Insights

10 interesting deals in the Nordics from September 2018.

This is what caught our attention in the Nordics for the past weeks of September 2018.

1. Min Doktor's strategic investment from ICA Group
There is a little race between Min Doktor and Kry, both Swedish companies offering telemedicine services using technology of the 21st century. Both companies are heavily funded by risk capital - Kry is being backed by leading European VC firms + Swedish Creandum, whereas Min Doktor is backed by strong Swedish VCs and angels.

With ICA Group on board (which added offline business from Apotek Hjartat), Min Doktor consolidates its position locally. In the meantime, Kry announced its intentions to expand in France under a different name, Livi - similarly, Min Doktor fuels its European ambitions under the brand name Docly.

Add to this Doktor.se, providing similar service and which raised strategic investment from the Finnish health care provider Oriola in May2018.

Screen_Shot_2018-10-03_at_08_58_22.png
comparison from here.

2. Nordic Alpha Partners invested in Carheal
It is NAP's first investment from its $140M fund launched at the end of 2017. Nordic Alpha Partners is led by managing partner Ulrik Jørring and targets small manufacturing companies.

3. VOI Technology completed a $2.9M investment round
VOI was launched by a group of students from KTH and provides on-demand scooter services in Stockholm. It will be interesting to follow it as it anticipates an aggresive market expansion of heavily-backed, US-based Lime and Bird, which are yet to be active in the Nordic countries. As such, very fast go to market for VOI is important, as the market share can be either a good defensive move, or an attractive quick sale position to the big boys when they enter Scandinavia. As the cold season is starting, achieving rapid traction will be difficult though.

4. Ultimate.ai raises $1.3M seed round co-led by Holtzbrinck Ventures and Maki.vc.
Ultimate is an intriguing company providing AI-based customer services. They have achieved impressive progress with little funding - it already works with 25 enterprise clients, including Zalando, Telia and Finnair - and was part of Techstars (backed by SAP) in Germany.

5. CCP got acquired for $425M
This is the highest price paid for an Icelandic technology company ever, and it's yet another Asian strategic acquisition in the Nordics, anticipated for long. Good unpacking of deal here.

6. OnRobot purchased another startup from Odense.
OnRobot is the brainchild of Danish entrepreneur Enrico Krog Iversen, who just this summer merged three companies, raised growth capital from Summit Partners and now consolidates business with another addition in the portfolio.

7. Mammashop merges with Babytoys.
Ecommerce is hot in Scandinavia, as the majority of the purchases (90%) are made from retailers originating from outside the Nordic countries. While the local media provides extensive free PR for Amazon by forecasting the apocalypse as Amazon is expected to launch local operations, at the top there is some notable VC $$ interests and at the bottom the existing fragmentation will face consolidation or bankruptcy. Getting it off the ground and building a DTC audience is not as easy as it seems.

8. Founders House acquires DIGS from Trondheim.
Working spaces is another fragmented vertical in the Nordics - Founders House was founded in 2011, and tipped its toes in Norway by grabbing MESH from oslo and now DIGS from Trondheim. Besides those, Founders House manages three other spaces in Denmark -  Founders House, Startup Village, Matrikel1.

9. Peppy Pals adds Lego Brand Group as investors in the company.
Peppy Pals developed a portfolio of games and an EQ platform that gathers all of its products into an adventurous app for children as well as a web-based version for parents and teachers. LEGO seems like a good strategic fit for a great idea.

10. Gudrun Sjödén buys out the private equity firm Ratos.
Gudrun Sjödén is a Stockholm, Sweden-based fashion retailer, founded in 1976 by Gudrun and Björn Sjödén, who now buy back the company from the private equity Ratos. Usually such a deal signals a difference in the strategic direction of the company. Gudrun Sjödén is profitable, with sales of SEK 793M ($89M) in 2017, 65% of which coming from online.

Don't forget to check the most active investors and largest investment transactions in the Nordics for September 2018.

Did you like it? Share it!

Share on FacebookShare on Twitter