388284952024-01-012024-12-31388284952024-01-012024-12-311388284952024-01-012024-12-312388284952024-01-012024-12-313388284952024-01-012024-12-311388284952024-12-31388284952023-12-31fsa:ContributedCapitalMember388284952023-12-31fsa:RetainedEarningsMember388284952023-12-31fsa:ProposedExtraordinaryDividendRecognisedInEquityMember388284952023-12-31388284952024-01-012024-12-31fsa:RetainedEarningsMember388284952024-01-012024-12-31fsa:ProposedExtraordinaryDividendRecognisedInEquityMember388284952024-12-31fsa:ContributedCapitalMember388284952024-12-31fsa:RetainedEarningsMember388284952024-12-31fsa:ProposedExtraordinaryDividendRecognisedInEquityMember388284952023-01-012023-12-31388284952022-12-31iso4217:DKKThe Executive Board has today considered and approved the annual report of byFounders VC Fund I K/S for the financial year 01.01.2024 - 31.12.2024. 1229300012244000The annual report is presented in accordance with the Danish Financial Statements Act.-12293000-12244000In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024.-3382900063537000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.22818000578000We recommend the annual report for adoption at the Annual General Meeting.52800022279000Copenhagen-2383200029592000Eric Lagier12332560001286026000Tommy Andersen12332560001286026000byFounders VC General Partner I ApS12332560001286026000Director17960008000To the shareholders of byFounders VC Fund I K/S17960008000We have audited the financial statements of byFounders VC Fund I K/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a
summary of significant accounting policies. The financial statements are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.1050700024477000We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Entity in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.1230300024485000Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.12455590001310511000Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.754469000754469000490511000547823000Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.124498000013022920006500065000Copenhagen6500065000Bill Haudal Pedersen5140008154000mne301315140008154000State Authorised Public Accountant5790008219000Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'000Key figuresGross profit/loss(12,293)(12,244)(13,292)(14,958)(18,040)Net financials(11,539)41,836191,583314,07130,136Profit/loss for the year(23,832)29,592178,291299,11312,096Total assets1,245,5591,310,5111,237,047959,614392,402Equity1,244,9801,302,2921,236,536943,520391,494RatiosReturn on equity (%)(1.87)2.3316.3644.813.79Equity ratio (%)99.9599.3799.9698.3299.77Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Total assets12455590001310511000Primary activitiesThe object of byFounders VC Fund I K/S ("the Fund") is to generate returns by making, monitoring, developing andrealising investments in small and medium-sized, innovative technology startups, either directly or through wholly-owned or partially owned holding companies. It is the Fund's seventh financial year. 7544690007789000Development in activities and financesThe Income statement for 2024 shows a loss of DKK 23.8 million and at December 31 2024, the balance sheet of the company shows equity of DKK 1.245 million.
From the establishment and until 31 December 2024 the Fund has made 35 investments in portfolio companies, of which 22 remain active investments. Increases in the values of the Fund's portfolio companies partly depend on their financial results and partly on external parties (investors, acquirers etc.) to determine the fair market value of the unlisted shares.
Forthcoming results of the Fund thus depends on the development in the value of the Fund's investments in current portfolio companies.
During the year, the Fund paid it's first dividends to investors with DKK 33.5 million being distributed following the successful exit of a portfolio company. 547823000-118000Profit/loss for the year in relation to expected developmentsThe executive board considers the result acceptable and in line with expectation. 0-4573000Uncertainty relating to recognition and measurementbyFounders VC Fund I K/S invest in unlisted companies where marketability and earnings are determined by the development in market conditions, and assessments and estimates are included in the calculation of the fair value.
Therefore, there is uncertainty associated with the calculation of the fair value of the portfolio companies. Please refer to Note 2 for a more detailed description.88000OutlookThe expected development of the Fund is influenced by the performance of the portfolio companies, as well as the overall stock market and economic conditions.
Regarding the performance of portfolio companies, byFounders (both as the Fund and Investment Manager) provides support wherever possible and feasible to ensure high performance and optimize the chances of achieving strong returns for the Fund.
Additionally, the Fund's performance is significantly influenced by the broader stock market and the economy. Naturally, byFounders has no direct impact on these factors and has, in recent years, been affected by a stagnant IPO market, which has had a ripple effect throughout the investment pipeline. However, we see some light at the end of the tunnel, with several major IPO opportunities expected in 2025, which we anticipate will trickle through and positively impact byFounders’ portfolio.
0-4661000Statutory report on corporate social responsibilityThe Fond is defined as an article 6 fund according to SFDR. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. 3348000019475000Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this
annual report.3348000011520000This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.-573120000Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.33480000-7955000Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including audit fee, administration fee and management fees. 12616000Income from other fixed asset investments Income from other fixed asset investments comprises gains in the form of fair value adjustments, interest, dividends, etc. on fixed asset investments. 75446900036164000Other financial incomeOther financial income comprise interest income. 4905110000Other financial expensesOther financial expenses comprise interest expenses and net capital or exchange losses on transactions in foreign currencies. 036164000Other investmentsOther investments comprise investments in portfolio companies, which are measured at fair value at the balance
sheet date in accordance with the Danish Financial Statement Act § 37. Value adjustments are recognized in the
income statement. The valuation is based on the price of recent investment, including currency adjustments
consistent, with the IPEV Valuation Guidelines.
The valuation of simple agreements for future equity (SAFE-notes), depends on the valuation of the underlying
companies. The SAFE-notes will only be exercised, if the underlying companies issue stocks, engage in an initial
public offering or a change of the companies control occurres. 23548000The total commited capital to the fund is DKK 767,865,000 divided into 767,865,000 limited partnership shares, of which 752,865,000 are class A shares and 15,000,000 are class B shares. Class B shares are voteless. Class B shares have certain preference rights in case of distribution of proceeds and liquidation as set out in the limited partnership agreement.
Total outstanding commitment is DKK 13,395,841.929000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.-583700024477000CashCash comprises bank deposits.-14520000DividendDividends from investments in portfolio companies are recognised when the final right to the dividend has been acquired. This typically means at the time of the general meeting's approval of the distribution from the respective company.-1958200029592000Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.22000Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and repayments of interest-bearing debt.
Cash and cash equivalents comprise bank deposits.-19604000The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and repayments of interest-bearing debt.
Cash and cash equivalents comprise bank deposits.1591000true38738000Grundlag for konklusion1967000Konklusion391140002025-03-14-195100002025-03-140Regnskabsklasse C, mellemstor virksomhed334800002023-01-01-334800002023-12-31-1397000033963556København S1050700023001 Proposed distribution of profit and loss2024
DKK'0002023
DKK'000Extraordinary dividend distributed in the financial year33,4800Retained earnings(57,312)29,592 (23,832)29,592633480000Weidekampsgade-57312000Deloitte Statsautoriseret RevisionspartnerselskabCopenhagen2 Financial assetsOther investmentsDKK'000Cost beginning of year554,633Additions1,591Disposals(52,923)Cost end of year503,301Revaluations beginning of year731,393Exchange rate adjustments21,831Fair value adjustments(23,269)Revaluations end of year729,955Carrying amount end of year1,233,256As of 31 December 2024 the Fund had 22 active investments. Other investments in byFounders VC I K/S comprise of the following:1) Equity investments in non-listed companies2) SAFE notes (Simple Agreement for Future Equity)3) Convertible debt instrumentsThe recognition and measurement of other investments are associated with some uncertainty due to
investments in portfolio companies are unlisted investments in venture companies. The Company has assets in
both DKK, EUR, GBP and USD. As the fund is nominated in DKK, changes in currency rates can have significant
effect on the value of the companies in DKK and hence the P/L effect.The Fund makes investments in non-listed companies, where the ability to divest and the companies’ earnings
are influenced by various factors, and the fair market valuation includes judgements and estimates. The fair
market valuation of the investments in portfolio companies is therefore subject to uncertainties and the
investments will not at all times be liquid as different market conditions may influence liquidity.The fund invests in unlisted equity investments within the venture environment. The investments are made
through the above mentioned instruments, and as a result, the valuation is associated with uncertainty, just as
the valuation is dependent on the future execution of the strategy by the individual companies. In periods of higheconomic uncertainty, the uncertainty surrounding the valuation will also be greater.The fair values of the individual portfolio companies are calculated on the basis of methods that best reflect
individual investment risks, life cycle, and industry conditions. Generally applicable, the fair value is calculated in
accordance with IPEV valuation guidelines and accepted valuation methods.The fair value of the investments are measured on a quarterly basis, or more frequently if significant changes
occur.
The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out
consistently over time and across investments
Investments in portfolio companies made in the financial year are recorded at fair value based on the cost price.
Taking into account the timing of the investment, as well as the fact that these are unlisted smaller companies,
the cost price is considered to be the best estimate of the fair value.
This can be particularly justified by the fact that the investments in these portfolio companies were made
between independent parties within the last 12 months at the end of the accounting period. Since the time of
investment, no significant internal or external events have occurred which are considered to have changed the
fair value.
Investments in portfolio companies made more than 12 months ago are recorded at fair value based upon latest
capital increase round or part sale based on the value of comparable companies as well as by applying
traditional measurement methods.Copenhagen K14373 Non-current liabilities other than provisionsDue after more than 12 months
2024
DKK'000Payables to group enterprises6565The payables to group enterprises consist of a loan between the Fund and the General Partner. The loan does not have a specific repayment date, but will be repaid at the termination of the fund. Revisionspåtegning4 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in receivables1,80421Increase/decrease in trade payables etc(7,641)7,768(5,837)7,7892024-12-315 EmployeesThe Fund has no employees.2024-01-016 Contingent liabilitiesThe Fund has no guarantees or contingent liabilities. 7 Assets charged and collateralThe Fund has no assets charged or collateral. 8 Transactions with related partiesManagement fee
The limited partnership is administered by byFounders VC Management ApS (the "Investment Manager"). Under the Limited Partner Agreement of 4 December 2017, the company appointed byFounders VC Management ApS as investment manager to perform management services to the limited partnership. byFounders VC Management ApS receives a fee based on the cost price of investments in portfolio companies. In 2024, the fee amounted to DKK 11.4 million (2023: DKK 11.5 million).
General Partner fee
According to the Limited Partner Agreement of the 4th of December 2017, the company must pay the General Partner a fixed fee of DKK 12,000 yearly.
Furthermore the General Partner is entitled to receive DKK 12,500 quarterly of the management fee paid to the fund manager.
The Fund paid the General partner DKK 62,000 in 2024 (DKK 62,000 in 2023).
Other transactions with related parties
The company has a receivable from byFounders VC Management ApS of DKK 7,860 and a debt to byFounders VC General Partner I ApS of DKK 64,800.
All related party transactions are on market terms.Kanonbaadsvej 2byFounders VC Fund I K/S38828495339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-03-14Frederik Hasling