Understory, a Denmark-based startup helping experience providers digitize bookings, payments, and marketing, has raised €12M in Series A funding.
The round was led by London-based Smedvig Ventures, with participation from People Ventures, Sequel, Seed Capital, and Firstminute Capital.
Founded in 2023 by Lasse Kjær and Lars Rasmussen (the team behind Truestory, the Nordics’ largest experience portal), Understory is targeting the $3T global experience market, which is growing at around 6% annually.
Fixing the paradox in experiences
While younger generations spend more money than ever on experiences, nearly 50% of bookings still happen offline. Understory’s platform combines AI-driven booking, payment, and marketing tools in one system, giving providers an easier way to attract guests, manage operations, and unlock new revenue streams.
CEO Lasse Kjær said:
“Our ambition is to revolutionize the experience industry. Guests expect to discover, decide, and book in one moment—our platform gives providers the tools to finally meet that demand.”
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Growth and recognition
The startup already operates in 10 countries, has grown its customer base sixfold in the last year, and was recently named one of Europe’s 100 most promising software startups by Notion Capital and Google Cloud.
The company employs 44 people across Aarhus and Copenhagen and has launched initiatives like the Female Founders Lab, a program supporting women building experience-based businesses.
Investor perspectives
“Understory stands out with a stellar team, a clear vision, and a product only at the beginning of its journey to enable experience providers globally,” said Jonathan Lerner, Partner at Smedvig Ventures.
Ulla Brockenhuus-Schack, Founder and General Partner at Seed Capital, added:
“The experience market is massive, but it’s the people behind it who make the difference. Understory gives them the right tools to succeed—and that’s the kind of impact we want to support.”
With the new funding, Understory plans to expand into new markets, scale its platform, and strengthen product development.
