Insights

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

This is a dealflow summary for the Nordic private companies we tracked for the month of September.

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

Essential data-based reports

👏 The hottest 35 startups in the Nordics right now. 35 companies raised almost 60% of all the money invested in the Nordics in the first 8 months of 2020. We produced a report profiling those startups - what they do, who invested and how much. link

👏 Early stage marketplace startups from the Nordics you should look at. Digital markeplaces are not easy businesses to create - you need a clear niche and build demand and supply at the same time. We screened through almost 200 Nordic transactions made in 2019-2020 in marketplace operators and analysed 15 most interesting of them. link

👏 Nordic startups which were part of Y Combinator. If you build a startup with international ambitions, we encourage you to apply to Y Combinator, it has the fame of providing a fair chance for everybody. Talk to them beforehand - we created a report about Nordic founders who were already part of the program. link

👏 A list of active Norwegian angel investors you should know about. We took a deep dive into the angel investors ecosystem from Norway and produced a list of 20 names that we think any startup founder should know. link.

Btw, the one with Swedish angels is here, in case you missed it.

Also ICYMI:

👏 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

-

Have you checked the the report library yet? Our customers love it - the content is unique, well researched and super useful. Do yourself a favor and learn more about the Nordic investment ecosystem!

The reports (there's more than 30 now) are available for a flat fee of only 49 euro a month. Important - the same money gives you full data access to investors and startups databases and 15 years of investment deals.

Simply select a package that suits your time needs from here, it's quick and easy.

Would you like to read a few reports for free first? We're with you - start from here (you will need an account though).

Now, let's look at the September data.

Total investment transactions in September

91 deals | $1.76bn value | 20 with undisclosed data - higher than last year!

vs.

69 deals | $587.07M value | 15 with undisclosed data [August 2020]
51 deals | $406.76M value | 10 with undisclosed data [July 2020]
106 deals | $338.19M value | 25 with undisclosed data [June 2020]
86 deals | $403.28M value | 18 with undisclosed data [May 2020]
104 deals | $287.08M value | 20 with undisclosed data [April 2020]

vs.

87 deals | $316.53M value | 30 with undisclosed data [September 2019]

> See all the investment deals for September

 

Top 5 largest investment transactions

  • Klarna (Financial Services, Payment processing) - $650M
  • Northvolt (Energy, Manufacturing) - $600M
  • Iceye (Hardware, Manufacturing, Software Services) - $87M
  • Galecto Biotech (Biotech, Health services) - $64M
  • LogPoint (Security, Software Services) - $30M

> See the entire list


Investment distribution per country

  • Sweden - 36 deals
  • Norway - 20 deals
  • Finland - 18 deals
  • Denmark - 14 deals
  • Iceland - 3 deals

> See the entire macro summary


Investment distribution number

  • < $0.5M - 8 transactions (8.8%)
  • $0.5M - 1M - 7 transactions (7.7%)
  • $1M - 5M - 32 transactions (35.2%)
  • $5M - 10M - 10 transactions (11%)
  • $10M - 20M - 4 transaction (4.4%)
  • $20M - 50M - 6 transactions (6.6%)
  • $50M+ - 4 transactions (4.4%)
  • n/a - 20 transactions (22%)
  • TOTAL - 91 transactions

> See more details


Investment distribution value

  • < $0.5M - 2.36M investment value (.1%)
  • $0.5M - 1M - 4.7M investment value (.3%)
  • $1M - 5M - 73.8M investment value (4.2%)
  • $5M - 10M - 69.8M investment value (4%)
  • $10M - 20M - 55M investment value (3.1%)
  • $20M - 50M - 156.1M investment value (8.9%)
  • $50M+ - 1.bn investment value (79.5%)
  • n/a - N/A
  • TOTAL - $1.76bn investment value

> See more details


Top 5 Nordic cities by the number of investment transactions

  • Stockholm : 26 deals - Manufacturing (9), Software Services (7), Health services (5)
  • Oslo : 13 deals - Competitive Intelligence (4), Software Services (3), Manufacturing (3)
  • Copenhagen : 11 deals - Software Services (6), Manufacturing (3), Biotech (2)
  • Helsinki : 9 deals - Software Services (3), Big Data (2), Food Industry (2)
  • Gothenburg : 6 deals - Software Services (2), Mobile (2), Energy (2)

> See the entire list


Top 5 active verticals by the number of transactions

  • Software Services : 34 deals - $208.38M value
  • Manufacturing : 23 deals - $764.09M value
  • Health services : 17 deals - $141.53M value
  • Mobile : 10 deals - $45.34M value
  • Food Industry : 9 deals - $43.90M value

> See the entire list and the industry breakdown


Active investors (min 2 transactions)

  • Vækstfonden - 5 deals
  • Almi Invest - 5 deals
  • Northzone - 3 deals
  • Heartcore - 3 deals
  • Icebreaker - 3 deals
  • Maki VC - 3 deals
  • Tesi - 2 deals
  • Eir Ventures - 2 deals
  • Mærsk Growth - 2 deals
  • Supercell Ventures - 2 deals
  • Creandum - 2 deals
  • Vendep Capital - 2 deals
  • Lars Thunell - 2 deals
  • Innovestor Ventures - 2 deals

Number of active investors during the month: 142

> See all the active investors for the month September


Angel investors (min 2 transactions)

  • Lars Thunell - 2 deals

Number of active investors during the month: 40

> See all the active angel investors for the month September


VC investors (min 2 transactions)

  • Vækstfonden - 5 deals
  • Northzone - 3 deals
  • Heartcore - 3 deals
  • Icebreaker - 3 deals
  • Maki VC - 3 deals
  • Tesi - 2 deals
  • Eir Ventures - 2 deals
  • Creandum - 2 deals
  • Vendep Capital - 2 deals
  • Innovestor Ventures - 2 deals

Number of active investors during the month: 44

> See all the active VC investors for the month September


Non-Nordic investors

  • Bridford Investments Limited - 2 deals
  • BlackRock - 1 deal
  • Silver Lake - 1 deal
  • HMI Capital - 1 deal
  • GIC - 1 deal

Number of active investors during the month: 64

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


Interesting deals from September

 satellites data developer | $87 million
 producer of alternative food products | €18.5 million
 SAAS developer of digital health clinics | $11.2 million
 electric boat manufacturer | $9.1 million
 manufacturer of soundspeakers | $8.4 million
vertical farming | $5.4 million
 wireless microphones manufacturer | $2.7 million
 3D analytics software solution for the healthcare industry | €1.7 million
 SAAS for for product onboarding | $1.3 million
 producer of natural chewing gums | €1 million

-

 Superhero Capital announced the first close of its second fund at €30M.
 Klarna and Northvolt
 Actimo was acquired by Kahoot
 10 Chambers adds strategic investment from Tencent
Cartana was acquired for $41.2 million.
 NFT Ventures buys Collector Ventures portfolio for SEK 330M.

 

Investor profile: Inventure

  • Partners founder/operator/investor ratio of 0.8
  • Young international team that makes a difference combined with the Finnish transparent and pragmatic way
  • They started to invest outside the Nordic region from their new fund raised in 2017
  • Inventure likes tech-applied alternative services in traditional industries

> Read the entire profile of Inventure.

> Read other profiles of Nordic investors.


Other observations

👉 The fastest growing startups from the Nordics that you should know of. link

👉 What are the most interesting very early stage health tech startups from the Nordics.

👉 And the most promising deals of the summer.

👉 Klarna launched in Spain, in a smart back-to-back with H&M. Here's why.

👉 Also Klarna, which has historically struggled to get US market share, included equity as an incentive in a distribution deal with Macy’s. They also hired as US strategist the wife of the former US ambassador to Sweden (who is Polish just like Klarna’s boss).

👉 A fun read about how Swedish kids doing tech startups were playing poker back in the day.

👉 Fwiw, Stockholm is not exactly a very social city and techie kids didn’t have too many options to have fun. Nowadays there’s some parties going on on regular basis and, as in any small city, if you go to a few you kinda meet everybody.

👉 In Sweden, there is a chain of un-manned grocery stores that’s being built up - they have 20 now. They say that profitability is achieved with one manager able to run a cluster of five stores.

👉 Also in Sweden, bike store operator called Stålhästen launched a bike as a service rental called Jonna. E-bike sub startups started popping up in Europe.

👉 Daniel Ek pledges $1Bn of his wealth to back deeptech startups from Europe.

👉 The Cheat Sheet coefficient is a simplistic way of assessing the experience as founders and operators for the partners in a venture firm. In case you missed it, just 8% of UK venture capital investors have experience working in a startup, vs. 60% in the USA.

👉 A Swedish serial entrepreneur is saying that there’s a lot of VC-backed Swedish startups that don’t create any real value. As expected, he got criticised by the local tabloid media afterwards.

👉 Bonnier AB moving to exitfrom the U.S. media market.

👉 Finland looks to work-based immigration for growth.

👉 Copenhagen wants to be the first carbon-neutral capital by 2025.

👉 Volvo wants to get half of its sales from online channels in 3-4 years.


More essentials


📢 Promo

We need your help in telling the story of European tech. Atomico, in partnership with Slush and Orrick, and with support from Silicon Valley Bank, is running the largest survey of European tech.

We want to hear from entrepreneurs, investors and people across Europe’s many start-up hubs. Results will be published on December 8th. Please click here to participate and have your say.

--

Don't get stuck on local basis, understand a bigger Euro context!

Join other European and American investors for getting the important updates about what is going on the European tech investment ecosystem. It's free.

 


This monthly digest was sent to select 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 investors and companies from the Nordics and pay as you go for a day, 3 months or a year, no strings attached. Do it now!

Share on FacebookShare on Twitter