Marketing agency enters as active investor: “We only join where we can accelerate growth”

Admill has been creating growth for others for years. But now the company is shifting up a gear and investing directly in select startups to use its expertise in performance marketing and digital scaling to elevate the companies it enters and become co-owners of the growth.

Earlier this year, Admill bought into dog food startup Vuffeli. And recently, an investment in edtech startup Lumant followed. Both cases reflect the same strategy: Admill only invests where it can actively contribute to growth, not just sit on the sidelines. These are investments where they combine capital with hands-on marketing execution.

Admill has already made exits on two previous runs, and 2025 has so far seen two fresh investments in startups.

“Have long had an ambition to invest”

Admill has built its business as an affiliate company with a focus on lead generation and media buying. But in recent years, a new strategy has begun to take shape, with Admill moving from being an external supplier to an active player.

“We have long had an ambition to invest in companies where we are not just suppliers, but co-owners. It gives us a different level of engagement and it makes a difference to the founders we work with,” says Mark Andersen, CEO of Admill.

The investments are structured as a combination of capital and skills. Admill comes with money, but also with access to their internal set-up, including performance teams, data analytics and media buying.

“We only enter cases where we know we can make a difference,” says Mark Andersen and adds:

“If we can’t see ourselves accelerating sales and creating growth in the short term, then we’re not the right people.”

Lumant matched the criteria

When Admill was introduced to Lumant, several pieces quickly fell into place. The team was strong. Traction was clear. And the product fit well into Admill’s own toolbox.

“We’re not just looking for ideas. We’re looking for proof. Lumant already had users, growth and a product we could understand and market ourselves. Those are the kind of cases we’re looking for,” says Mark Andersen.

For Admill, it’s not about investing widely and often, but about finding the few cases where there is obvious synergy. Lumant’s target group (coaches and course creators) is also one that Admill knows well from previous campaigns and collaborations.

“We realized pretty quickly that we wanted to do this. When you see a team that has both backbone and results, you don’t have to think too long,” explains Mark Andersen about the investment in the Aarhus-based startup.

Investor with execution at the center

Admill does not plan to become a traditional investment house. The business as a performance marketing agency will still be the mainstay. The investments are just a superstructure. And the focus is not on volume, but on quality – and on being an active co-builder.

“We don’t have to sit on boards and look at slides,” says Mark Andersen and elaborates:

“We need to be the ones who help push the accelerator and get the first thousand customers.”

This also means that Admill in practice targets 1-2 investments per year. In return, they go in with high intensity and a clear expectation that their contribution makes a real difference.

“It’s not about owning as much as possible. It’s about being the right people to bring on board when you have a product that’s ready to scale.”

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