Insights

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

This is a dealflow summary for the Nordic private companies we tracked for the month of June. During June we added a total of 272 deals and 7 reports in our databases.

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Essential data-based reports

👏 What were top 30 most active investors in the Nordics in the first half of 2020? We made a list with the most active investors in Nordic startups - venture investors, angels, family-offices, state-based agencies or outside-of-the-Nordics-investors. link

👏 What are the top investment deals in the Nordics for Q2? We had a look at the largest investment transactions we tracked for companies based in Sweden, Finland, Denmark, Norway and Iceland. link

👏 What kind of startups from Sweden attracted early stage funding in the first half of 2020? Software developers, marketplace operators and mobile apps are the early stage startups coming stronger from Sweden in the class of H1 2020. Traditional Nordic verticals such as health and financial services remain in the investors' top preferences. link

👏 50 early stage startups from the Nordics that raised money in 2020 and you should look at. We analysed 468 investments made in Denmark, Finland, Iceland, Norway and Sweden in the first part of 2020 and compiled a list of 50 that we think are intriguing and have a good potential to grow. link

👏 Who are the top founder-friendly investors from the Nordics? Techcrunch made a global list with what they consider to be founder-friendly investors from all over the world, based on who is perceived to be the more active and engaged investors in the VC industry today. We selected the names of the investors based in Scandinavia for your convenience. link

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You can access a total of 13 reports available in the Cheat Sheet Library for a flat fee of only 49 euro a month. The reports are provided complimentary with the data access - we add 5-10 reports and 200+ deals each month.

Now, let's dive into the June data.

Total investment transactions in June

82 deals | $301.70M value | 17 with undisclosed data

vs.

76 deals | $392.38M value | 16 with undisclosed data [May 2020]

89 deals | $251.3M value | 13 with undisclosed data [April 2020]

63 deals | $304.77M value | 9 with undisclosed data [March 2020]

75 deals | $283.29M value | 12 with undisclosed data [February 2020]

83 deals | $626.37M value | 16 with undisclosed data [January 2020]

vs

103 deals | $473.38M value | 21 with undisclosed data [June 2019]


> See all the investment deals for June

The 5 largest investment transactions

  • Mercell (Software Services) - $46.4M
  • Swappie (Ecommerce, Hardware, Marketplace) - $40.56M
  • Kahoot (Education, Gaming Industry, Mobile) - $28M
  • Acast (Media, Podcasting) - $26.67M
  • IQM Finland (Hardware, Manufacturing) - $16.88M

> See the entire list

Investment distribution per country

  • Sweden - 37 deals
  • Norway - 24 deals
  • Finland - 11 deals
  • Denmark - 10 deals

> See the entire macro summary

Investment distribution number

  • < 0.5M - 16 transactions (20%)
  • 0.5M - 1M - 14 transactions (17%)
  • 1M - 5M - 20 transactions (24%)
  • 5M - 10M - 10 transactions (12%)
  • 10M - 20M - 1 transaction (1%)
  • 20M - 50M - 4 transactions (5%)
  • n/a - 17 transactions (21%)
  • TOTAL - 82 transactions

> See more details

Investment distribution value

  • < 0.5M - 3.58M investment value (1%)
  • 0.5M - 1M - 9.6M investment value (3%)
  • 1M - 5M - 58.2M investment value (19%)
  • 5M - 10M - 71.8M investment value (24%)
  • 10M - 20M - 16.88M investment value (6%)
  • 20M - 50M - 141.63M investment value (47%)
  • 50M+ - 108.18M investment value (28%)
  • n/a - N/A
  • TOTAL - 301.7M investment value

> See more details

Top 5 Nordic cities by the number of investment transactions

  • Stockholm : 29 deals - Financial Services (8), Marketplace (7), Software Services (6)
  • Oslo : 20 deals - Software Services (12), Manufacturing (5), Competitive Intelligence (3)
  • Copenhagen : 8 deals - Manufacturing (2), Software Services (2)
  • Helsinki : 7 deals - Software Services (2)
  • Espoo : 3 deals - Manufacturing (2)

> See the entire list

Top 5 active verticals by the number of transactions

  • Software Services : 29 deals - $111.03M value
  • Manufacturing : 17 deals - $37.55M value
  • Mobile : 14 deals - $46.47M value
  • Financial Services : 14 deals - $25.81M value
  • Marketplace : 8 deals - $48.38M value

> See the entire list and the industry breakdown

Active investors (min 2 transactions)

  • Almi Invest - 7 deals
  • Swedbank Robur - 3 deals
  • Alfvén & Didrikson - 3 deals
  • Luminar Ventures - 3 deals
  • Vækstfonden - 3 deals
  • Inventure - 2 deals
  • Bonnier Ventures - 2 deals
  • Inbox Capital - 2 deals
  • Idekapital - 2 deals
  • Dealflow.no - 2 deals
  • LU Innovation - 2 deals
  • Mattias Weinhandl - 2 deals

Number of active investors during the month: 152

> See all the active investors for the month June

Angel investors (min 2 transactions)

  • Mattias Weinhandl - 2 deals

Number of active investors during the month: 69

> See all the active angel investors for the month June

VC investors (min 2 transactions)

  • Alfvén & Didrikson - 3 deals
  • Luminar Ventures - 3 deals
  • Vækstfonden - 3 deals
  • Inventure - 2 deals
  • Bonnier Ventures - 2 deals
  • Inbox Capital - 2 deals
  • Idekapital - 2 deals

Number of active investors during the month: 43

> See all the active VC investors for the month June

Non-Nordic investors

  • Antler - 3 deals
  • Techstars - 2 deals
  • EIC Accelerator - 1 deal
  • DN Capital - 1 deal
  • ETF Partners - 1 deal

Number of active investors during the month: 25

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


Interesting deals from June

 podcasting company | €50 million equity & debt

 refurbished electronics marketplace | $40 million

 manufacturer of hardware for universal quantum computers | €17.5 million

 SAAS of a documentation platform | NOK 60M

  manufacturer of electric water boards | $3.4 million

 automated and non-intrusive software simulations used by organisations for threat modelling and attack simulations | SEK 30M

 manufacturer of plant-based and eco-friendly alternatives to animal leather | DKK 8.2M

 a mobile solution for recycling packaging | SEK 9.5M

 AI-based software used for pre-feasibility analysis for solar projects

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Mapillary was acquired by Facebook.

Oumph! was acquired by US-based Livekindly.

Other observations

NA-KD is ranked 5th in the 50 cross-border e-commerce companies in Europe. The top 3 includes Zalando (Germany), Net-a-Porter (Italy) and Asos (UK). Other Scandi companies in the top: Nelly (#15), Heartland (#27), Bubbleroom (#31) and Stylepit (#41)

Angel investor Erik Byrenius (founded online food ordering company OnlinePizza, acquired by Delivery Hero in 2012) started Trellis Road w/ Anna Ottosson to invest in food-only startups.

Pale Blue Dot, based in Malmö, is a newly announced €53 million seed-stage venture company focusing on climate-tech companies from Europe.

Martin Witt has been appointed as Vice President and Head of Volvo Group Venture Capital, based in Göteborg. He comes after being an MD at Accenture for 3 years - Accenture has been very active in the Euro M&A market in the past couple of years.

Why micro-payments are not a solution in the media industry.

A good deconstruction of Supercell’s business growth approach, culture, game mechanics and future outlook - interesting if business strategy is your thing.

Why Spotify is an underestimated opportunity

A great presentation full of gems about what VC raising really means for founders made by Jyri Engeström

How The Local tweaked its way to 11,000 new paying members in 3 months.

Varjo started a project for astronaut training for spaceflight - from pre-launch to docking to landing – entirely in VR.

The Finnish government announced they will support the acquisition of a quantum computer with €20.7M.

Ikea in talks to return all government support money to the 9 countries it took it from

Norway ended virus tracing app over privacy concerns

Investment notes

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