Notes From a Trip to Silicon Valley + Welcome to our Three new Portfolio Companies
Scale Capital Newsletter | Q3 2025 | Edition #012
Hi there,
Welcome to the latest edition of the Scale Capital newsletter.
This quarter, we’re excited to share with you some of our recent investments, portfolio updates, and events we’ve been actively part of. One highlight was the San Francisco trip where Mesh brought together a select group of leading Nordic VCs and ecosystem players for a week of conversations, visits, and insights from the heart of the tech scene.
In this edition, our Partner Lars shares reflections from his time in the Bay Area, meeting founders, investors, and operators across the ecosystem. He offers an on-the-ground perspective on where the AI market is heading, how capital is shifting, and what founders and investors should be paying attention to next.
Enjoy the read!
by Lars Jensen, Founding Partner at
San Francisco Still Sits at the Center of the AI Universe
I spent last week in the Bay Area meeting with founders, investors and others in our network. Unsurprisingly, AI continues to dominate the investment landscape. But what stood out this time was how extreme the concentration of capital has become.
A handful of mega-rounds are absorbing a disproportionate share of funding. Early-stage investors are struggling to find differentiated opportunities that aren’t already priced to perfection. Even pre-seed rounds are creeping upward — one two-month-old “AI Infra” startup I met was raising a 30 million dollar pre-seed and already had a 12 million SAFE on the table only weeks into fundraising.
What struck me most was how the conversation has matured. A year ago, everyone wanted to talk about models and training data. This time, it was about customers, distribution and how fast you can turn an idea into something that actually sells. The technical edge still matters, but the question everyone asks now is whether you can build something people truly need — and whether you can do it faster than the rest.
There’s also a new kind of realism in the air. The hype hasn’t disappeared, but the mood feels more grounded. Investors are paying closer attention to capital efficiency and execution, and founders are becoming more pragmatic about what kind of company they want to build. Strategic money from Big Tech and corporates is back in play, but it’s often shaping deals behind the scenes rather than driving them. The smartest people I met were thinking about focus and long-term resilience, not about chasing the biggest valuation.
It feels like AI is entering a new phase. Still full of energy, but with higher expectations and clearer winners emerging. For anyone following the space, our GenAI Q3 Recap captures some of the same shift I felt on the ground.
New Investments
We closed this quarter with three exciting investments:
Sonair (Norway 🇳🇴)
Sonair has developed a pioneering 3D ultrasonic sensing technology (ADAR) which gives robots sharper vision and ensures they can safely operate side by side with people. We’re backed Sonair in a $6m round alongside Investinor, T|Y|R.vc, and the existing investors RunwayFBU, SINTEF and ProVenture.
Read more at TechCrunch
Scale Late-Stage Portfolio
We’re beyond excited to announce investments in ARXRobotics (Germany 🇩🇪) and Sparrow Quantum (Denmark 🇩🇰) through our new dedicated Extended Portfolio.
By setting aside a small part of our current fund, we can back standout European startups that are already further along than those in our core portfolio. These investments are typically smaller and more passive than our usual partnerships but equally rooted in conviction. It’s a way to diversify with mature category leaders and build new investor relationships, while staying true to our mission of helping founders build in Europe and scale globally.
Portfolio News
All Gravy launches “It’s All Gravy” podcast with the best stories from hospitality industry leaders – about comms, learning, AI, and Gen Z.
Selvaag Eiendom partners with Telescope to strengthen climate risk management across their real estate portfolio.
Denominator joined CSO Awards at Climate Week NYC as a knowledge partner.
Børsen published Top 100 on Diversity with data provided by Denominator.
7Analytics joined the 2025 InsureTech NY Match Cohort, a prestigious, growth-stage accelerator.
MeetingPackage was selected to semi-finals of HTNG TechOvation Award.
CI HUB crossed $5M in ARR and launched a DAM integration with Canva.
CI HUB welcomed Ann Kathrin Bronner as a new CMO to the team.
Players 1st initiated a data partnership with National Golf Foundation (NGF) in the US, the world’s largest golf association.
MQS announced a strategic partnership with Marine Biologics, Berkeley, California.
Collo rebranded and launched a new website.
Collo won the World Beverage Innovation Award with their liquid processing intelligence technology.
Quantica partnered with ELANTAS to develop a cost-effective, digital alternative for printed electronics.
Team News & Activities
Joachim Schelde was promoted to Principal.
Terkel Douglas was promoted to Principal.
Elias Agardh was promoted to Analyst after completing his internship.
At TechBBQ we joined the two panels:
“Small Markets, Big Ambitions: Scaling with a Global Vision from Day One” where Lars Jensen joined the stage to talk about why revenue across multiple markets makes startups more investable, how concentrated markets can drive faster growth, and why the US remains the key market to tackle early.
“Women’s Health at Work” hosted by One Thirty Labs, where Joachim Schelde shared his thoughts on the need of leadership in companies to educate themselves on women’s health, and how implementing policies and systems early can support building the right thriving culture long-term.
We also hosted two side events during the TechBBQ week:
On Day 0 we started TechBBQ week with our annual Investor Breakfast event co-hosted with friends from Finland – Maki.vc
On Day 1 together with Fund F we co-hosted a breakfast event gathering selected female founders for an intimate morning of conversation, experience-sharing, and connection.
For DHL Stafetten we invited our LPs and founders to share the track, pass the 𝘴𝘵𝘢𝘧𝘦𝘵, and enjoy the late-summer evening together.
At DTU Science Park’s Funding Bazaar, we spent the morning connecting with founders and went on the stage for a 2-minute reverse pitch to share how we back early-stage startups – from building in Europe to scaling globally.
We’ve hosted our annual Scale & Friends investor event at the Nordea headquarters in Copenhagen. More than 80 participants from across the Scale & Friends investor network joined us for an afternoon packed with insights, lively discussions, and stronger connections.
In Media
In Bootstrapping Lars Jensen interprets the numbers in the EIFO’s “From Startup to Scaleup” report.
Lars Jensen spoke with Finans about how Europe can realize its potential in tech and AI.
Reads from Scale
Europe’s Quantum Ecosystem #1? How MQS is Leading the way for Denmark by Frederik Barsøe
How MQS is helping position Denmark as a European leader in quantum technology by applying quantum chemistry to real-world industrial challenges in pharma and materials science.
Q3 GenAI Recap: The Infrastructure Era Begins — and the Enterprise Wave Gets Real by Lars Jensen
7th edition of our quarterly Generative AI recap where Scale’s Partner is taking a look at what’s happening in this incredibly important and ever-changing space.
Curated Picks
Explore Curated Picks by Terkel Douglas, Principal at Scale:
Article: “Why Startups Benefit When Big Investments Come Later” at Harvard Business Review
Why startups benefit when big investments come later, and the dangers of raising too much too early.Podcast: “Are Burn Multiples BS in an AI World” by 20VC
Great discussion on how burn multiples shift in an AI-dominated environment, capital efficiency, valuation pressure, and macro capital conditions.Article: “Goldman Sachs is acquiring Industry Ventures for up to $965M as alternative VC exits surge” by Connie Loizos at TechCrunch
VC fund portfolios are increasingly being acquired in secondary transaction, but a new trend is emerging of VC management companies being acquired, prompting questions of an increased institutionalisation of the industry.
Let’s Connect at the Upcoming Events
Oslo Innovation Week Oslo, Norway, October 21-24, 2025
Slush Helsinki, Finland, November 19-20, 2025
Feel free to forward this newsletter to anyone who might enjoy it. Wishing you a wonderful summer break — we’ll be back in your inbox at the end of the year!