What are the top investment deals made in Scandinavia in first half of 2019?

23 July 2019 Euro Lists
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6 months have passed already and we have a review of the top private investments figures from the buy market* in the Nordic countries in the first half of 2019.

Before the actual numbers for the largest deals, a few considerations:

Country breakdown

Sweden-based companies dominate yet again the investment ecosystem from the Nordics, with the dealflow higher than the next two countries combined (204 vs 167) and about as high as the one from the next three countries combined (204 vs 235).

The total number of investment deals tracked for Sweden, Denmark, Finland, Norway and Iceland is 452, at the moment of writing.


We have an almost similar situation in terms of absolute dollar investment, and it seems actually a closer race mainly due to the very late stage rounds made by Finnish from Relex ($200M) and Wolt ($130M) as well as the Danish from Unity ($150M).

The discrepancy in terms of investment activity and dollar allocation in Sweden vs the other Nordic countries is quite wide, though arguably things have changed in better in the last years.

The aggregate value for all the five Nordic countries is $2.4bn.


Oh, if you are wondering how was first half of 2019 vs the one of 2018, we have that data too.

Deal distribution (mouse over for data points):

... and value distribution:

If you want to dig more into the data, we recommend using these comparison tools.

Size breakdown

In terms of size distribution, the first half of 2019 had the highest number of transactions made in the $1-5M range (129 deals), mostly followup rounds from pre-seed/seed levels made in previous years. It should be noted that in Scandinavia seed levels are lower than in the US, with frequent rounds less than $1M.

mouse over for data points

It is also worth mentioning though that 129 is not the largest number of deals in a first half of the year in the 1-5M range. Au contraire, in 2018 we had 149 and in 2017 we had 160 tracked deals in that range.

Below there is a 2019 vs 2018 vs 2017 comparison for the first half of the respective year - please note the cooling off of the activity for transactions less than $1M.

In general the entire investment level seems to be on a declining trajectory in 2019 vs 2018. However:

i) if we exclude the $50M+ deals value, we have a similar amount invested in both years (roughly $1.3bn) but differently distributed size-wise, which explains the lower number of deals from H1 2019 yoy.

ii) Not least important, there is a certain delay in updating deals throughout the year, meaning that the 2019 first half aggregated figures may be different six months from now on.

mouse over for data points

Industry breakdown

In terms of sector allocation, not surprisingly financial services took the cream - the Nordics are probably the most advanced in the world in terms of innovating in the financial services space.


You can find more historical data graphs available by quarter, half a year and full year here.

With this being said, please find below the list of the venture investments in the Nordics in the first six months of 2019:

Relex Solutions (Software Services) - $200M
Lendify (Financial Services) - $160M
Unity Technologies (Gaming Industry) - $150M
Wolt (Food Industry) - $130M
Klarna (Financial Services) - $93.04M
Tink (Financial Services) - $63.5M
Pleo (Financial Services) - $56.18M
Trustpilot (Media) - $55M
Bynk (Financial Services) - $53.77M
Snipr Biome (Biotech) - $50M

*Please note that all figures are in USD and don't include secondary and M&A transactions, which are treated separately.

Read also:
What are the top investors in Scandinavia in the first half of 2019.
The most active angel investors from the Nordic countries in the first half of 2019.
What are the top venture investment companies from Sweden in 2018.