Intel updates - Nordic Intel

The as is 2021 situation

Nordic Intel 16 July 2021

This week in the Nordics:

- Swedish electric airplanes startup becomes a global business
- Danish startup marketplace raises $5M+ from 'strategic angel investors'
- Danish wine marketplace gets seeded
- Norwegian YC alumni raises funding from American investors



But first...

We wrapped up the numbers for the first part of the year, and it's no surprise that they are up and to the right, as investors did their jobs and put the money to work.

We have prepared a few cheat sheet materials to get you a good understanding of the Nordic market:
the need-to-know stuff
the largest deals ($50 million+)
- the most active investors (VCs, angels, international) in each of SwedenDenmarkNorway and Finland.

Please let us know if you have any questions or comments, of if you'd like to learn more details about any specific vertical.

Other than that, here's the highlights of what was announced this week in the Nordics.



Growth deals

🇩🇰 Lunar, a Danish neobank with BNPL ambitions and 325k Nordic customers, raised $249 million from KinnevikHeartland and China's Tencent.

🇸🇪 Heart Aerospace, manufacturer of electric aeroplanes, raised $35 million series A led by Breakthrough Energy VenturesUnited Airlines and Mesa AirGroup, with the latter two also committing to buy 200 aircrafts.

🇸🇪 Resolution Game, developer of VR gaming titles, raised $25 million from Qualcomm Ventures, BITKRAFT Ventures, GV, MizMaa, GP Bullhound, Partech, Creandum, Initial Capital, Bonnier Ventures and Sisu Game Ventures.

🇳🇴 Documaster, a developer of cloud services for Records Management, raised $15.3 million from new and existing investors, including Summa Equity.

Early stage deals

🇱🇻 Sonarworks, developer of sound calibration software for headphones producers and music studios, in a $6 million investment deal with Almaz CapitalKarma VenturesTrind VCNordic Secondary Deal etc. 

🇸🇪 Logical Clocks, developer of a centralized ML platform, raised $5.8 million in a round led by the Sweden's Industrifonden, joined by existing shareholders from Finland Inventure.

🇩🇰 Monta, building a charging points marketplace for EV owners, raised $5.2 million from 15 'strategic' angel investors, two months after closing its $4.7 million seed round.

🇸🇪 Beammwave, manufacturer of an inexpensive single chip RFIC for digital beamforming including front-end and antenna arrays, raised $4 million from local angel investors.

🇸🇪 Anyone, building a mobile app that's a marketplace for "5-minute advice", raised $3.6 million seed from investors led by Cavalry Ventures and joined by Supernode GlobalAntler and Atomico Angels Program.

🇩🇰 Kobaj, building a D2C marketplace connecting consumers with winemakers, raised $3.3 million from Heartcore and local angel investors.

🇪🇪 Eurora, developer of an e-commerce suite of customs compliance tools used by Chinese customers, raised $3 million from Change Ventures.

🇸🇪 ShardSecure, developer of cybersecurity products, raised $2.5 million from Epic Ventures, joined by Industrifonden and angel investor Tom Noonan.

🇳🇴 Rift Labs, producer of LED software and intelligent lighting control systems, raised $2.3 million from Karbon Invest and angels.

🇳🇴 Enode, an YC alumni and developer of an API solution for electric vehicles and other energy consumer products, raised $2.2 million from LowercarbonBoxGroupLiquid2Skyfall Ventures and angel investors from US.

🇸🇪 Econans, developer of digital financial forecast SAAS, raised $1.8 million from NJORD VenturesProvider CapitalAlmi Invest and angel investors.

🇸🇪 Petbuddy, operator of a subscription-based operation for producing and selling pet food, raised $1.4 million from local angels in order to finance an acquisition.

🇸🇪 Akind, ecommerce startup building a D2C operation selling jewelries, raised $600k from local angel investors.

🇩🇰 Re-zip, manufacturer of a returnable packaging system for e-commerce, raised $320k from Planetary Impact Ventures.

Please note that this is just a deal selection - the complete dealflow is available here.




Active this week

🇸🇪 Industrifonden
three announcements this week

🇺🇸 Lowercarbon Capital*
🇸🇪 Kinnevik 
🇩🇰 Planetary Impact Ventures
each w/ two deals in two weeks.

🇸🇪 Bonnier Ventures
🇳🇴 Karbon Invest
🇩🇰 Peter H. Mühlmann (founder at Trustpilot)
🇬🇧 Matt Miller (cofounder at usTwo, which developed the game Monument Valley)
🇺🇸 Scott Belsky (founder at Behance)

*Fun fact: Lowercarbon's Chris Sacca owns a restaurant and a few other businesses in Copenhagen.

🇳🇴 Permira bought from eBay for $2.25 billion a 10% stake in Adevinta, a spinoff from a Norwegian media group operating 40 digital worldwide marketplaces. 

🇸🇪 added Tencent in its captable in a $36 million deal supporting 2020 IPO ambitions.

🇸🇪 Creandum backed its EIR Caroline Ingeborn's new startup, as it led a $3.1 million seed round.

🇳🇴 Verdane invested $52 million in a bootstrapped German SAAS fintech developer with some 25 million users.

🇳🇴 Viking Ventures bought and merged two HR companies in a $19 million deal.

🇸🇪 Björn Lundén, a bootstrapped fintech SAAS developer, was acquired by the Dutch from Main Capital.

🇳🇴 Bring Ventures (Norway Post venture arm), Klarna deputy CEO Knut Frängsmyr and other investors backed a British online marketplace that sells over 36 million products from more than 7,000 retailers.

🇸🇪 Pale Blue Dot led a $1.5 million pre-seed round in a London-based developer of a SAAS that predicts climate change-related to extreme weather impacts on various assets.

🇫🇮 Invesdor, operator of a crowdfunding investment platform, merged with a German competitor, two years after a similar deal done with an Austrian one. Investors include SpeedinvestMaxfield VC and Henry & Malgorzata McGovern.



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Nordic Intel Nordic Intel

Nordic-focused curation of what's important in the region, with an emphasis on local and international investors activity, competitive analysis and early stage startups usually not covered by the mainstream media.

Published every Friday afternoon and emailed to the Nordic 9 customers - investors, founders and decision makers who have a keen interest in the Nordic region.