What you need to know about the Nordic investment market in February 2021.

08 March 2021 Insights
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We're wrapping up the February numbers about the startup investment deals made in the Nordics.

It was a relatively quiet month, definitely affected by the pandemic and by the entire bad economic situation, which don't make for an ideal context, even though a recession is the best period to start up a new company.

We tracked almost 70 fundraise deals, the lowest for a February in 5 years and 20% less than the last four years average of 90 deals for the same month. Since we're updating our database constantly, this year's February will likely be closer to the 80 deals we tracked for the same month in 2016, the lowest in 5 years.

Also notable - there is a general uptick in the number of later stage deals that has started to pick up in the second part of 2020.

This is signaling both some previous deals becoming mature enough to graduate to the next level and an increase investor appetance to make bolder bets, unlike in the previous years. The market is full of money to be deployed in spite of the recession, and investors gotta put it to work.

The numbers making the big picture look like this:



  • 67 deals | $507M | 14 with undisclosed value


  • 89 deals | $299M | 16 with undisclosed value (February 2020)


Deal size

  • < $500k: 6 deals | $1.7M
  • $500k-1M: 8 deals | $6.6M
  • $1-5M: 20 deals | $55M
  • $5-10M: 5 deals | $33.8M
  • $10-20M: 9 deals | $124.6M
  • $20-50M: 2 deals | $61.6M
  • $50M+: 3 deals | $223.9M
  • n/a: 14 deals



  • software: 23 deals | $110M
  • manufacturing: 19 deals | $83.2M
  • financial services: 13 deals | $125.7M
  • hardware: 8 deals | $30.7M





  • Stockholm 18 deals
  • Copenhagen 14 deals
  • Oslo 12 deals
  • Helsinki 4 deals


If you're interested to dig deeper and understand more, we have created a few data reports crunching February data:


The reports are FREE to read but you need to login to access them.