You're building a great business. You're through the start-up phase, growing fast and your market opportunity is significant. Welcome to the scale-up phase. Whether you're a founder-turned scale-up CEO, or a professional CEO who's joined a founder team, Frog talks your language - we specialise in scaling tech companies. Helping leaders succeed through the scale-up phase is what we do at Frog.

It's why we call ourselves the CEO's VC.

What we do

Frog invests in software enabled scale-up stage tech companies in Europe. We invest in equity rounds of €5m - €20m in companies with annualised revenues of typically €3m - €30m. We only invest in sectors we understand: consumer, financial and businesses services. We aim to make scale-up a science, not an art. Together with our network, we're continually improving a Scale-up Methodology. We use this, our network and our experience to help you succeed.

  • €1bn Total exit transactions since 2010
  • ≈40% Portfolio revenue growth PA
  • 60 Experience of investing in over 60 companies

Our Scale-up Methodology

Your role as CEO is changing rapidly. You want an investor who is experienced, supportive and adds real value. One who complements your early investors. One who supports your ambition whilst highlighting pitfalls, acting as a constructive, independent partner.

Our Scale-up Methodology is our way of showing what we see as vital in this next phase. It provides a framework for us to help you prioritise your most precious resource; your focus.

Our Scale-up Methodology

Our portfolio

  • OrderDynamics

    Cloud based order management for retail

    • Sector Retail Software
    • Location Canada, UK
    • Investment Status current

    OrderDynamics provides best-of-breed, cloud based order management technology that lets retailers converge their online and offline strategies to deliver on the promises of omni-channel retail.

    OrderDynamics’ technology enables international retailers to succeed with the step change in order and inventory complexity caused by omni-channel commerce. Solutions include realising a single view on inventory across the enterprise, and using distributed order routing logic which can optimise their inventory sell-through, drive customer satisfaction, grow sales, and maximise the value of their physical retail presence.

    OrderDynamics brings the market a solid combination of retail expertise, depth and flexibility in omni-channel order management solutions, rapid time to market and ongoing innovation.


    “It is a boost to have the support of a far-sighted and patient investor like Frog Capital. They understand the disruptive nature and growth potential of SaaS based applications, as well as the global nature of the opportunity. As a best-of-breed Order Management solution for the retail sector, we at OrderDynamics are riding the intersecting waves of investment in omni-channel retail and the transition to SaaS, and are enjoying growth across the North American, European, and Asia Pacific markets.”

    -Nick McLean, CEO, OrderDynamics

  • Azimo

    Leading digital money transfer service

    • Sector Financial Services
    • Location UK
    • Investment Status current

    Azimo is a market-leading digital money transfer service within the growing c.$600bn remittance market. Unlike traditional remittance companies, Azimo only accepts electronic transfers inbound, making anti-fraud checks more simple and secure. It has the most comprehensive pay-out network of any digital player, with over 200 destination countries giving access to 5bn reachable customers in 77 different currencies. Azimo’s team previously secured market leadership when managing Europe’s leading independent, traditional money remittance company: Small World.


    “Frog was flagged early as a good potential partner by our existing investors. The Azimo team has enjoyed getting to know them and we feel that their intelligent but straight talking culture gels with our own. That impression has been backed up by significant referencing with their existing portfolio companies and the wider market. As such we feel confident they are the right partner to add significant value during the next stage of our growth.”

    -Michael Kent, CEO, Azimo

  • Dynamic Action

    Advanced analytics for retail

    • Sector Retail Software
    • Location UK, US
    • Investment Status current

    The typical retailer will lose 11.7% of revenue this year due to the combined impact of overstocks, out-of-stocks and needless returns in their omni-channel operations. Advanced analytics for retail merchandising success is not wishful thinking. DynamicAction automatically creates an environment where data spanning the organization is scientifically considered using algorithms written by world-class data scientists and retail experts. The company’s technology identifies disconnects across the data sets and organization, prescribes specific actions to take to solve those disconnects, and prioritizes them by financial impact to your business.

    Under the leadership of John Squire, ex Coremetrics CSO, DynamicAction has a blend of the best retail experts and engineers, data scientists and marketers from the most recognizable companies in their industries, including McKinsey, IBM, Figleaves, Coremetrics, Travelocity, Marin Software, Harrods, Tesco, Chevrolet, Chevron, and Topshop. DynamicAction’s customer base has a few things in common: They are leaders in their categories, have extremely complex businesses and are facing intense competitive environments. Most importantly, they have visionary leaders who understand that reports, dashboards, and one-size-fits all analytics are simply no longer enough to be successful. You see them quoted in the press and headlining industry conferences for a reason. They are leading the retail merchandising revolution and will be the ones who beat their digital business plan and stay ahead of customer expectations. They are they ones that lean forward to make better decisions and take fast action on their cross-organizational and cross-channel data. Amongst them are Brooks Brothers, Clarins, Tesco, ElCorte Ingles, Nine West and Cole Haan.


    "Whilst retailers worldwide are under intense competitive pressure due to Amazon and the internet, they are also losing a staggering $1.75 trillion in lost revenue opportunities on an annual basis. DynamicAction helps find and win these lost opportunities on a day in day out basis. At Nine West, their ROI on DynamicAction was 15x in 4 months as we uncovered $5.7m in profit (not revenue) potential during this time period."

    -John Squire, CEO, DynamicAction

  • GB Group

    Leading international identity intelligence business

    • Sector Digital Media
    • Location UK
    • Investment Status acquired

    GBG is the UK market leader in identity verification services and in the provision and analysis of customer information.

    The company’s technology enables clients to combat identity fraud and money laundering and to make business decisions based on a thorough understanding of customer data.

    Listed since 1995, GBG has become a major international player. It has a strong position serving mobile phone companies, such as Vodafone and O2, and banks, like Lloyds and Citigroup.

    Frog completed an exit of its stake in GBG to public investors, including Blackrock, in April 2013.


    “Frog worked closely with my team and me to add new talent to the Board, to move from the main market to AIM, and to back the acquisition of four companies, one of which involved a rights issue. They have many contacts, both in the UK and internationally through businesses they invest in and associates they know, particularly in the technology arena. Accordingly they proactively provided us with valuable intelligence, business leads and strategic observations on how they see key markets are developing."

    -Richard Law, CEO, GB Group

  • Skimlinks

    Content monetization platform for digital publishers

    • Sector Digital Media
    • Location UK, US
    • Investment Status current

    Skimlinks is the leading content monetization platform for digital publishers.

    Founded in 2007, Skimlinks creates native monetization solutions for publishers, rewarding them for any e-commerce they drive by automatically turning product links and references into trackable affiliate links. Integrated with more than 20,000 merchants, Skimlinks processes 300 million clicks a month on over 1.5 million sites around the web.

    Skimlinks technology helps publishers like Time Inc, Gawker Media, Condé Nast, Hearst Digital and The Huffington Post earn revenue and gain insights from their commerce-related content. Skimlinks’ publishers monetized their content by generating over $625 million in sales for over 20,000 retailers on the Skimlinks platform.

    Skimlinks is a team of more than 80 with offices in London, San Francisco and New York.


    “We have always believed that a strong culture and collaborative values are critical to building a lasting, robust company. It made sense that we expand that belief not just to our teammates and clients, but also to our investors, who become an extension of our team. Frog’s similarity in values and culture, coupled with their breadth of vision, strategic experience and desire to contribute, made Frog an ideal investor and partner for Skimlinks.”

    -Alicia Navarro, co-founder and CEO, Skimlinks

  • Scoota

    Leading supplier of programmatic technology for rich media marketing

    • Sector Digital Media
    • Location Spain, UK
    • Investment Status current

    Scoota is a cross-media specialist, creating and delivering engaging cross-media entertainment formats that are supported by a unique marketing methodology and an innovative technology platform. Founded in 2008 by technology entrepreneur James Booth and TV executive Torie Chilcott, Scoota is one of a new breed of companies that understands the rapidly evolving media landscape, where online video is exploding and the boundaries between TV, online and mobile are becoming increasingly blurred.

    Their cloud-base technology suite includes intuitive, self-service tools for constructing, analysing, planning, distributing and tracking campaigns across a global network of premium publishers and ad exchanges. Through a unique combination of marketing methodology, proprietary technology, a growing online content-distribution platform and privileged access to talent, Scoota specialises in realising powerful content-related and social-media marketing opportunities for brands, advertisers and publishers.


    “At the very top of my desired list of investor partners was Frog. Frog feels like an extension of the business; not because they impose but because of the value the individuals bring and the friendly manner in which they deliver this. There’s a natural feel of creativity and entrepreneurship over there in Kings Cross: a bunch of highly capable, enthusiastic people who are a breath of fresh air in an otherwise often too formal and regimented sector.”

    -James Booth, Founder & CEO, Scoota

Meet the team

Frog’s team offers unique growth stage expertise. We have a diverse range of experience that makes us valuable partners for CEOs entering the scale-up phase.

Our team includes tech entrepreneurs who have walked the talk, engineers and executives with first hand operational experience as well as technology sector VC veterans.

Meet the team