Insights

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

This is a dealflow summary for the Nordic private companies we tracked for the month of May. During May we added a total of 226 deals and 6 reports in our databases.

This digest was sent by email to all Nordic 9 users. Not a user yet? Sign up here.

Introducing the Cheat Sheet reports

👏 We recently launched Cheat Sheet, a Nordic 9 library section with bespoke reports covering facts and analysis about the investment ecosystem. 

As the name indicates, Cheat Sheet reports are quick, condensed reads with essential stuff about specific investors, verticals or themes. We dig into data and information, clean them up, interpret and put together in a summary format, available online for your convenience.

🤓 Who is it for? We created the reports with both founders and investors in mind, as they're busy and most of the ecosystem information is rather generic, scattered and confusing. Think of a report as handy research helping with analysis about, for example, investors work or intel about specific topics.

📚 We already have 6 reports profiling some of the more proeminent investors from the Nordics and aim to have a library of 50 by the end of the year. The section is provided complimentary with the data access to all Nordic 9 customers and you can explore one report at will for free (you need an account though).

🔮 Cheat Sheet is part of our ongoing work development to expand Nordic 9 both at scope (i.e. other specific data-based products) and at scale (i.e. wider geo coverage*). We hope you find it useful and would appreciate very much any feedback you may have about it.

You can access the section here.

*N9 also covers dealflow, startups and investors from Spain since 2019.

Total investment transactions in May

64 deals | $380.77M value | 12 with undisclosed data

vs.

79 deals | $215.73M value | 11 with undisclosed data [April 2020]

62 deals | $302.53M value | 9 with undisclosed data [March 2020]

72 deals | $283.29M value | 9 with undisclosed data [February 2020]

75 deals | $615.00M value | 14 with undisclosed data [January 2020]

vs

90 deals | $11.14M value | 22 with undisclosed data [May 2019]

> See all the investment deals for May

The 5 largest investment transactions

  • Wolt (Food Industry, Marketplace, Mobile) - $108.18M
  • Doktor.se (Health services, Mobile) - $49.91M
  • Anyfin (Financial Services) - $29.82M
  • Podimo (Media, Podcasting) - $16.5M
  • CathVision (Health services, Manufacturing) - $14.24M

> See the entire list

Investment distribution per country

  • Sweden - 20 deals
  • Denmark - 16 deals
  • Norway - 13 deals
  • Finland - 13 deals
  • Iceland - 2 deals

> See the entire macro summary

Investment distribution number

  • < 0.5M - 7 transactions (11%)
  • 0.5M - 1M - 7 transactions (11%)
  • 1M - 5M - 20 transactions (31%)
  • 5M - 10M - 10 transactions (16%)
  • 10M - 20M - 5 transactions (8%)
  • 20M - 50M - 2 transactions (3%)
  • 50M+ - 1 transaction (2%)
  • n/a - 12 transactions (19%)
  • TOTAL - 64 transactions

> See more details

Investment distribution value

  • < 0.5M - 1.87M investment value (0.5%)
  • 0.5M - 1M - 5.52M investment value (1%)
  • 1M - 5M - 45.46M investment value (12%)
  • 5M - 10M - 71.95M investment value (19%)
  • 10M - 20M - 68.05M investment value (18%)
  • 20M - 50M - 79.73M investment value (21%)
  • 50M+ - 108.18M investment value (28%)
  • n/a - N/A
  • TOTAL - 380.77M investment value

> See more details

Top 5 Nordic cities by the number of investment transactions

  • Stockholm : 16 deals - Ecommerce (4), Mobile (3), Financial Services (3)
  • Copenhagen : 11 deals - Software Services (4), Health services (3), Competitive Intelligence (3)
  • Oslo : 8 deals - Software Services (3), Financial Services (2), Marketplace (2)
  • Helsinki : 8 deals - Software Services (4), Education (2)
  • Aarhus : 4 deals - Software Services (2)

> See the entire list

Top 5 active verticals by the number of transactions

  • Software Services : 24 deals - $44.10M value
  • Health services : 12 deals - $99.98M value
  • Financial Services : 9 deals - $61.59M value
  • Manufacturing : 8 deals - $38.33M value
  • Marketplace : 7 deals - $109.51M value

> See the entire list and the industry breakdown

Active investors (min 2 transactions)

  • Vækstfonden - 3 deals
  • Bonnier Ventures - 2 deals
  • Heartcore - 2 deals
  • Maki VC - 2 deals
  • Inventure - 2 deals
  • Investinor - 2 deals
  • Trond Riiber Knudsen - 2 deals
  • Sparkmind - 2 deals
  • Toke Kruse - 2 deals

Number of active investors during the month: 127

> See all the active investors for the month May

Angel investors (min 2 transactions)

  • Trond Riiber Knudsen - 2 deals
  • Toke Kruse - 2 deals

Number of active investors during the month: 49

> See all the active angel investors for the month May

VC investors (min 2 transactions)

  • Vækstfonden - 3 deals
  • Bonnier Ventures - 2 deals
  • Heartcore - 2 deals
  • Maki VC - 2 deals
  • Inventure - 2 deals
  • Investinor - 2 deals
  • Sparkmind - 2 deals

Number of active investors during the month: 36

> See all the active VC investors for the month May

Non-Nordic investors

  • Iconiq Capital - 1 deal
  • Accel - 1 deal
  • Global Founders Capital (GFC) - 1 deal
  • 83North - 1 deal
  • e.ventures - 1 deal

Number of active investors during the month: 35

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

Interesting deals from May

developer for digital meetings and collaboration | $7.6 million
platform tracking data logging for shipping containers | €4.5 million
workspace management platform | $4 million
developer automated and non-intrusive software simulations for org threats | $3.2 million
no code platform | €2 million
manufacturer of sea and ocean algae refined into bio-based raw material for hygiene and cleaning products | €2 million
mobile solution developer for recycle packaging | $1 million
coaching platform for gamers | €900k
mobile social network for couples | $160k

-

Scrive was acquired by Vitruvian Partners.
Trapets was acquired by Monterro.
Rovio acquired Darkfire Games.
Funrock merges operations with ECIT.
Max Matthiessen was acquired by Nordic Capital.

More money in the market

Bocap announced a €50 million first closing of a fresh new PE growth fund.
Verso Capital announced a €100 million fund for acquiring biz w/ €5-50 million in revenues.

Interesting startups

marketplace operating a database for voices
manufacturer of ski helmets made of plants (bioplastics and composites)
subscription based bike maintenance platform
  digital re-use platform for used building materials, fixtures and fittings and inventory for the construction industry

Other observations

Soundcloud founders, Eric Wahlforss and Alexander Ljung, are working on a new startup gig in the mobility space, backed by Blueyard. Still based in Germany (Berlin).
There are investors who find the insurance space exciting and full of opportunities.
Oslo is doing self-driving vehicle trials for its public transport service.
GP Bullhound published a Marketplaces Report looking at public and private market valuations across the transaction spectrum.
How FoodTech goes beyond convenience and is becoming more about climate, people and health.
Horse tech startups made in Sweden - Sweden has the highest number of horses per capita..
Finnish MOG went bankrupt. Investors include Heartcore, Index, Proxy Ventures and Initial Capital.
41% of startups have seen their runways decrease due to the pandemic. As a result, without new funding, one in two of all startups now has just 6 months to live.
Finland is officially in recession.
In Sweden, the projected number of companies that go bankrupt per day in May is 22, compared to the average of 20 bankruptcies per day in 2019.
Most streamed track of the day on Spotify by country

Investment notes

👏 Every week we produce a comprehensive digest about the European tech investment ecosystem. You can read and subscribe here. It's free.

 

This monthly digest was sent to more than 2000 investors and startup people interested in the ecosystem from the Nordics. You can sign up to get it via email here.

Please share it with people who may find it interesting - thanks!

Would you like to dig into more detailed data? Get instant access with one of the pre-paid options!

You can purchase access to a curated, clean database with 10k+ investors and companies from the Nordics valid for a day, 3 months or a year. Pay as you go, no strings attached. Do it now!

Share on FacebookShare on Twitter