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Page 1: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

Nordic Venture Capital reportby Dealroom.co for

24 - 25 September 20181

Page 2: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 3: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 4: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 5: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 6: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 7: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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.

Page 8: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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.

Page 9: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

$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

Page 10: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 11: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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.

Page 12: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 13: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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.

Page 14: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

$ 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

Page 15: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

$ 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.

Page 16: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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.

Page 17: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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)

Page 18: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 19: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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%

Page 20: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 21: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 22: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 23: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 24: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 25: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 26: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

= 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

Page 27: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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 ($)

Page 28: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 29: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 30: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 31: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 32: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 33: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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

Page 34: Nordic Venture Capital report - Dealroom.co · international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering

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