Nordic Venture Capital report
by Dealroom.co for
24 - 25 September 2018
1
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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 support@dealroom.co

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
Dealroom
database
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
7
Source: 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
9
Source: 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
10
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.
$ 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 Ventures
Data-driven multi-stage venture capital fund
566M
May 2016
Series A, B, C
Stockholm
Northzone
European VC focused on tech companies
350M
Sep 2016
Series A, B, Early VC
Stockholm
Verdane Capital
Active in the consumer internet, software, energy and advanced industrial sectors
295M
Mar 2018
Multi-stage
Oslo
Equinor
international energy company with operations in 37 countries
$ 200M
Feb 2016
Series B
Stavanger
Creandum
Backing the companies of tomorrow
180M
Feb 2016
Series A
Hellerup
Via Venture
Premier Private Equity Partner for Ambitious Northern European Companies
$ 150M
July 2016
Education, Health
Stockholm
Inventure
Leading early-stage venture capital company in the Nordics and Baltics
136M
July 2016
Seed, Series A, B
Helsinki
Monterro
Investing in and developing software companies
112M
July 2016
Early VC, Buyouts
Stockholm
Sunstone
Subsidiary of Almi Group
112M
Nov 2017
Seed, Series A, B
Stockholm
Seed Capital
Venture capital fund investing in medical and other technology companies
110M
May 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
Malm
Gothenburg
Aarhus
Lund
Espoo
Reykjavik
Linkping
Tampere
Oulu
Uppsala
Ume
Helsingfors
Bergen
Odense
Turku
Helsingborg
Solna
Vsters
Trondheim
Frederiksberg
Lule
Jnkping
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)
14
Source: Dealroom.co.
Venture capital investment in Denmark ($ M)
LARGEST ROUNDS OF 2018
INDUSTRY
ROUND
2018
NMD Pharma
Molecule drug discovery company
Health
38.0M
SERIES A
March
Planday
Workforce scheduling solution
Enterprise
software
35.0M
SERIES C
August
Area9
Personalized, adaptive online learning modules
Education
$ 30.0M
LATE VC
January
Peakon
Measures and evaluates employees' engagement
and satisfaction
Jobs
recruitment
$ 22.0M
LATE VC
February
Vivino
The wine app
Food
$ 20.0M
SERIES C
February
Blackwood Seven
Predictive media analytics
Marketing;
Enterprise
software
16.8M
GROWTH
EQUITY
May
Templafy
Easy way for companies to manage their templates
Enterprise
software
$ 17.2M
SERIES B
February
OnRobot
Manufactures easy to program robotic equipment
Robotics
$ 15.6M
GROWTH
EQUITY
July
Pleo
Employee 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 size
Annual 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
17
Source: 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
19
Source: Dealroom.co
Note: based on 2016 - August 2018.
$B amount
invested in
Europe
2016-2018
$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
20
Source: Dealroom.co
Note: based on 2016-2018.
$B amount
invested in
Europe
2016-2018
$B amount
invested in
Denmark
2016-2018
By industry vertical
Business model
By keyword
Denmark is relatively strong in Gaming and Food Tech
21
Source: Dealroom.co.

1%
2%
3%
4%
5%
6%
7%
8%
2015
2016
2017
2018
Denmark
Nordics
Europe
Gaming
SELECTED GAMING COMPANIES
DATE
ROUND
RFRSH Entertainment
eSports media marketing strategies
Jun 2017
7.2 m
EARLY VC
Reto-Moto
Innovative online entertainment software
Dec 2017
$ 5.0 m
EARLY VC
Flashbulb Games
Small startup studio with big ambitions
Jan 2017
1.3 m
EARLY VC
Fantastic, yes
Mobile gaming studio
Jan 2018
1.0 m
SEED
Triband
Cultural trends on gaming industry
Jun 2016
DKK 3.0 m
SEED
Food Tech
SELECTED FOOD TECH COMPANIES
DATE
ROUND
Simple Feast
Online cookbook platform
Aug 2018
$ 12.0 m
EARLY VC
OrderYoyo
Restaurant ordering system
Apr 2018
5.4 m
SERIES A
Too Good To Go
Food waste reduction
Jul 2018
$ 4.7 m
EARLY VC
Winefamily
A digital wine club
Jun 2018
$ 3.2 m
-
Chabber
Temporary employment
Mar 2018
DKK 1.0 m
EARLY 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
22
Source: Dealroom.co.

5%
10%
15%
20%
25%
30%
35%
2015
2016
2017
2018
Denmark
Nordics
Europe
Deep Tech
DEEP TECH COMPANIES
DATE
ROUND
Coinify
Digital currencies solutions
Jan 2018
$ 4.8 m
SERIES A
Undo
AI-driven insurance
May 2018
DKK 25.0 m
EARLY VC
2021.AI
Next generation AI platform
Mar 2018
$ 3.0 m
SEED
Forecast
Resource and project management
Mar 2018
$ 2.9 m
SEED
First Agenda
Meeting software
Jan 2018
DKK 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
Symphogen
Develops antibodies for cancer treatments
Oct 2015
67.5 m
CONVERTIBLE
NMD Pharma
Molecule drug discovery company
Mar 2018
38.0M
SERIES A
Orphazyme
Treatment of rare and genetic diseases
Jan 2017
14.0 m
LATE VC
RSP Systems
Blood glucose monitoring
Jun 2018
6.5 m
SERIES B
Acesion Pharma
Treatment of atrial fibrillation
Jan 2016
$ 6.0 m
EARLY VC
Selected Marketplaces and Software
23
Source: Dealroom.co.
Software
SELECTED SAAS COMPANIES
DATE
ROUND
Planday
Workforce scheduling solution
Aug 2018
35.0 m
SERIES C
Peakon
Measures and evaluates employees' engagement and
satisfaction
Feb 2018
$ 22.0 m
LATE VC
Blackwood Seven
Predictive media analytics
May 2018
16.8 m
GROWTH
EQUITY
Templafy
Easy way for companies to manage their templates
Feb 2018
$ 17.2 m
SERIES B
Cardlay
Card 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
Vivino
The wine app
Jan 2016
$ 25.0 m
SERIES B
Samlino
Vi sammenligner, du sparer!
Aug 2016
20.0 m
LATE VC
Winefamily
A digital wine club
Jun 2018
$ 3.2 m
-
Boatflex
Boat rental platform
Mar 2017
700 k
SEED
The 2nd Edit
Marketplace 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
London
Simple Feast, Peakon, Vivino,
Opbeat
Index Ventures
London
Autobutler, Egalet, Trustpilot
Y Combinator
Mountain View
Peergrade, Soundbox
Eurostart SME Programme
Belgium
Powerweave, Combat Stroke,
Seaborg Technologies
Impact Accelarator
Madrid
Familio, Absolute Zero, Freesense
Aps, Sentio Simulations
Seier Capital
Switzerland
Nustay, Saxo Bank
Summit Partners
Boston
OnRobot, 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
7
2
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 Pharma
Help Type 1 diabetes
Roche Venture
Fund
38.0 m
SERIES A
Mar 2018
Health
IO biotech
Disruptive immune therapies for cancer
Novo Nordisk
11.0 m
SERIES A
Jan 2016
Health
GoMore
Ride-sharing and car rental services
Macif
5.0 m
EARLY VC
Jul 2017
Travel,
Transportation
Lunar Way
Digital banking for millennials
Nykredit
4.5 m
EARLY VC
May 2017
Fintech
Hungry Group
Online food ordering network
Delivery Hero
3.9 m
EARLY VC
Mar 2017
Food
Spiir
Budget management
Danske Bank
3.3 m
LATE VC
May 2018
Fintech
GenieBelt
Construction industry software
Solar
2.0 m
ERLY VC
Sep 2016
Enterprise
Software
Washa
Clean clothes delivery
Berndsen
400 k
SEED
Jan 2017
Home
Corporate investment as % of total investment ($)
Selected corporate investors in the Nordics
Source: Dealroom.co.
28
CORPORATE
NOTABLE INVESTMENTS
ACTIVITY
CITY
MARKET
CAP (1)
PREFERRED
ROUND
Schibsted
Organized in Online Classifieds, media houses and Schibsted Growth
Bynk, Compricer AB, MB Diffusion
Oslo
$ 65.9 B
Acquisition
Kinnevik
Pre-eminent European internet investor
Rocket Internet, Zalando, Dafiti, Global Fashion Group, Quikr, Betterment,
Livongo Health, Linio
Stockholm
$ 79.6 B
SERIES C
Nokia
Hardware Manufacturer (Mobile Phones)
OboPay, WiThings, Space-Time Insight, Skyhook
Espoo
$29.5 B
Acquisition
Ericsson
Provider of technology and services to telecom operators
Mirantis, Menlo Security, Envivio, Skorpios Technologies
Stockholm
$ 26 B
Series B
H&M
Retail-clothing company
Wrapp, Sellpy, Ivyrevel, PinMeTo
Stockholm
Sek 213 B
Early VC
Lundbeck
Global pharmaceutical company
Benevolent AI, Prexton Therapeutics, Naurex, Proximagen
Copenhagen
$75 B
Late VC
Nordea Bank
Banking, asset solutions and insurance
R3, TactoTek, Tink, Wrapp
Stockholm
$ 35.9 B
VC
Novo Ventures
Investing in life science companies at all stages
Harmony Biosciences, Procept BioRobotics, Merus, Crispr Therapeutics
Bagsvaerd (DK)
SERIES B
Swedish Energy Agency
Government agency for national energy policy issues
NorthVolt, Sol Voltaics, PowerCell Sweden
Eskilstuna
Early VC
Handelsbanken
Swedish bank providing universal banking services
Crunchfish, Frisq, MyFc. Greather Than, Storytel
Stockholm
$ 24 B
Early VC
Ikea
Designs and sells ready-to-assemble furniture
AeroFarms, Aledia, TaskRabbit, Matsmart
Skane County
No preference
Pontos Group
Private Equity Investments and Real Estate Development
Hintsa Performance, Blueprint Genetics
Helsinki
No preference
Scania
Corporate venture capital fund
Sennder, Swed-Weld
Sdertalje (Sweden)
Early VC
Bonnier
Helping 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
Labster
Life science education with VR
David Helgason
$ 10.0 m
SERIES A
Lix Technologies
Online textbooks
Tommy Ahlers; Anders Holch Povlsen;
David Helgason
$ 5.4 m
SERIES A
Tattoodo
Tattoo designs marketplace
Nikolaj Coster-Waldau; Christian Stadil;
Daniel Agger; Jan Bech Andersen
$ 4.9 m
EARLY VC
Tonsser
Football social platform
Arthur Kosten
2.5 m
SERIES A
Conferize
Social space for conferences
Lars Kolind; Allan Sgaard Larsen
2.2 m
EARLY VC
Veo.co
Recording and steaming solutions
David Fellah; Per Zachariassen; Henrik
Hancke; Kasper Wedendahl
2.0 m
SEED
Nordsense
Smart waste system
Peter Jensen; Henrik Rosendahl; Juha
Christensen; Klaus Oestermann
$ 2.1 m
SEED
Dixa
Cloud-based customer service platform
Preben Damgaard
DKK 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 Zennstrm
Co-founder of Skype and founder of Atomico
Skype, Rovio, MessageBird
Telecom, Enterprise Software
London
UK/Sweden
Anil Hansjee
Investor and Corporate Innovation Leader, digital media and fintech industries
Zattikka, Fon, Booking Bug
Enterprise Software, Gaming
Stockholm
UK
Jonas Nordlander
Internet Entrepreneur
Klarna, Lendify, Apotea.se
Fintech, Food
Stockholm
Sweden
Tommy Ahlers
Minister for Higher Education and Science
Peakon, Drivr, Lix Technologies
Enterprise Software
Copenhagen
Denmark
Mattias Weinhandl
Hockey star and Angel investor
Betalo, Linkura, MediCheck AB
Health
Linkping
Sweden
Morten Lund
founded or co-invested in more than 100 high-tech start ups in the last 15 years
Okast, Itembase
Enterprise Software
Copenhagen
USA
Sophia Bendz
Executive in Residence at Atomico
DigiExam, Karma, Bokio
Education, Health
Stockholm
Sweden
Risto Siilasma
Chairman of the board of Nokia
Blyk, Small Giant Games, Eneva
Gaming, Security
Espoo
Finland
Ilkka Paananen
Serial entrepreneur & CEO of Supercell
GoEuro, Wolt, Grand Cru
Gaming
Helsinki
Finland
Victor Henning
Angel investor, advisor, or board member at several hardware and education startups
AirDog, CareerFoundry, Vayu
No preference
Oslo
USA
Sebastian Siemiatkowski
Chairman of the board of Nokia
Klarna, GoEuro, BudBee
Fintech, Transportation
Stockholm
Sweden
David Helgason
Co-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 Global
Markets mobile phones under the Nokia brand
Foxconn Technology Group, Ginko
Ventures, DMJ Asia Investment
Opportunity
Telecom
Finland
$ 100 m
Late VC
$ 400 m - $ 600 m
Kry
Connects 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-KD
E-commerce shop for women's clothes
Northzone, Partech, Eequity, FJ Labs
Fashion
Sweden
$ 45 m
Series B
$ 180 m - $ 270 m
NMD Pharma
Online insurance for entrepreneurs and SMEs
Novo Ventures, INKEF
Capital, Lundbeckfonden
Ventures, Roche Venture Fund
Health
Denmark
38 m
Series A
152 m - 228 m
Small Giant Games
Independent game developer
Creandum, PROfounders Capital,
EQT Ventures, Spintop Ventures
Gaming
Finland
$ 41 m
Series B
$ 164 m - $ 246 m
Iceye
Develops 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
Qapital
Transforms money saving to a fun and rewarding task
SEB Pension och Frskring
AB, Swedbank
Robur, Norron, Athanase
Fintech
Sweden
SEK 250 m
Early VC
SEK 1 b - SEK 2 b
Area9
Personalized, adaptive online learning modules for schoolchildren, students,
and professionals
Danish Growth Fund
Education
Denmark
$ 30 m
Late VC
$ 120 m - $ 180 m
DBT Capital
Corporate loans to expansive small and medium-sized companies
stersjstiftelsen
Fintech
Sweden
SEK 200 m
Early VC
SEK 800 m - SEK 1 b
TactoTek
Injection-Molded Structural Electronics
Conor Venture
Partners, Faurecia, Ascend Capital
Partners, Nanogate, Plastic Omnium
Semiconductor
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
Bambora
Sweden's largest payments company
Ingenico Group
Fintech
Stockholm
Sweden
1.5b
ACQUISITION
Trustly
Payments system for online shops
Nordic Capital
Azrieli Group
Bank Leumi

Fintech
Stockholm
Sweden
$ 866 m
ACQUISITION
Basefarm
Specialises in operational and IT-related services on the net
Orange
Enterprise Software
Oslo
Norway
350 m
ACQUISITION
Banking Circle
Enabling global payments and settlements
EQT Partners
Saxo Bank
Fintech
Hellerup
Denmark
$ 300 m
ACQUISITION
Abax
Developer and supplier of car logbooks
Investcorp
Internet of Things
Larvik
Norway
$ 165 m
ACQUISITION
Avalanche Studios
Video games developer
Nordisk Film Games
Martin Walfisz
Egmont

Gaming
Stockholm
Sweden
115 m
ACQUISITION
Happy Socks
Manufacturer and retailer of socks and underwear
Palamon Capital Partners
Fashion
Stockholm
Sweden
$ 85.4 m
ACQUISITION
Sneakersnstuff
Sneakers web shop
FSN Capital
Fashion
Stockholm
Sweden
50 m
ACQUISITION
Trade Extensions
Software provider for strategic sourcing and optimization projects
Coupa Software
Enterprise Software
Uppsala
Sweden
41 m
ACQUISITION
Movimento Group
Network tools for vehicle knowledge management
Delphi
Industrifonden, Eqvitec,
Verdane Capital

Transportation
Gothenburg
Sweden
$ 40 m
ACQUISITION
33
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