Insights

What you need to know about the Nordic investment market in April 2020.

This is a dealflow summary for the Nordic private companies we tracked for the month of April. During April we added a total of 250 deals in our databases.

This digest was also sent by email to all Nordic 9 users. You can sign up for it here.

Total investment transactions

68 deals | $202.93M value | 11 with undisclosed data

vs.

55 deals | $300.42M value | 9 with undisclosed data [March 2020]

65 deals | $272.72M value | 5 with undisclosed data [February 2020]

 

67 deals | $610.66M value | 12 with undisclosed data [January 2020]

vs.

83 deals | $266.16M value | 17 with undisclosed data [April 2019]

> See all the investment deals for April

Top 5 largest investment transactions

  • Templafy (Software Services) - $25M
  •  LunarWay (Financial Services, Mobile) - $21.59M
  •  Lendify (Financial Services, Marketplace) - $14.93M
  •  Trialbee (Health services, Pharma) - $11.93M
  •  Budbee (Logistics, Marketplace, Transportation) - $10.62M

> See the entire list

How the investment deals were distributed by each country

  •  Sweden - 26 deals
  •  Finland - 21 deals
  •  Denmark - 9 deals
  •  Norway - 8 deals
  •  Iceland - 4 deals

> See the entire macro summary

The investment distribution number

  • < 0.5M - 14 transactions (20.6%)
  • 0.5M - 1M - 6 transactions (8.8%)
  • 1M - 5M - 25 transactions (36.8%)
  • 5M - 10M - 6 transactions (8.8%)
  • 10M - 20M - 4 transactions (5.9%)
  • 20M - 50M - 2 transactions (2.9%)
  • n/a - 11 transactions (16.2%)
  • TOTAL - 68 transactions

> See more details

The investment distribution value

  • < 0.5M - 5.01M investment value (2.5%)
  • 0.5M - 1M - 3.59M investment value (1.8%)
  • 1M - 5M - 60.31M investment value (29.7%)
  • 5M - 10M - 39.93M investment value (19.7%)
  • 10M - 20M - 47.48M investment value (24.3%)
  • 20M - 50M - 46.59M investment value (23%)
  • TOTAL - $202.93M investment value

> See more details

Top 5 Nordic cities by the number of investment transactions

  •  Stockholm : 15 deals - Software Services (5), Health services (4), Mobile (3)
  •  Helsinki : 9 deals - Software Services (6), Food Industry (2)
  •  Copenhagen : 6 deals - Software Services (5), Big Data (2), Competitive Intelligence (2)
  •  Oslo : 5 deals - Software Services (3), Marketplace (2), Ecommerce (2)
  •  Gothenburg : 4 deals - Software Services (2)

> See the entire list

Top 5 active verticals by the number of transactions

  • Software Services : 28 deals - $56.72M value
  • Manufacturing : 17 deals - $24.79M value
  • Health services : 13 deals - $35.30M value
  • Mobile : 8 deals - $46.23M value
  • Ecommerce : 8 deals - $17.26M value

> See the entire list and the industry breakdown

Active investors (min 2 transactions)

  •  Almi Invest - 5 deals
  •  Maki VC - 4 deals
  •  PreSEED Ventures - 3 deals
  •  Seed Capital - 2 deals
  •  Creandum - 2 deals
  •  David Helgason - 2 deals
  •  Inbox Capital - 2 deals
  •  Ali Omar - 2 deals
  •  Industrifonden - 2 deals
  •  Schibsted Growth - 2 deals
  •  Sisu Game Ventures - 2 deals
  •  Norrsken Foundation - 2 deals
  •  Vækstfonden - 2 deals
  •  Henrik Lie-Nielsen - 2 deals

Number of active investors during the month: 125

> See all the active investors for the month April

Angel investors (min 2 transactions)

  •  David Helgason - 2 deals
  •  Ali Omar - 2 deals
  •  Henrik Lie-Nielsen - 2 deals

Number of active investors during the month: 49

> See all the active angel investors for the month April

VC investors (min 2 transactions)

  •  Maki VC - 4 deals
  •  PreSEED Ventures - 3 deals
  •  Seed Capital - 2 deals
  • Creandum - 2 deals
  •  Inbox Capital - 2 deals
  •  Industrifonden - 2 deals
  •  Schibsted Growth - 2 deals
  •  Sisu Game Ventures - 2 deals
  •  Norrsken Foundation - 2 deals
  •  Vækstfonden - 2 deals

Number of active investors during the month: 40

> See all the active VC investors for the month April

Non-Nordic investors

  • Insight Venture Partners - 1 deal
  • Dawn Capital - 1 deal
  • Socii Capital - 1 deal
  • Greyhound Capital - 1 deal
  • MTIP - MedTech Innovation Partners - 1 deal

Number of active investors during the month: 31

> See all the non-Nordic investors for the month April

Interesting deals from April

 digital marketplace for therapeuts | $8.4 million
 gaming company | $4.7 million
 secondary market operator for private, pre-IPO companies | £3 million
developer of a software platform featuring environmental data | €2.3 million
 wearable for sports analytics | $1.4 million
subscription-based operation for pet food delivery | €500k
no-code platform developers>
 
food products based on insects
 tech developer for precision agriculture

More money in the market

 Icebreaker announced Icebreaker Fund II at €50 million.
 Nordic FoodTech VC announced closing €24.5 million for investing in food companies.
 Antler will start getting startups to the their incubator program from Norway, in addition to career people looking to start a company.

The big picture

Other observations

  In a survey made with 205 angel investors from Sweden, 24% said they’d continue to invest in startups just as before. The rest of 76% either stopped or they’re being more cautious.
  Bad investment business made by the Swedes:
- raised $12M in 2018
- divested part of the company for $4.4M in 2019
- sold the rest for less than $6M in 2020.
  Slush cancelled their November event from Helsinki. It was probably the best opportunity to take the pulse of what is happening in the Nordics. Pivoting is not going to be easy but the event has a strong local community around it.
 Reasons for optimism
 Situation room by byFounders
 Norwegian’s only real option is to try to come back as a humble regional rival to Swedish and Danish-owned carrier SAS.
 You can purchase a village in Sweden for just $7 million.

Investment notes

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