Frog Capital
Frog Capital is a London-based growth capital firm founded in 2009 that invests equity in European purpose-driven software scale-ups, pairing capital with a proprietary Scale-Up Methodology delivered by an in-house Operating Partner team across technology, GTM, finance and leadership.
- Company typePrivate
- Founded2009
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Frog Capital does
Frog Capital is a London-headquartered growth capital investment firm founded in 2009 by Mike Reid, regulated by the UK Financial Conduct Authority (Register Number 509967). The firm invests growth equity into European purpose-driven software scale-ups — companies past initial product-market fit that are scaling product, organisation and culture while retaining a net-positive societal impact. Frog pairs its capital with a proprietary Scale-Up Methodology delivered through an in-house team of Operating Partners covering technology, product, GTM/sales, finance, leadership and HR, supported by a How to Scale content library of more than 100 toolkits, podcasts, articles and videos.
The firm's core products are growth capital (typical tickets from £4m into £83m+ rounds, including Modulr's £83m 2022 round and OMS's $12.6m Series A) and the Scale-Up Methodology, which is increasingly distributed through HowToScale.ai — a customised large language model trained on the firm's proprietary content corpus. Frog has executed 9 exits in 5 years, including the 2023 sales of Evotix to SAI360 (3x+ return, scaling from £6m to £20m+ ARR) and Azimo to Papaya Global (660% revenue growth under ownership).
Frog's revenue model combines capital gains on equity exits with management fees and carried interest from its funds; investment terms are not publicly disclosed. The firm deploys capital across the UK, Germany, Spain, France and Sweden, and its competitive advantage rests on the combination of a senior partner team with decades of European PE experience (notably 3i alumni) and a structured operating-partner model that is uncommon at the firm's AUM scale.
Frog Capital firmographics
Firmographics- Name
- Frog Capital
- Legal name
- Frog Capital Ltd.
- Website
- https://frogcapital.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Frog Capital is a London-based growth capital firm founded in 2009 that invests equity in European purpose-driven software scale-ups, pairing capital with a proprietary Scale-Up Methodology delivered by an in-house Operating Partner team across technology, GTM, finance and leadership.
- Ownership category
- akta.pro rank
Frog Capital industry classification
Industry- Product category
- Growth Capital / Private Equity
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Technology & Software Growth Equity (FSANACAA)
- akta.pro secondary industry
- Impact / ESG Venture Capital (FSANAAAG)
Keywords
Where Frog Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Frog Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Capital Gains from Portfolio Investments: Frog Capital generates returns through equity investments in purpose-driven European software scale-ups. Returns are realized through portfolio company exits via trade sale, IPO, or secondary transactions. The firm also earns management fees and carried interest from its funds.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Frog Capital product offering
Product offeringCore offering
Frog Capital is a growth capital investment firm that deploys equity capital (typically leading or co-leading funding rounds) into European purpose-driven software scale-ups, paired with hands-on operational support from an in-house Operating Partner team covering technology, product, finance, GTM/sales, HR/people and leadership. The firm wraps this capital-and-expertise offering around a proprietary Scale-Up Methodology framework and a "How to Scale.ai" generative-AI search engine, and brands its investment approach as "Positive Growth Equity," restricting investment to software companies with clear net positive societal impact.
Product overview
Frog Capital is a growth capital investment firm focused on purpose-driven European software scale-ups. Rather than offering a unified software product, Frog provides a combination of equity capital and operational expertise through its Scale-Up Methodology framework. The core offering consists of investment capital paired with access to Frog's Operating Partner team who provide hands-on support across technology, product, HR, finance, and sales. Supplementary knowledge resources include the 'How to Scale' library of over 100 toolkits, podcasts, and articles, and the AI-powered 'How to Scale.ai' search engine built on a customized large language model trained on their methodology content. Frog's investment approach, branded as 'Positive Growth Equity,' focuses exclusively on software companies with clear net positive societal impact.
Differentiator
Problem solved
Functional benefit
Products and services
- Growth Capital Investment Direct equity investment into European purpose-driven software scale-ups, typically leading or co-leading funding rounds with cheques ranging from £4m to over £100m, structured to deliver growth capital alongside operational support.
- Scale-Up Methodology Proprietary framework built from over a hundred scale-up journeys, structured around Execution, Planning and Sustainability pillars, paired with Frog's Operating Partner team to help purpose-led software scale-ups grow while retaining their founding purpose.
- Operating Partner Program Hands-on advisory support from an in-house team of Operating Partners covering technology, product, finance, GTM/sales, HR/people and leadership, provided to portfolio companies as part of Frog's capital-plus-expertise offering.
- How to Scale Library Public knowledge resource comprising over 100 toolkits, podcasts, articles and videos covering Execution, Planning, Sustainability and leadership roles (CEO, CTO, CFO, COO, CMO, CHRO, CRO) for software scale-ups.
- How to Scale.ai AI-powered search engine built on a customized large language model trained exclusively on Frog's Scale-Up Methodology library, allowing purpose-led software companies to ask scale-up questions and receive tailored responses.
- Positive Growth Equity Frog's branded responsible-investing approach, restricting investment to software companies with a clear net positive impact on society where there is no trade-off between business performance and positive societal impact.
Quantifiable outcome
- 9 exits completed in 5 years, including Evotix's acquisition by SAI360 with a return in excess of 3x
- +4 more outcomes
Companies that use Frog Capital
Customer profileNamed customers11 records
Segments1 record
Ideal customer profiles2 records
Frog Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Frog Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Microsoft for StartupscoreFrog Capital is part of the Microsoft for Startups programme, providing its portfolio companies with free access to Microsoft cloud technologies, enterprise-grade technical support, development tools, and go-to-market support through Microsoft's partner ecosystem and sales channels. Frog and Microsoft produced a 4-part video interview series to discuss the partnership.
- Amazon Web Services (AWS) — AWS Activate ProgrammecoreFrog Capital joined the AWS Activate programme, which provides further operational support for scale-ups in the Frog portfolio. As part of this collaboration, Frog hosted a roundtable on Machine Learning in Scale-ups with AWS and portfolio CTOs from Azimo and Winningtemp.
Scale indicators12 records
Recent moves7 records
Expansion highlights5 records
Frog Capital competitors and assessment
Company assessmentDirect peers
- Highland Europe: Highland Europe is a European growth equity firm investing in software, internet, and technology-enabled businesses, typically leading €15-100m+ rounds. Closest direct comparable to Frog in geography, stage, and software scale-up focus.
- Insight Partners: Insight Partners is a global growth equity firm specializing in software and technology investments, with a heavy operational/value-add model (Insight Onsite). Closest scaled comparables to Frog's software growth + operating playbook thesis, though materially larger.
- Notion Capital: UK-based growth equity firm focused on European B2B software and SaaS companies. Very similar stage, sector, and geography to Frog, with comparable check sizes and operational support orientation.
- Index Ventures: European-headquartered venture and growth investor with deep software franchise across Europe and the US. Comparable as a pan-European tech investor, though materially larger and broader in stage than Frog.
- Eight Roads Ventures: Fidelity-backed global growth investor with a strong European (UK) technology franchise. Comparable in stage, geography, and tech-led growth orientation, with proprietary capital advantages from the Fidelity ecosystem.
- Beringea: UK and US growth equity firm investing in ambitious technology and tech-enabled businesses. Comparable in scale, stage, and sector focus, with similar growth equity thesis in software and consumer tech.
Broad incumbents
- General Atlantic: Global growth equity firm that led Modulr's £83m round alongside Frog. Not a software specialist but a frequent co-investor and competitor in European software growth rounds at larger scale.
- Summit Partners: Global growth equity firm with strong European software portfolio. Broader incumbent investor at larger check sizes, comparable in software focus but more generalist across stages and sectors.
Emerging players
- Balderton Capital: Leading European early-stage venture firm focused on software and internet. Earlier stage than Frog but directly comparable in European software focus and serves as a feeder of deal flow into the scale-up category Frog targets.
- Atomico: European venture firm founded by Niklas Zennström, focused on technology companies addressing global challenges. Comparable in European tech focus and purpose orientation, though more early-stage oriented than Frog's growth equity niche.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks1 record
Key highlights7 records
Customer concentration
Frog Capital social profiles
Digital presenceFrog Capital compliance and trust
Trust signalCompliance1 record
Frog Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Frog Capital leadership team
Management profileNumber of profiles
Profiles12 records
Frog Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Frog Capital M&A and investment
M&A and investmentM&A
Investments42 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Frog Capital
What does Frog Capital do?
Frog Capital is a growth capital investment firm that deploys equity capital (typically leading or co-leading funding rounds) into European purpose-driven software scale-ups, paired with hands-on operational support from an in-house Operating Partner team covering technology, product, finance, GTM/sales, HR/people and leadership. The firm wraps this capital-and-expertise offering around a proprietary Scale-Up Methodology framework and a "How to Scale.ai" generative-AI search engine, and brands its investment approach as "Positive Growth Equity," restricting investment to software companies with clear net positive societal impact.
Is Frog Capital a public or private company?
Frog Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Frog Capital founded?
Frog Capital was founded in 2009. It employs 11 to 50 people.
Where is Frog Capital based?
Frog Capital is headquartered in London, United Kingdom, in the Europe region.
How does Frog Capital make money?
One revenue line is on record: capital Gains from Portfolio Investments.
Who are Frog Capital's main competitors?
Direct peers on record are Highland Europe, Insight Partners, Notion Capital, Index Ventures, Eight Roads Ventures and Beringea. Broad incumbents are General Atlantic and Summit Partners. Emerging players are Balderton Capital and Atomico.
Does Frog Capital have an API?
No public API is recorded for Frog Capital.
What industry is Frog Capital in?
Frog Capital's product category is Growth Capital / Private Equity. Its primary akta.pro industry code is FSANACAA, Technology & Software Growth Equity, with a secondary code of FSANAAAG, Impact / ESG Venture Capital. Its NAICS code is 52394 and its SIC code is 6282.