Deep Tech · Government / Public Agency
EIFO (Export and Investment Fund of Denmark)
Denmark's sovereign fund turning the national quantum strategy into capital: three direct quantum deals (Atom Computing, Kvantify, Sparrow Quantum), cornerstone of 55 North, co-owner of the Magne quantum computer.
Investment thesis
Denmark's state fund (national promotional bank + export credit agency, merged 2023 from Vækstfonden, EKF and the Green Investment Fund) executing the 2023 National Strategy for Quantum Technology with direct equity, fund incubation and infrastructure ownership.
Three direct quantum investments since June 2024: Atom Computing (DKK 70M, anchoring its European HQ in Copenhagen), Kvantify (€10M seed, quantum software for drug discovery) and Sparrow Quantum (€21.5M Series A, photonic quantum chips).
Incubated and cornerstone-funded 55 North, the world's largest dedicated quantum VC (€134M first close, October 2025, with Novo Holdings); startup deal flow now primarily routes through that vehicle.
Co-owner (50/50 with the Novo Nordisk Foundation) of QuNorth, the €80M venture acquiring Magne, a Level 2 quantum computer with 50 logical qubits built by Microsoft and Atom Computing, online 2026/27.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Danish mandate first: direct equity targets Danish companies or companies establishing in Denmark; a founder with no Denmark angle has no equity door
- Since incubating 55 North (Oct 2025), new quantum startup deals likely route through the fund rather than EIFO's balance sheet: the direct-deal window is narrowing
- Never led an observed quantum round: you need a private lead already committed
- Public institution: development-bank processes and timelines, not VC speed
Notable quantum portfolio
Full portfolioFrequent co-investors
- PensionDanmark
- Novo Holdings
- 2xN
- LIFTT
- EIC Fund
- Dreamcraft
- Lundbeckfonden BioCapital