Startup and investor of the year has local roots with an international outlook
Compliance startup Formalize and investor Stefan Rosenlund were honored with the INCUBA Award 2025 at the Aarhus Investor Summit on Thursday.
At this year’s Aarhus Investor Summit, which took place at Aarhus City Hall, the INCUBA award was presented for the fifth time. The award honors players in the startup environment in Central Jutland, who with significant results help drive the ecosystem forward.
In 2025, the titles of Startup of the Year and Investor of the Year went to Formalize and Stefan Rosenlund respectively.
On an international growth journey
Founded in 2021, Formalize has undergone several strategic pivots from whistleblower solutions to modular platforms for compliance and legal automation.
2024 in particular was a breakthrough year. The company raised DKK 112 million in capital, grew to over 100 employees and expanded with offices in Copenhagen, Milan and Madrid. The jury behind the INCUBA award emphasized the company’s ability to create local employment and position Aarhus as a starting point for international growth.
“We wanted to scale from Aarhus, and that’s exactly what we’ve done. It means a lot to us internally – and it shows that talent in Aarhus can compete with the very best,” said CEO Jakob Lilholm when he was presented with the award.
Read also: Aarhus startup raises 112 million: wants to be Europe’s largest – TechSavvy
Formalize was in the final together with startups Cernel and Cystotech.
Local engagement with broad impact
In the investor category, Stefan Rosenlund was honored for his active role in the East Jutland ecosystem. With experience as co-founder and former CEO of Zitcom (now part of team.blue), he has since focused on investments in growth companies with a technological focus.
Through Dreamers Collective, a fund focused on the startup environment in East Jutland, Rosenlund has invested in companies such as Cernel, Relewise and Understory. The jury particularly highlighted his ability to combine capital with operational sparring and networking.
“I see it as an obligation to give back to the ecosystem. Dreamers Collective should be a platform for entrepreneurs in Aarhus – and I believe that experience and networks can boost new startups,” said award winner Stefan Rosenlund.
Read also: Europe is in a scaleup crisis: “If we don’t break it up, we lose all the potential” – TechSavvy
He was in the final together with angel investors Anders Thorhauge Sandholm and Mikkel Skorkjær Kongsfelt.
About the INCUBA Award
- The INCUBA award was established in 2021 and is awarded annually to startups and investors in the Central Denmark Region that have created particularly great value for the ecosystem.
- The winners will be selected by a jury with profiles from EIFO, Danske Bank, DLA Piper, Business Aarhus and INCUBA, among others. The prize includes a travel grant of DKK 35,000 for a networking trip in 2026.
- This year, 32 startups and 14 investors were nominated for the award.