Keystones

What Keystones does

Keystones A/S, founded in 2001 and headquartered at DTU Science Park in Kongens Lyngby, Denmark, operates Denmark's largest membership-based investor network, connecting private risk-willing investors with growth-stage Danish (and increasingly Nordic) startups and scaleups. The organization maintains a network of 210 members comprising business angels, individual investors, VC funds, and accelerators, and screens more than 500 startup cases each year, selecting approximately 100 opportunities to present to members annually via both physical investor meetings and digital channels. Members can invest from a minimum threshold of 50,000 DKK per deal, either actively through board and advisory roles or passively through syndicated investments.

The core product is the Keystones Network paired with an Investor Platform — a digital membership portal that surfaces screened deal flow, events, case materials, and the wider member directory. Cases are submitted by founders through the platform (with a self-service valuation tool also offered) and flow through a proprietary multi-step screening process that yields roughly 100 curated investment opportunities per year. The platform also hosts an educational content layer (15 toolbox courses plus structured bootcamps) designed to professionalize both new and experienced angel investors and to coach founders on investor-readiness.

Keystones generates revenue through two primary streams: recurring annual membership fees (required to access deal flow and the investor platform) and one-time fees from publicly priced educational programs — notably the four-day Startup Investor Uddannelse at 10,000 DKK and multiple single-day bootcamps (Funding, Startup Bestyrelse, Startup Jura) at 3,000 DKK each, open to both members and non-members. GTM is community- and event-led, reinforced by an ecosystem of partnerships (DTU Science Park as host, DTU Skylab, EIFO for match financing, Strive Ventures for scaleup co-investment, plus regional partners in Odense, SoundHub Denmark, NIRAS GreenTechHub, and Invest for Impact). Keystones A/S is regulated and approved by Finanstilsynet under hvidvasklovens §48, stk. 1, operates with a core secretariat of approximately 9 people under founder/CEO Kenneth Larsen, and is privately held with no parent company or institutional shareholders disclosed.

Name

Keystones

Legal name

Keystones A/S

Website

https://keystones.dk

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Keystones A/S is Denmark's largest membership-based investor network, screening 500+ startup cases annually to connect 210 private investors with curated early-stage investment opportunities, supported by educational bootcamps and ecosystem partnerships.

Ownership category

akta.pro rank

Product category

Angel Investor Network

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Services-Membership Organizations (8600)

akta.pro primary industry

Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI)

Keywords

• Angel investor network
• Startup investment syndication
• Business angel education
• Deal flow screening
• Venture co-investment platform

Headquarters

HQ city

Lyngby

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Membership Fees: Annual membership fees for access to the investor network, deal flow, platform, and educational resources. Membership is required to participate in investment opportunities.
2. Educational Programs: Revenue from bootcamps and courses including Startup Investor Uddannelse (10,000 DKK), Funding Bootcamp (3,000 DKK), Startup Bestyrelse Bootcamp (3,000 DKK), Startup Jura Bootcamp (3,000 DKK), and Bootcamp om Investeringsprocessen. Programs are open to both members and non-members.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Keystones operates a membership-based investor network that screens 500+ Danish startup cases annually and selects approximately 100 investment opportunities for its 210 members, who can invest from 50,000 DKK per deal either actively through board/advisory roles or passively through syndicates. The network is supplemented by a structured catalog of bootcamps and toolbox courses that train both investors and founders on screening, due diligence, board work, legal structuring, and exits.

Product overview

Keystones operates as a unified membership network platform connecting Danish startup investors with growth companies. The core offering consists of the Keystones Network and Investor Platform, supplemented by an integrated suite of educational bootcamps: the Startup Investor Uddannelse (covering investor fundamentals, investment processes, board roles, and legal aspects), the Startup Founder Uddannelse (making founders investment-ready), the Funding Bootcamp (capital raising training), and the Exit Program (portfolio exit guidance). All offerings are interconnected within the membership ecosystem, where education prepares members for investment activities facilitated through the platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Keystones Network Membership

Quantifiable outcome

• 100 investment cases annually from 500+ screened
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Strive VenturescoreStrategic or Co-development Partner · 1 January 2024Strategic partnership to strengthen investments in scaleups. Strive Ventures Fond II has raised 132 MDKK with approximately 20 Keystones members as investors. Plan to invest in 8-12 companies focused on Danish profitable growth companies.
• DTU Science ParkcoreStrategic or Co-development PartnerKeystones is headquartered at DTU Science Park and collaborates on events, educational programs, and startup ecosystem activities. The partnership provides physical facilities for investor meetings and bootcamps.
• Invest for Impact (IFID)minorStrategic or Co-development PartnerCollaboration on impact investing initiatives and sharing of investment opportunities within the impact ecosystem.
• TeamsToWorkminorGTM or Marketing PartnerCAA/TeamsToWork partnership for talent and recruitment initiatives within the startup ecosystem.
• DTU SkylabcoreStrategic or Co-development PartnerCollaboration with DTU's startup incubator for supporting early-stage ventures and student entrepreneurs.
• SoundHub DenmarkminorStrategic or Co-development PartnerPartnership supporting audio/sound technology startups and ecosystem development.
• Invest in OdenseminorGTM or Marketing PartnerCollaboration on startup investment opportunities in the Odense region, particularly robotics and automation.
• NIRAS GreenTechHubminorStrategic or Co-development PartnerPartnership focused on green technology startups and sustainability initiatives.
• DanBAN (Danish Business Angels)minorGTM or Marketing PartnerCo-investment network relationship. Some investment syndicates include members from both Keystones and DanBAN (e.g., OfficeFit investment).

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• DanBAN (Danish Business Angel Network): Denmark's other primary business angel network, operating a similar member-based model of screening, syndication, and education. Keystones and DanBAN already co-invest (e.g., OfficeFit syndicate of five investors from both networks), making them the most directly comparable peer for deal-flow and member services.
• Strive Ventures: A Danish growth-stage fund (Strive Ventures Fond II raised 132 MDKK, ~20 Keystones members as LPs) targeting profitable Danish scaleups. Strategic partner to Keystones but operates an adjacent fund-of-angels model, channeling Keystones members into concentrated scale-up bets.
• SEED Capital: One of Denmark's most active early-stage VCs, founded in 2005, investing in Danish tech startups from seed through Series A. Competes with Keystones for the same Danish startup deal flow but at institutional ticket sizes and with a fund vehicle rather than a membership network.
• ByFounders: Nordic super angel fund backed by a syndicate of 100+ operators, investing at pre-seed and seed across the Nordics. Directly comparable as a Nordic angel-style vehicle, with overlapping investor base and geographic expansion ambitions mirroring Keystones' move into Sweden.

Broad incumbents

• EIFO (Danmarks Eksport- og Investeringsfond): Denmark's state-owned export and investment fund providing match financing and loans alongside Keystones-led rounds (e.g., Attender, Decameal, Vixos). Functions as a capital-amplifying partner but is a much larger, broader incumbent covering direct investment, lending, and export finance.
• Vækstfonden (Danish Growth Fund): Danish state-backed growth investor providing equity and loans to Danish SMEs and startups. Overlaps with Keystones at the early-stage end of the Danish capital stack but operates as an institutional fund with mandate-driven deployment rather than a member network.
• AngelList: Global platform for angel investing, syndicates, and rolling funds, used by tens of thousands of investors worldwide. Competes with Keystones on deal access and syndication workflows but as a broad, technology-led incumbent rather than a curated regional network.
• Seedrs: UK-based equity crowdfunding platform enabling retail and angel investors to co-invest in vetted startups. Comparable as an intermediation layer between private capital and startups, though with a wider, less curated mandate than Keystones' screened member model.
• Crowdcube: European equity crowdfunding platform providing public deal access to retail and angel investors. Adjacent competitor in the broader investor-intermediation category but operates at scale across Europe with a different regulatory and distribution model.
• Nordic Capital: Large Nordic private equity firm deploying billions across healthcare, tech, financial services, and industrials. Overlaps only at the upper end of the Danish startup ecosystem but represents the institutional capital that increasingly competes with angel networks for top-tier founders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/KeystonesDk
• Facebookfacebook.com/Keystonesdk

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Keystones