Insights

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

This is a dealflow summary for the Nordic private companies we tracked for the month of August. During August we added a total of 287 deals and 7 reports in our databases.

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Essential data-based reports

👏 A guide of the family offices from Sweden We screened through about 50 names and created a report about the background of the most visible family offices from Sweden, which are also active in the retail private market. link

👏 Raising series A and later in the Nordics - who are the growth investors from Sweden, Finland, Norway and Denmark. The Nordic market was quite active in terms of growth investments in the first part of 2020. We prepared a report profiling 20 growth investors from the Nordics - viable venture financiers suitable for companies looking to find growth capital within the Nordic ecosystem. link

👏 The fastest growing startups from the Nordics that you should know of. We screened through about 300 Nordic companies and came up with a report presenting 20 that show interesting growth numbers. Half of those startups grew in triple digits yoy from 2018 to 2019. link

👏 Startups doing alternative food in the Nordics - a list of the most promising 25 of them. The food sector is hot for investors these days. We had a close look at what we have in the Nordics and produced a report with a selection of the most interesting ones. link

👏 Interesting early stage deals made by non-Nordic investors in the first half of 2020. We think you can understand better a startup ecosystem by also looking at what kind of investments the non-Nordic investors made in the local companies. This report includes a list of 30 non-Nordic contributors to the local startup ecosystem. link

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Now, let's dive into the August data.

Total investment transactions in August

63 deals | $576.66M value | 14 with undisclosed data

vs.

50 deals | $406.76M value | 9 with undisclosed data [July 2020]

105 deals | $338.19M value | 24 with undisclosed data [June 2020]

82 deals | $401.67M value | 17 with undisclosed data [May 2020]

102 deals | $285.08M value | 19 with undisclosed data [April 2020]

64 deals | $305.53M value | 10 with undisclosed data [March 2020]

vs.

89 deals | $681.61M value | 36 with undisclosed data [August 2019]

> See all the investment deals for August

Top 5 largest investment transactions

  • HMD Global (Manufacturing, Telecom) - $230M
  • Varjo (Hardware, Manufacturing, Software Services, VR) - $54M
  • Supermetrics (Competitive Intelligence) - $47.20M
  • Cobalt (Security, Software Services) - $29M
  • Quuppa (Hardware, Manufacturing, Software Services) - $23.57M

> See the entire list

Investment distribution per country

  • Sweden - 20 deals
  • Norway - 17 deals
  • Denmark - 14 deals
  • Finland - 10 deals
  • Iceland - 2 deals

> See the entire macro summary

Investment distribution number

  • < $0.5M - 9 transactions (14%)
  • $0.5M - 1M - 4 transactions (6%)
  • $1M - 5M - 19 transactions (30%)
  • $5M - 10M - 6 transactions (10%)
  • $10M - 20M - 5 transaction (8%)
  • $20M - 50M - 4 transactions (6%)
  • $50M+ - 2 transactions (3%)
  • n/a - 14 transactions (23%)
  • TOTAL - 63 transactions

> See more details

Investment distribution value

  • < $0.5M - 2.41M investment value (.4%)
  • $0.5M - 1M - 2.69M investment value (.5%)
  • $1M - 5M - 49.86M investment value (9%)
  • $5M - 10M - 42.21M investment value (7%)
  • $10M - 20M - 73.21M investment value (13%)
  • $20M - 50M - 122.27M investment value (21%)
  • $50M+ - 284.00M investment value (49%)
  • n/a - N/A
  • TOTAL - $576.66M investment value

> See more details

Top 5 Nordic cities by the number of investment transactions

  • Stockholm : 14 deals - Software Services (7), Marketplace (3), Ecommerce (3)
  • Copenhagen : 10 deals - Education (3), Software Services (3), Marketplace (2)
  • Oslo : 9 deals - Software Services (4), Marketplace (3), Health services (3)
  • Helsinki : 5 deals - Manufacturing (3), Software Services (2), Hardware (2)
  • Espoo : 3 deals - Manufacturing (3)

> See the entire list

Top 5 active verticals by the number of transactions

  • Software Services : 26 deals - $171.02M value
  • Manufacturing : 16 deals - $372.32M value
  • Marketplace : 10 deals - $13.39M value
  • Health services : 9 deals - $56.04M value
  • Mobile : 8 deals - $29.85M value

> See the entire list and the industry breakdown

Active investors (min 2 transactions)

  • Investinor - 5 deals
  • Luminar Ventures - 3 deals
  • Vækstfonden - 3 deals
  • Jørgen Balle Olesen - 3 deals
  • Wellstreet - 2 deals
  • Almi Invest - 2 deals
  • Spintop Ventures - 2 deals
  • Heartcore - 2 deals
  • LMK Ventures - 2 deals

Number of active investors during the month: 104

> See all the active investors for the month August

Angel investors (min 2 transactions)

  • Jørgen Balle Olesen - 3 deals

Number of active investors during the month: 35

> See all the active angel investors for the month August

VC investors (min 2 transactions)

  • Investinor - 5 deals
  • Luminar Ventures - 3 deals
  • Vækstfonden - 3 deals
  • Wellstreet - 2 deals
  • Spintop Ventures - 2 deals
  • Heartcore - 2 deals
  • LMK Ventures - 2 deals

Number of active investors during the month: 42

> See all the active VC investors for the month August

Non-Nordic investors

  • Antler - 3 deals
  • Highland Europe - 2 deals
  • Qualcomm Ventures - 1 deal
  • Google - 1 deal
  • Atomico - 1 deal

Number of active investors during the month: 43

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

Interesting deals from August


 esports platform | $12 million
 open banking platform | €3 million
 producer of an alternative single-cell protein | €18.5 million
 SAAS developer for analytics | $3 million
 robotics manufacturer | NOK 100M
  manufacturer and DTC for equestrian sports | SEK 50M
 telemedicine provider | NOK 50M
 VR interactive laboratory simulations for educating STEM students | $9M
 on-demand fitness training sessions via video | NOK 4M
 DTC jewellery store | €1.7M

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 Sponsor Capital announced Sponsor Fund V Ky, closed at EUR 202 million.
 Superhero Capital announced the first close of its second fund at €30M.
 TrademarkNow was acquired by US-based Corsearch.
Activate (formerly Bloglovin) was acquired by Impact.

 

Investor profile: byFounders

  • Partners founder/operator/investor ratio of 1.5 (very high!)
  • a good part of their portfolio companies went through good American accelerators
  • they have a unique approach which is their competitive advantage compared to other local VCs
  • how they came out with a little controversy in September 2017

> Read the entire profile of byFounders.

> Read other profiles of Nordic investors.

Other observations

A detailed breakdown of the types of startups from Sweden which raised rounds less than $1 million in the first part of 2020.

And one for the Norwegian ones too.

Klarna wannabes startups - there’s a little Danish startup based in Spain (Alicante) which wants to compete with Klarna by charging half of their commissions.

The pet vertical was quite hot a couple of years ago in Europe - both DTC commerce and veterinary tele-health. Doesn’t seem too hot now that EQT is dumping its position in Musti Ja Mirri after holding on to it for 6 years.

Looks like one of Karma’s founders and acting CTO is looking for new assignments (translation: he was let go). Karma, which operates a food waste marketplace for restaurants and grocery stores, raised $12M exactly 2 years ago and last year made a bit more than $1M in sales. The corona thingie surely didn’t help them improve their financials.

A Norwegian startup is building a DTC selling clothing for tall people.

And a Swedish one is doing a DTC for shaving razors and beauty products for women.

And more - Soundbok, which is an YC alumni, raised growth money from Jägermeister and Heartcore.

Spotify is developing a ‘virtual events’ feature. Interesting to follow up on this also because Facebook was complaining about Apple’s 30% cut on their virtual events the other week.

Norwegian had first-half 2020 losses of $610 million.

More essentials

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