarkCopenhagenSeed to Series AConsumerMarketplaceSaaS

Details

Location

Copenhagen, Denmark

Category

Venture Capital

Stage

Seed to Series A

Profile

/denmark/venture-capital/heartcore-capital

Portfolio startups

Startups this investor has backed

Vivino

Copenhagen, Denmark · Startup

Vivino is a Copenhagen founded wine discovery app that lets consumers scan labels and access crowd sourced ratings, tasting notes, and pricing. Founded in 2010 by Heini Zachariassen and Theis Sondergaard, Vivino built the largest wine data community and later expanded into a full marketplace where users can buy wines directly. The company has grown to tens of millions of users and has raised significant venture funding to expand internationally. Vivino is a standout Danish consumer tech company that blended mobile, computer vision, and commerce.

StartupGrowthMarketplaceConsumerE-commerce

Lunar

Aarhus, Denmark · Startup

Lunar is a Danish digital bank founded in Aarhus in 2015 to deliver a mobile first banking experience for consumers and small businesses. After starting as a fintech app layered on partner infrastructure, Lunar secured its own banking license in 2019 and expanded across the Nordics. The app offers current accounts, cards, budgeting tools, business banking, and investment features, positioning Lunar as a regional challenger bank. The company has raised major funding rounds and remains a prominent Nordic fintech.

StartupGrowthFintechBanking

Related entries

Startups with overlapping focus

Vivino

Copenhagen, Denmark · Startup

Vivino is a Copenhagen founded wine discovery app that lets consumers scan labels and access crowd sourced ratings, tasting notes, and pricing. Founded in 2010 by Heini Zachariassen and Theis Sondergaard, Vivino built the largest wine data community and later expanded into a full marketplace where users can buy wines directly. The company has grown to tens of millions of users and has raised significant venture funding to expand internationally. Vivino is a standout Danish consumer tech company that blended mobile, computer vision, and commerce.

StartupGrowthMarketplaceConsumerE-commerce

Dixa

Copenhagen, Denmark · Startup

Dixa is a Danish customer engagement platform that unifies phone, email, chat, and messaging into one support workspace. Founded in 2015, Dixa emphasizes a relationship driven approach called Customer Friendship and helps digital first brands manage omnichannel support at scale. The company expanded across Europe and the United States, raised large funding rounds, and acquired knowledge base and conversational AI products to broaden its suite. Dixa is a notable Copenhagen based SaaS scale up.

StartupGrowthCustomer ExperienceSaaS

K Fund

Madrid, Spain · Accelerator

Founded 2016. Entrepreneur-friendly fund backing product-led Spanish tech startups.

AcceleratorSeed to Series ASaaSMarketplacesConsumer

Too Good To Go

Copenhagen, Denmark · Startup

Too Good To Go is a marketplace that helps consumers buy surplus food from restaurants, bakeries, and supermarkets at a discount, reducing food waste. Launched in Denmark in 2015, the app scaled across Europe, North America, and Australia, building a global community that has saved millions of meals. The company combines sustainability impact with a simple consumer pickup model and has become one of the best known Danish climate tech exports. It also runs programs that help businesses prevent waste and educate consumers about food labeling.

StartupGrowthMarketplaceFood WasteSustainability

Trustpilot

Copenhagen, Denmark · Startup

Founded in 2007 by Peter Holten Muhlmann, Trustpilot is a Copenhagen-born consumer reviews platform that helps people share feedback about businesses and helps companies respond to and learn from customers. The platform operates a freemium model, pairing public reviews with paid tools for analytics, review invitations, and trust widgets. Trustpilot scaled internationally, opened major offices in London and New York, and went public on the London Stock Exchange in 2021. Today it hosts hundreds of millions of reviews and remains one of Denmark's best known global software successes.

StartupGrowthSaaSReviewsE-commerce

Vinted

Vilnius, Lithuania · Startup

Vinted is Europe’s largest online marketplace for second-hand fashion, and Lithuania’s first tech unicorn. Founded in 2008 in Vilnius by Milda Mitkutė and Justas Janauskas, Vinted started as a simple site to sell unwanted clothes peer-to-peer – an idea born when Mitkutė needed to downsize her wardrobe before moving. Over the years, Vinted expanded to become a pan-European platform with over 80 million members in 18 countries. Users (primarily young women, but also men and kids’ parents) can buy and sell second-hand clothes, accessories, home goods, and more. Vinted’s appeal lies in its easy-to-use app and low fees: listing items is free, and the buyer pays a small “Buyer Protection” fee (around 5%) which covers payment insurance and customer support. The company generates revenue from these fees and optional shipping or bump services. Vinted’s growth has been explosive in recent years as second-hand shopping went mainstream. In 2019, Vinted raised €128M at a €1 billion valuation, officially becoming a unicorn – and notably the first from Lithuania. By mid-2021, it raised an additional €250M round at a €3.5 billion valuation and then a €300M round in 2021–2022 valuing it around €5 billion. This made Vinted one of Europe’s most valuable privately-held marketplaces. The platform’s transaction volume and revenue have been growing 50–60% YoY; in 2024, it posted €813M in revenue (+36%) with a net profit of €76.7M – a rare profitable unicorn. Vinted has aggressively expanded: it acquired several competitors (like United Wardrobe in the Netherlands and trendsales.dk in Denmark), and launched new markets such as Canada. It has also diversified into logistics (launching Vinted Go drop-off/pick-up services) and payments (Vinted Pay). With its mission “to make second-hand the first choice,” Vinted taps into sustainability trends and offers an affordable alternative to fast fashion. Its community-driven model and strong unit economics position Vinted as not just a Baltic success story, but a global leader in recommerce, standing shoulder to shoulder with Poshmark or ThredUp in the US.

StartupGrowthMarketplaceConsumer