Insights

The largest investments rounds from Scandinavia in 2017 - who and how much.

Looking back at what happened in 2017, we made a selection of what were some of the largest investment deals that we tracked for the year. And even though, technically speaking, announcements about new rounds closed in 2017 may still pop out as it's still early January, we believe that the below list may provide a good big picture about the big bets made in the Nordics in 2017.

Preliminary notes:

- there were 2 investments in the $50M+ range and 17 investments in the $20-50M;

- 156 investment rounds with undisclosed amounts, some of which may as well be above the $20M threshold. An example may be Tradeshift, as the company has raised strategic investments from Santander and Wipro. Another example is Relex, which raised an undisclosed amount from PE Summit Investors in September 2017.

- it’s important to differentiate between companies looking to agresively grow and scale in the next to 3-5 years (presumably unicorns wannabes) and the ones already established, which will likely already be in the timeline of a public liquidity event very soon. In the latter category we have Uniti with a private equity round of $400M from Silver Lake, which usually makes private equity investments in large cap technology companies right before an IPO. Other examples: Snow Software, iZettle or Norsk Titanium.

- there's also a few companies which received funding from strategic investors - these types of deals usually are signals for a majority or 100% pre-acquisition process. Examples are Mathem (Clas Ohlson), Bima (Allianz), Ganni (from a PE house specialized in consumer brands and consumer packaged goods), Oncoinvent (a group of industrial investors from Norway)

- there is a number of bold bets made by venture capital firms in companies with an accentuated growth trajectory - Automile, Yubico, Natural Cycles, Min Doktor, Soundtrack Your Brand, Acast

- also, worth mentioning some of the local VCs making those bets - Bonnier Ventures, EQT Ventures, Inbox Capital, Creandum, Industrifonden and Northzone. Each of them was involved in at least two rounds and one may say that those are the big boys from the Nordics when it comes to consider venture capital for growth purposes in the region.

- finally, the list also contains two investment firms from outside the Nordics which also placed money in at least two rounds in Nordic companies in 2017 - Dawn Capital and Insight Venture Partners.

Uniti Technologies (DK) - $400M
Snow Software (SWE) - 120M
iZettle (SWE) - $47M
Automile (SWE) - $34M
Yubico (SWE) - $30M
Natural Cycles (SWE) - $30M
Bima (SWE) - $30M
Maria DB (FI) - $27M
Mathem (SWE) - $26M
Min Doktor (SWE) - $25M
Recorded Future (SWE) - $25M
Oncoinvent (NO) - $25M
Evondos (FI) - $23.6M
Kry (SWE) - $22.6M
Hydroline (FI) - $22.4M
Soundtrack Your Brand (SWE) - $22M
Sol Voltaics (SWE) - $21.3M
Vertaaensin (FI) - $21.3M
Klarna (SWE) - $20.2M
Acast (SWE) - $19.5M

As 13 from 20 are Swedish, we also made a list which excluded the Swedes.

Uniti Technologies (DK)
Maria DB (FI)
Oncoinvent (NO)
Evondos (FI)
Hydroline (FI)
Kolonial (NO) - $18M
MaaS Global (FI) - $16.9M
Blueprint Genetics (FI) - $16M
Happy or Not (FI) - $14.5M
Canatu (FI) - $14.3M

Additional note: we only considered the equity investment deals from the Nordic companies which were publicly announced in 2017. The data is available here.

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