Vaekstfonden

What Vaekstfonden does

EIFO (Danmarks Eksport- og Investeringsfond), operating under the legacy name Vækstfonden, is Denmark's national promotional bank and official export credit institution, established by law and headquartered in Hellerup, Denmark. The institution provides risk-tolerant state financing to Danish companies across all stages of development—from startups requiring early-stage capital to large exporters needing complex international financing solutions. Its core product portfolio spans financing solutions (credit, equity, and customer financing), EIFO Kaution surety products that enable banks to guarantee SME obligations, buyer credit guarantees for exporters, direct company investments, fund-of-fund investments through professional managers, and dedicated export financing for EPC contractors. Distribution occurs primarily through partnerships with Danish and international banks, complemented by direct engagement via the MitEIFO customer portal (which supports MitID authentication) and telephone advisory services.

The business model is structured around state-mandated capital deployment and risk-sharing rather than traditional commercial revenue generation. Revenue streams include transaction fees on export financing and guarantees, returns on equity and fund investments, and managed services arrangements for loan guarantees and co-financing with private banks. The customer base is segmented horizontally across four company size tiers (startup, expanding, mature, large) plus Danish financial institutions, foreign buyers, and fund managers. Marketing channels combine a content-driven knowledge hub, an email newsletter, LinkedIn presence, and earned media. The organization reports material 2025 impact metrics including 22,600 jobs created or maintained, 59.6 billion DKK contributed to Danish company turnover, and 24.5 billion DKK in GDP contribution. Recent strategic activity includes multiple surety product launches in 2026 (including a defense-focused variant for Danish Armed Forces contracts) and a 38 billion DKK commitment to the Scaleup Europe Fund. Leadership comprises CEO Rolf Kjærgaard, CFO/CRO Jacob Hübertz, and investment directors Erik Balck and Ole Kring.

Name

Vaekstfonden

Legal name

Danmarks Eksport- og Investeringsfond

Website

https://vf.dk

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

1–10 employees

Short description

EIFO (Danmarks Eksport- og Investeringsfond), formerly Vækstfonden, is Denmark's state-owned national promotional bank and official export credit institution, providing risk-tolerant financing, guarantees, and equity investments to Danish companies from startups to large exporters via bank partnerships and direct channels.

Ownership category

akta.pro rank

Product category

Development Banking and Export Credit

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Surety Insurance (6351)

akta.pro primary industry

Structured Trade & Export Credit (ECA-backed, Structured Solutions) (FSABAHAJ)

Keywords

• Development banking
• Export credit financing
• SME loan guarantees
• Venture capital investing
• State-backed financing

Headquarters

HQ city

Hellerup

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Export Financing and Credit Guarantees: EIFO provides export financing solutions, buyer credit guarantees, and insurance products that enable Danish exporters to offer attractive payment terms to foreign buyers while receiving immediate payment.
2. Equity and Venture Investments: Direct equity investments in companies and fund investments managed by professional fund managers, providing growth capital to Danish startups and growth companies.
3. Loan Guarantees and Co-financing: Working with Danish banks and financial institutions to provide guarantees and co-financing solutions that help SMEs access bank financing for growth, export, and innovation.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Vaekstfonden, operating as EIFO (Danmarks Eksport- og Investeringsfond), is Denmark's national promotional bank and official export credit institution. It provides risk-tolerant state financing to Danish companies across all stages of development through credit, equity investments, fund investments, surety/guarantee products, and export financing including buyer credit guarantees for foreign buyers of Danish goods and services.

Product overview

EIFO (Danmarks Eksport- og Investeringsfond) operates as Denmark's national business promotion bank and official export credit agency, offering a unified platform of financing solutions. The core portfolio includes: financing solutions for companies at all stages (startup, scaling, mature, large), EIFO surety/guarantee products for banks and SMEs, buyer credit guarantees for exporters, fund and company investments, and the MitEIFO customer portal for applications and account management. EIFO serves as the single entry point for risk-bearing state financing for Danish businesses, supporting growth, entrepreneurship, innovation, green transition, and global business activities.

Differentiator

Problem solved

Functional benefit

Products and services

• Finansieringsløsninger (Financing Solutions) Comprehensive financing solutions for Danish companies at all stages of development, from early-stage startups to large enterprises with significant export activities, including credit, equity financing, and financing for foreign customers.
• EIFO Kaution (Surety Products) Guarantee and surety products that enable banks to provide guarantees to SMEs, including special guarantees for defense sector contracts and general SME support products with enhanced coverage.
• Køberkreditgaranti (Buyer Credit Guarantee) Export financing guarantees that allow foreign buyers to access attractive payment terms while ensuring the Danish exporter receives immediate payment.
• MitEIFO (Customer Portal) Online customer portal providing Danish companies access to EIFO's financing solutions, application management, and account services. Supports login via email/password or MitID authentication.
• Investeringer i Fonde (Fund Investments) Investments in professional fund managers' funds, providing capital to the venture and growth ecosystem supporting Danish startups and growth companies.
• Investeringer i Virksomheder (Company Investments) Direct equity investments in companies offering dynamic and innovative growth opportunities across Danish growth-stage businesses.
• Eksportfinansiering (Export Financing) Financing solutions for Danish exporters and their foreign customers, including buyer credit guarantees and financing for EPC (Engineering, Procurement, Construction) companies undertaking large international projects.
• EIFO-kaution til SMV'er til Forsvaret (Surety for SME Defense Contracts) Specialized surety product enabling SMEs to secure guarantee-backed financing from banks for contracts with the Danish Armed Forces (FMI or ETK), accelerating defense sector deliveries.

Quantifiable outcome

• 22,600 jobs created or maintained in 2025
• +2 more outcomes

Named customers1 record

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Three partnerships are on record, tiered core.

• Danish Banks and Financial InstitutionscoreChannel Partner/ Reseller/ DistributorEIFO works with Danish banks and financial institutions to provide financing to Danish companies at all stages of development. Provides tools, lists, and knowledge supporting credit and risk assessment.
• International BankscoreChannel Partner/ Reseller/ DistributorEIFO partners with international banks to provide export financing and buyer credit guarantees enabling Danish exporters to compete globally.
• IFD (Investorer og Fondsdirektører)coreStrategic or Co-development PartnerEIFO and IFD jointly publish analyses on growth opportunities in the 'Global South', showing new economic and geopolitical movements making emerging markets increasingly important for Danish companies.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• KfW Group: Germany's state-owned development bank and promotional institution, providing financing, guarantees, and equity for German SMEs, startups, and exporters. The closest analog to EIFO in scale, mandate breadth (startup to large exporter), and risk-bearing state-mandated role.
• Bpifrance: France's public investment bank combining financing, guarantees, equity, and export credit for French companies at all stages. Direct functional mirror of EIFO across the full company lifecycle.
• Cassa Depositi e Prestiti (CDP): Italy's state financial institution supporting Italian businesses and public infrastructure through financing, guarantees, and equity. Comparable as a state-backed promotional institution serving a single national economy.
• Instituto de Crédito Oficial (ICO): Spain's state-owned financial institution acting as a promotional bank providing financing to SMEs, large companies, and exporters. Directly comparable to EIFO's role as a national promotional and export credit agency.
• AB Svensk Exportkredit (SEK): Sweden's official export credit agency providing financing solutions for Swedish exporters and their foreign buyers. A near-twin of EIFO's export credit mandate, although without the broader domestic SME/VC functions.
• Business Development Bank of Canada (BDC): Canadian Crown corporation providing financing, venture capital, and advisory to Canadian entrepreneurs. Comparable as a state-owned development bank serving a single national economy across the company lifecycle.
• Finnvera: Finland's state-owned specialised financing company providing export credit guarantees, financing, and guarantees for SMEs and large exporters. A closely comparable Nordic peer for EIFO's promotional and export credit mandate.

Broad incumbents

• Nordic Investment Bank (NIB): Multilateral development bank owned by Nordic and Baltic countries providing financing for project and corporate investment. Overlaps with EIFO in cross-border infrastructure and corporate finance but operates regionally rather than solely Danish.
• European Investment Bank (EIB): EU's long-term lending institution providing finance for SMEs, innovation, climate, and infrastructure. Increasingly competitive with EIFO for large Danish growth and infrastructure deals, especially through EIF and InvestEU.
• Euler Hermes (now Allianz Trade): Global trade credit insurer and export credit agency partner, providing buyer credit guarantees and trade insurance. Comparable to EIFO's buyer credit guarantee product line but operates commercially across many markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/eifo
• Xx.com/Vaekstfonden

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments257 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vaekstfonden