nordic venture capital report - dealroom.co · international heroic startups and scaleups, tech...
TRANSCRIPT
Nordic Venture Capital reportby Dealroom.co for
24 - 25 September 20181
Brought to you by...
■ Global database providing business intelligence about promising companies and venture capital investment trends
■ Dealroom’s clients include world-leading Silicon Valley firms, VC and buyout firms, multinationals and governments
■ Dealroom data has been featured in The Economist, The New York Times, The Financial Times, the BBC, Bloomberg, CNBC and other renowned publications
■ Dealroom’s software, database and bespoke research help to stay at the forefront of innovation and identify growth & strategic opportunities
■ TechBBQ is a two-day international tech-startup summit by and for the startup community
■ Every year a dedicated team works tirelessly to link entrepreneurs with the world, providing startup ecosystems with cutting edge insights, business opportunities and network
■ In 2017 the summit outgrew itself for the fourth year in a row. More than 4000 local and international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering speakers participated
Key insights (1/2)
3
■ The Nordic region has rapidly emerged as top-tier tech hub in Europe
■ Twelve unicorns created, with a combined value of $69 billion; ranking 3rd in Europe by this metric
■ By venture capital investment, the region is Europe’s fourth a top-tier hub alongside the UK, Germany and France
■ The region is #1 in Europe by venture capital invested per capita
The Nordics: top-tier European tech hub
Denmark: on track for a record year in 2018
■ Copenhagen is the Nordics second largest tech hub by number of venture rounds since 2012
■ In Denmark, 2018 is on track to be a record year in terms of venture capital investment
■ The previous record was 2015 but 2018 is more distributed among medium sized deals
Key insights (2/2)
4
■ Relative to Europe, the Nordics are strong in Gaming, Energy, Telecom and slightly underweighted Deep Tech
■ Denmark’s strengths relative to Europe are in SaaS, Gaming, Biotech, Marketing, Food Tech
■ In recent years, Denmark has strongly caught up in Deep Tech investments (as share of total investment activity)
Denmark: strong in SaaS, Food Tech, Deep Tech
International investment in Danish startups increasing
■ International investment in Danish startups is increasing from 30% to 60% of total
■ Cross-border investment within Nordics is limited
■ Corporate involvement in the Nordics (incl. Denmark) has been lagging, but is catching up with the rest of Europe
■ Denmark benefits from a highly active angel investor community
Scope and methodology
Source: Dealroom.co 5
Scope Data methodology■ This report covers companies in Europe & Israel with a focus on the
Nordic region (Sweden, Norway, Finland, Iceland, Denmark) and Denmark
■ Company location is generally based on today’s HQ. For high profile companies the country of origin is also taken into account
■ For many charts the most recent calendar year 2017 was chosen, but longer time periods are shown for some charts
■ Investment refers to venture capital investment rounds and excludes debt, lending capital, grants and ICOs
■ Secondary rounds, buyouts, M&A and IPOs are treated as exit transactions (excluded from funding data, but included in exit data)
■ Much of the data used in this report is freely accessible via Dealroom.co
■ For more information please contact [email protected]
■ Dealroom’s proprietary database and software aggregate data from multiple sources
■ Data is verified and curated with an extensive manual process, augmented by data processing
News-flow
Web scraping
Data feeds
Contributors
Dealroomdatabase
Data aggregation Insights publishing
Processing(AI & data science)
SaaS & API
Custom research
Partnerships
1. The rise of Nordic tech
2. The Danish tech ecosystem
3. Industry focus relative to Europe
4. Sources of capital and cross-border flows
Additional information
Contents
1
2
3
5
8
10
11
12
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1
The Nordics have created twelve unicorns since the early 2000s, with a combined value of $69 billion
7Source: Dealroom.co. Note: year of becoming a unicorn.
The Nordics have created some of Europe’s most valuable companies; strong pipeline of promising potential unicorns
8
Sweden Denmark Norway Finland
$25B
$10B
$5B
$2B
$1B
$500M
$250M
Source: Dealroom.co.
$372
$250
$126
$122
$114
$88
$78
$67
$60
$60
$58
$56
$42
$37
$36
$36
$20
$18
$5
$2
$0
Israel
USA
Ireland
Sweden
United Kingdom
Finland
Denmark
Iceland
France
Germany
Portugal
Norway
Belgium
Netherlands
Europe (excl. Israel)
Spain
Austria
Asia
Italy
Russia
Turkey
With 6 million people, startup investment per capital is 2x higher in Denmark versus the European average
9Source: Dealroom.co.
Venture capital investment per capita (based on 2018E)
6M
5M
10M
6M
27M
= combined population of Nordics 65M
67M
47M
82M
61M
150M
79M
5M
17M
0.3M
The Nordics rapidly emerged alongside France as major European tech hub, after the UK and Germany
10Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x.The number of rounds in Germany is significantly lower due to different market dynamics: typically larger seed rounds and a more informal pre-seed landscape with far less reporting disclosure.
$ 1.8B
$ 3.0B
$ 4.9B $ 4.5B
$ 8.0B
$ 7.4B
$ 1.0B
$ 2.3B
$ 3.2B
$ 2.1B
$ 3.3B
$ 4.9B
$ 0.8B $ 1.1B
$ 1.9B
$ 2.8B $ 2.8B
$ 4.0B
$ 1.0B $ 1.2B
$ 2.2B $ 2.2B $ 2.3B $ 2.5B
–
200
400
600
800
1,000
1,200
–
$ 2.0B
$ 4.0B
$ 6.0B
$ 8.0B
$ 10.0B
2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E
United Kingdom Germany France Nordics
Investment ($M) Number of rounds
Partially driven by record fundraising by Nordic venture capital funds
11
INVESTOR LAST FUND SIZE STAGE FOCUS LOCATION
EQT VenturesData-driven multi-stage venture capital fund
€ 566MMay 2016
Series A, B, C Stockholm
NorthzoneEuropean VC focused on tech companies
€ 350MSep 2016
Series A, B, Early VC Stockholm
Verdane CapitalActive in the consumer internet, software, energy and advanced industrial sectors
€ 295MMar 2018
Multi-stage Oslo
Equinorinternational energy company with operations in 37 countries
$ 200MFeb 2016
Series B Stavanger
CreandumBacking the companies of tomorrow
€ 180MFeb 2016
Series A Hellerup
Via VenturePremier Private Equity Partner for Ambitious Northern European Companies
$ 150MJuly 2016
Education, Health Stockholm
InventureLeading early-stage venture capital company in the Nordics and Baltics
€ 136MJuly 2016
Seed, Series A, B Helsinki
MonterroInvesting in and developing software companies
€ 112MJuly 2016
Early VC, Buyouts Stockholm
SunstoneSubsidiary of Almi Group
€ 112MNov 2017
Seed, Series A, B Stockholm
Seed CapitalVenture capital fund investing in medical and other technology companies
€ 110MMay 2016
Seed, Series A Kongens Lyngby
Source: Dealroom.co.
1. The rise of Nordic tech
2. The Danish tech ecosystem
3. Industry focus relative to Europe
4. Sources of capital and cross-border flows
Additional information
Contents
1,191
420
340
181
132
116
63
58
50
49
43
43
41
36
29
23
23
21
15
14
14
14
13
13
12
9
9
8
5
Stockholm
Copenhagen
Helsinki
Oslo
Malmö
Gothenburg
Aarhus
Lund
Espoo
Reykjavik
Linköping
Tampere
Oulu
Uppsala
Umeå
Helsingfors
Bergen
Odense
Turku
Helsingborg
Solna
Västerås
Trondheim
Frederiksberg
Luleå
Jönköping
Aalborg
Goteburg
Karlstad
Copenhagen is the second largest tech hub in the Nordics by number of venture rounds since 2012
Venture capital rounds in since 2012
13
"After punching above its weight for a decade and producing billion
dollar company after billion dollar company, VCs from around the
world have truly clocked on to the Nordic opportunity in the last few
years. When you consider some of the region's biggest tech
successes are only just beginning to exit now, meaning a generation
of early employees will be starting their own companies, I don't
expect the investments to be slowing down anytime soon“
Neil Murray
Founder of The Nordic Web Ventures
Source: Dealroom.co.
$ 269M
2015: $ 456M
$ 300M
–
$ 100M
$ 200M
$ 300M
$ 400M
$ 500M
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015 2016 2017 2018
In Denmark, 2018 is on track to match/surpass 2015, the previous record (which was driven by a few big rounds)
14Source: Dealroom.co.
Venture capital investment in Denmark ($ M) LARGEST ROUNDS OF 2018 INDUSTRY ROUND 2018
NMD PharmaMolecule drug discovery company
Health€ 38.0M SERIES A
March
PlandayWorkforce scheduling solution
Enterprise software
€ 35.0M SERIES C
August
Area9Personalized, adaptive online learning modules
Education$ 30.0MLATE VC
January
PeakonMeasures and evaluates employees' engagement and satisfaction
Jobs recruitment
$ 22.0MLATE VC
February
VivinoThe wine app
Food$ 20.0M SERIES C
February
Blackwood SevenPredictive media analytics
Marketing; Enterprise software
€ 16.8M GROWTH EQUITY
May
TemplafyEasy way for companies to manage their templates
Enterprise software
$ 17.2M SERIES B
February
OnRobotManufactures easy to program robotic equipment
Robotics$ 15.6M
GROWTH EQUITY
July
PleoEmployee spending management solution
Fintech€ 13.0M SERIES A
May
$ 21M $ 49M $ 67M $ 97M $ 95M $ 139M $ 66M
$ 43M
$ 164M $ 80M $ 63M
$ 145M
$ 85M $ 107M
$ 225M
$ 64M $ 74M
$ 165M
$ 172M $ 198M
$ 456M
$ 241M $ 232M
$ 449M
–
$ 100M
$ 200M
$ 300M
$ 400M
$ 500M
2013 2014 2015 2016 2017 2018E
All other rounds Top 10 largest rounds Top 3 largest rounds
The previous record, 2015 was more driven by a handful of big rounds, whereas 2018 is more distributed
15
Symphogen (€41M)
Vitrolife ($20M)
Unisense FertiliTech ($20M)
Ascendis Pharma ($60M)
Trustpilot ($25M)
Minervax ($22M)
Symphogen (€68M)
Trustpilot ($74M)
Neas Energy (DKK 500M)
Vivino ($25M)
Samlino (€20M)
MBL A/S (€15M)
ViaBill (€40M)
Orphazyme (€14M)
LogPoint (€14M)
NMD Pharma (€38M)
Planday (€35M)
Area9 ($30M
Venture capital investment in Denmark (in $ millions)
Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x.
Sharp rise of rounds in 2015 and 2016 was driven mostly by early stage rounds below $2 million (also in France)
16
Rounds above $2M in sizeAnnual number of venture rounds
–
100
200
300
400
500
2013 2014 2015 2016 2017
United Kingdom France Germany Nordics
–
200
400
600
800
1,000
1,200
2013 2014 2015 2016 2017 2018E
United Kingdom France Germany Nordics
Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x.The number of rounds in Germany is significantly lower due to different market dynamics: typically larger seed rounds and a more informal pre-seed landscape with far less reporting disclosure.
Round sizes in Denmark are catching up to the rest of Europe and the Nordics
17Source: Dealroom.co.
$ 0.8M$ 0.8M
$ 0.6M
$ 0.0M
$ 0.2M
$ 0.4M
$ 0.6M
$ 0.8M
$ 1.0M
2015 2016 2017 2018
Denmark
Europe
Nordics (excl. Denmark)
$ 10.1M
$ 5.9M
$ 5.8M
$ 0.0M
$ 2.0M
$ 4.0M
$ 6.0M
$ 8.0M
$ 10.0M
$ 12.0M
2015 2016 2017 2018
Denmark
Europe
Nordics (excl. Denmark)
$ 12.2M
$ 15.0M
$ 18.0M
0
2
4
6
8
10
12
14
16
18
20
2015 2016 2017 2018
Denmark
Europe
Nordics (excl. Denmark)
Seed round sizes (median) Series A round sizes (median) Series B round sizes (median)
1. The rise of Nordic tech
2. The Danish tech ecosystem
3. Industry focus relative to Europe
4. Sources of capital and cross-border flows
Additional information
Contents
Nordics are strong in Gaming, Energy, Telecom and slightly
underweighted Deep Tech, relative to Europe
19Source: Dealroom.coNote: based on 2016 - August 2018.
$B amount invested in
Europe2016-2018
$B amount invested in
Nordics 2016-2018
By industry vertical Business model By keyword
21%19% 18%
11%9%
6% 6% 6% 6% 5% 5% 4% 3% 3% 2% 2% 2%
35%
23%
19%
13%
8%
24%
14%
5%2% 2%
19% 16%
14%
10% 7%
5% 4% 3%
8% 5%
1% 4%
6% 8%
2% 3% 1%
29%
20%
11% 12%
5%
17%
7% 4%
2% 1%
21%19% 18%
11%9%
6% 6% 6% 6% 5% 5% 4% 3% 3% 2% 2% 2%
35%
23%
19%
13%
8%
24%
14%
5%2% 2%
20%
28%
19%
16%
4%
13%
7%
2% 3%
10%
2% 0% 0%
5%
1% 0% 3%
16% 16% 13%
4%
18%
10%
1% 2% 2%
Denmark’s strengths relative to Europe are in SaaS, Gaming,
Biotech, Marketing, Food Tech
20Source: Dealroom.coNote: based on 2016-2018.
$B amount invested in
Europe2016-2018
$B amount invested in Denmark
2016-2018
By industry vertical Business model By keyword
Denmark is relatively strong in Gaming and Food Tech
21Source: Dealroom.co.
–
1%
2%
3%
4%
5%
6%
7%
8%
2015 2016 2017 2018
Denmark Nordics Europe
Gaming
SELECTED GAMING COMPANIES DATE ROUND
RFRSH EntertainmenteSports media marketing strategies
Jun 2017€ 7.2 m
EARLY VC
Reto-MotoInnovative online entertainment software
Dec 2017$ 5.0 m
EARLY VC
Flashbulb GamesSmall startup studio with big ambitions
Jan 2017€ 1.3 m
EARLY VC
Fantastic, yesMobile gaming studio
Jan 2018€ 1.0 m
SEED
TribandCultural trends on gaming industry
Jun 2016DKK 3.0 m
SEED
Food Tech
SELECTED FOOD TECH COMPANIES DATE ROUND
Simple FeastOnline cookbook platform
Aug 2018$ 12.0 m EARLY VC
OrderYoyoRestaurant ordering system
Apr 2018€ 5.4 m
SERIES A
Too Good To GoFood waste reduction
Jul 2018$ 4.7 m
EARLY VC
WinefamilyA digital wine club
Jun 2018$ 3.2 m
-
ChabberTemporary employment
Mar 2018DKK 1.0 mEARLY VC
–
2%
4%
6%
8%
10%
12%
14%
42% 44% 50%
Denmark Nordics Europe
Food tech rounds as % of total rounds per region
Gaming rounds as % of total rounds per region
–
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2015 2016 2017 2018
Denmark Nordics Europe
Denmark is rapidly catching up on Deep Tech and remains strong in Biotech
22Source: Dealroom.co.
–
5%
10%
15%
20%
25%
30%
35%
2015 2016 2017 2018
Denmark Nordics Europe
Deep Tech
DEEP TECH COMPANIES DATE ROUND
CoinifyDigital currencies solutions
Jan 2018$ 4.8 m
SERIES A
UndoAI-driven insurance
May 2018DKK 25.0 m EARLY VC
2021.AINext generation AI platform
Mar 2018$ 3.0 m
SEED
ForecastResource and project management
Mar 2018$ 2.9 m
SEED
First AgendaMeeting software
Jan 2018DKK 18.0 m EARLY VC
Deep tech rounds as % of total per region
Biotech
Biotech tech rounds as % of total per region SELECTED BIOTECH COMPANIES DATE ROUND
SymphogenDevelops antibodies for cancer treatments Oct 2015
€ 67.5 m CONVERTIBLE
NMD PharmaMolecule drug discovery company
Mar 2018€ 38.0M SERIES A
OrphazymeTreatment of rare and genetic diseases Jan 2017
€ 14.0 m LATE VC
RSP SystemsBlood glucose monitoring
Jun 2018€ 6.5 m SERIES B
Acesion PharmaTreatment of atrial fibrillation
Jan 2016$ 6.0 m
EARLY VC
Selected Marketplaces and Software
23Source: Dealroom.co.
Software
SELECTED SAAS COMPANIES DATE ROUND
PlandayWorkforce scheduling solution
Aug 2018€ 35.0 m SERIES C
PeakonMeasures and evaluates employees' engagement and satisfaction
Feb 2018$ 22.0 mLATE VC
Blackwood SevenPredictive media analytics
May 2018€ 16.8 m GROWTH EQUITY
TemplafyEasy way for companies to manage their templates
Feb 2018$ 17.2 m SERIES B
CardlayCard and expenses management
Jan 2018$ 5.0 m
EARLY VC
Marketplaces
–
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018
Denmark Nordics Europe
SELECTED MARKETPLACES DATE ROUND
VivinoThe wine app
Jan 2016$ 25.0 m SERIES B
SamlinoVi sammenligner, du sparer!
Aug 2016€ 20.0 m LATE VC
WinefamilyA digital wine club
Jun 2018$ 3.2 m
-
BoatflexBoat rental platform
Mar 2017€ 700 k SEED
The 2nd EditMarketplace for pre-owned luxury and designer fashion
Jul 2017€ 300 k
EARLY VC–
5%
10%
15%
20%
25%
2015 2016 2017 2018
Denmark Nordics Europe
Marketplaces rounds as % of total per region
Software rounds as % of total per region
1. The rise of Nordic tech
2. The Danish tech ecosystem
3. Industry focus relative to Europe
4. Sources of capital and cross-border flows
Additional information
Contents
Over 50% of investments into Danish startups are now coming from international investors
Source: Dealroom.co. 25
Number of investments into Denmark by source
INVESTOR LOCATION DANISH INVESTMENTS
Balderton Capital LondonSimple Feast, Peakon, Vivino,
Opbeat
Index Ventures London Autobutler, Egalet, Trustpilot
Y Combinator Mountain View Peergrade, Soundbox
Eurostart SME Programme BelgiumPowerweave, Combat Stroke,
Seaborg Technologies
Impact Accelarator MadridFamilio, Absolute Zero, Freesense
Aps, Sentio Simulations
Seier Capital Switzerland Nustay, Saxo Bank
Summit Partners BostonOnRobot, Siteimprove, Welltec
International
Dawn Capital London Templafy, Miinto, Autobutler
50 54 65 65
72
87
112
134
2014 2015 2016 2017
Denmark Nordics Europe USA
= cross border investments= domestic investments(2016-2018)
Cross-border investment within Nordics is limited. Sweden is the biggest cross-border contributor
Source: Dealroom.co 26
37
15
22
22
27
20
2
3
3
3
72
x
281
109
734
163
x
Sources: investors from
Sweden Denmark Norway Finland
Sweden 163 22 3 3
Denmark 22 734 20 37
Norway 2 27 109 2
Finland 3 15 7 281
Uses:
companies
from
Corporate involvement has been lagging, but is catching up with the rest of Europe
Source: Dealroom.co. 27
–
5%
10%
15%
20%
25%
30%
2014 2015 2016 2017 2018
Denmark Europe Nordics NAME CORPRORATE ROUND DATE INDUSTRY
NMD PharmaHelp Type 1 diabetes
Roche Venture Fund
€ 38.0 m SERIES A
Mar 2018 Health
IO biotechDisruptive immune therapies for cancer
Novo Nordisk€ 11.0 m SERIES A
Jan 2016 Health
GoMoreRide-sharing and car rental services
Macif€ 5.0 m
EARLY VCJul 2017
Travel,Transportation
Lunar WayDigital banking for millennials
Nykredit€ 4.5 m
EARLY VCMay 2017 Fintech
Hungry GroupOnline food ordering network
Delivery Hero€ 3.9 m
EARLY VC Mar 2017 Food
SpiirBudget management
Danske Bank€ 3.3 m LATE VC
May 2018 Fintech
GenieBeltConstruction industry software
Solar€ 2.0 m ERLY VC
Sep 2016EnterpriseSoftware
WashaClean clothes delivery
Berndsen€ 400 k
SEEDJan 2017 Home
Corporate investment as % of total investment ($)
Selected corporate investors in the Nordics
Source: Dealroom.co. 28
CORPORATE NOTABLE INVESTMENTS ACTIVITY CITYMARKET
CAP (1)
PREFERRED ROUND
SchibstedOrganized in Online Classifieds, media houses and Schibsted Growth
Bynk, Compricer AB, MB Diffusion Oslo $ 65.9 B Acquisition
KinnevikPre-eminent European internet investor
Rocket Internet, Zalando, Dafiti, Global Fashion Group, Quikr, Betterment, Livongo Health, Linio
Stockholm $ 79.6 B SERIES C
NokiaHardware Manufacturer (Mobile Phones)
OboPay, WiThings, Space-Time Insight, Skyhook Espoo $29.5 B Acquisition
EricssonProvider of technology and services to telecom operators
Mirantis, Menlo Security, Envivio, Skorpios Technologies Stockholm $ 26 B Series B
H&MRetail-clothing company
Wrapp, Sellpy, Ivyrevel, PinMeTo Stockholm Sek 213 B Early VC
LundbeckGlobal pharmaceutical company
Benevolent AI, Prexton Therapeutics, Naurex, Proximagen Copenhagen $75 B Late VC
Nordea BankBanking, asset solutions and insurance
R3, TactoTek, Tink, Wrapp Stockholm $ 35.9 B VC
Novo VenturesInvesting in life science companies at all stages
Harmony Biosciences, Procept BioRobotics, Merus, Crispr Therapeutics Bagsvaerd (DK) SERIES B
Swedish Energy AgencyGovernment agency for national energy policy issues
NorthVolt, Sol Voltaics, PowerCell Sweden Eskilstuna Early VC
HandelsbankenSwedish bank providing universal banking services
Crunchfish, Frisq, MyFc. Greather Than, Storytel Stockholm $ 24 B Early VC
IkeaDesigns and sells ready-to-assemble furniture
AeroFarms, Aledia, TaskRabbit, Matsmart Skane County No preference
Pontos GroupPrivate Equity Investments and Real Estate Development
Hintsa Performance, Blueprint Genetics Helsinki No preference
ScaniaCorporate venture capital fund
Sennder, Swed-Weld Södertalje (Sweden) Early VC
BonnierHelping decision makers in various industries
Swiftr, Dorunner, Auranest Stockholm Early VC
Denmark has a highly active angel investor community
Source: Dealroom.co. 29
NAME ANGEL INVESTOR ROUND
LabsterLife science education with VR
David Helgason$ 10.0 m SERIES A
Lix TechnologiesOnline textbooks
Tommy Ahlers; Anders Holch Povlsen; David Helgason
$ 5.4 m SERIES A
TattoodoTattoo designs marketplace
Nikolaj Coster-Waldau; Christian Stadil; Daniel Agger; Jan Bech Andersen
$ 4.9 mEARLY VC
TonsserFootball social platform
Arthur Kosten€ 2.5 mSERIES A
ConferizeSocial space for conferences
Lars Kolind; Allan Søgaard Larsen€ 2.2 m
EARLY VC
Veo.coRecording and steaming solutions
David Fellah; Per Zachariassen; Henrik Hancke; Kasper Wedendahl
€ 2.0 mSEED
NordsenseSmart waste system
Peter Jensen; Henrik Rosendahl; JuhaChristensen; Klaus Oestermann
$ 2.1 mSEED
DixaCloud-based customer service platform
Preben DamgaardDKK 11.0 m
EARLY VC
Angel investments as % of total investments (#)
–
5%
10%
15%
20%
25%
30%
35%
40%
2014 2015 2016 2017 2018
Denmark Europe Nordics
Selected top angel investors in Nordics
Source: Dealroom.co. 30
ANGEL INVESTOR NOTABLE INVESTMENTS Industry Focus LOCATION Country Focus
Niklas ZennströmCo-founder of Skype and founder of Atomico
Skype, Rovio, MessageBird Telecom, Enterprise Software London UK/Sweden
Anil HansjeeInvestor and Corporate Innovation Leader, digital media and fintech industries
Zattikka, Fon, Booking Bug Enterprise Software, Gaming Stockholm UK
Jonas NordlanderInternet Entrepreneur
Klarna, Lendify, Apotea.se Fintech, Food Stockholm Sweden
Tommy AhlersMinister for Higher Education and Science
Peakon, Drivr, Lix Technologies Enterprise Software Copenhagen Denmark
Mattias WeinhandlHockey star and Angel investor
Betalo, Linkura, MediCheck AB Health Linköping Sweden
Morten Lundfounded or co-invested in more than 100 high-tech start ups in the last 15 years Okast, Itembase Enterprise Software Copenhagen USA
Sophia BendzExecutive in Residence at Atomico DigiExam, Karma, Bokio Education, Health Stockholm Sweden
Risto SiilasmaChairman of the board of Nokia
Blyk, Small Giant Games, Eneva Gaming, Security Espoo Finland
Ilkka PaananenSerial entrepreneur & CEO of Supercell
GoEuro, Wolt, Grand Cru Gaming Helsinki Finland
Victor HenningAngel investor, advisor, or board member at several hardware and education startups
AirDog, CareerFoundry, Vayu No preference Oslo USA
Sebastian SiemiatkowskiChairman of the board of Nokia
Klarna, GoEuro, BudBee Fintech, Transportation Stockholm Sweden
David HelgasonCo-founder of Nordic Makers VC and CEO of Unity Technologies
Bitmovin, Labster, Teatime Gaming, Education, Media Copenhagen Nordics
1. The rise of Nordic tech
2. The Danish tech ecosystem
3. Industry focus relative to Europe
4. Sources of capital and cross-border flows
Additional information
Contents
The largest Nordic rounds in 2018 so far
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 32
NAME INVESTORS INDUSTRY LOCATION LAST ROUND VALUATION
HMD GlobalMarkets mobile phones under the Nokia brand
Foxconn Technology Group, GinkoVentures, DMJ Asia Investment
OpportunityTelecom Finland
$ 100 m Late VC
$ 400 m - $ 600 m
KryConnects patients with doctors for video consultations
Accel Partners, Creandum, Index Ventures, Project A Ventures Health Sweden
$ 66 m Series B
$ 264 m - $ 396 m
NA-KDE-commerce shop for women’s clothes
Northzone, Partech, Eequity, FJ Labs Fashion Sweden$ 45 mSeries B
$ 180 m - $ 270 m
NMD PharmaOnline insurance for entrepreneurs and SMEs
Novo Ventures, INKEF Capital, Lundbeckfonden
Ventures, Roche Venture FundHealth Denmark
€ 38 mSeries A
€ 152 m - € 228 m
Small Giant GamesIndependent game developer
Creandum, PROfounders Capital, EQT Ventures, Spintop Ventures Gaming Finland
$ 41 m Series B
$ 164 m - $ 246 m
IceyeDevelops micro-satellites used to capture images from space
Draper Esprit, Promus Ventures, Draper Associates, Draper Nexus, Seraphim Capital, Tesi, Space
Angels
Media Finland$ 34 m Series B
$ 136 m - $ 204 m
QapitalTransforms money saving to a fun and rewarding task
SEB Pension och FörsäkringAB, Swedbank
Robur, Norron, AthanaseFintech Sweden
SEK 250 m Early VC
SEK 1 b - SEK 2 b
Area9Personalized, adaptive online learning modules for schoolchildren, students, and professionals
Danish Growth Fund Education Denmark$ 30 m Late VC
$ 120 m - $ 180 m
DBT CapitalCorporate loans to expansive small and medium-sized companies
Östersjöstiftelsen Fintech SwedenSEK 200 m
Early VCSEK 800 m - SEK 1 b
TactoTekInjection-Molded Structural Electronics
Conor Venture Partners, Faurecia, Ascend Capital
Partners, Nanogate, Plastic OmniumSemiconductor Finland
$ 23 m Series B
$ 92 m - $ 138 m
The largest Nordic tech exits & acquisitions in 2017-2018 so far
Source: Dealroom.co
NAME ACQUIROR SELLER VC BACKED INDUSTRY LOCATION ROUND
BamboraSweden's largest payments company
Ingenico Group FintechStockholm
Sweden€ 1.5b
ACQUISITION
TrustlyPayments system for online shops
Nordic CapitalAzrieli GroupBank Leumi ✓ Fintech
StockholmSweden
$ 866 mACQUISITION
BasefarmSpecialises in operational and IT-related services on the net
Orange Enterprise SoftwareOslo
Norway€ 350 m
ACQUISITION
Banking CircleEnabling global payments and settlements
EQT Partners Saxo Bank FintechHellerupDenmark
$ 300 mACQUISITION
AbaxDeveloper and supplier of car logbooks
Investcorp Internet of ThingsLarvik
Norway$ 165 m
ACQUISITION
Avalanche StudiosVideo games developer
Nordisk Film GamesMartin Walfisz
Egmont ✓ GamingStockholm
Sweden€ 115 m
ACQUISITION
Happy SocksManufacturer and retailer of socks and underwear
Palamon Capital Partners FashionStockholm
Sweden$ 85.4 m
ACQUISITION
SneakersnstuffSneakers web shop
FSN Capital FashionStockholm
Sweden€50 m
ACQUISITION
Trade ExtensionsSoftware provider for strategic sourcing and optimization projects
Coupa Software Enterprise SoftwareUppsalaSweden
€ 41 mACQUISITION
Movimento GroupNetwork tools for vehicle knowledge management Delphi
Industrifonden, Eqvitec, Verdane Capital ✓ Transportation
GothenburgSweden
$ 40 mACQUISITION
33
Premium Access | Custom Research | Ecosystem Solutions | API
Identify promising companies before everyone else does