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1
frontline.vc
Startups & Venture Capital in the Nordics
Big things from small places
A PAN EUROPEAN PERSPECTIVE BROUGHT T...
2
The Nordics
Denmark Finland IcelandNorwaySweden
9.6m 5.6m 5.4m 5.2m 330k
Stockholm 1.3m Copenhagen 1.2m Helsinki 1.1m Os...
The Nordics lead Europe in value creation
3
0
13
25
38
50
€21b
€37b
€40b
€42b
0
5
9
14
18
3
6
10
18
CUMULATIVE VALUE OF €1...
With less capital than European peers
4
0
225
450
675
900
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 ...
€1.3bn
€5.6bn
$1bn
$1.2bn
€2.4bn
€8.5bn
€5.6bn
€10.2bn
€2.3bn
€8.5bn
5
Global champions are born
€1.3bn
€5.6bn
€2.5bn
GP B...
6
Ecosystem
7
The Nordics have a diverse venture capital scene
0
250
500
750
1,000 Northzone
EQTVentures
Creandum 
Industrifonden
Almi...
8
Healthy funding options across the spectrum
Pre-Seed/ Seed Series A - B Late Stage
Note: approximation, many investors p...
9
Active late stage funders
0
2
4
6
8
Northzone
Creandum 
Sunstone
Index
FinishIndustry
Industrifonden
SEB
Dawn
Intel
Open...
10
And attract US investment
Mature ecosystem with many
successful exits behind it
11
Strengths
Startups target early global
expansion
Strong technical...
Stock option programmes
are taxed as income, at a rate
of up to 57%1
12
Challenges
In Sweden1,Tech.eu Interview with iZett...
13
Selection of Investors
14
Who to know
Shay Garvey
Will Prendergast
William McQuillan
Stephen McIntyre
Fredrik Cassel
Daniel Blomquist
Johan Brenn...
Series A and beyond investor with offices in Stockholm, London, Oslo, New York
Investor in Spotify, Trustpilot, Avito, Step...
Seed and Series A investor based in Stockholm and Palo Alto
Investor in Spotify, Vivino, Cint, iZettle, Videoplaza, Xeneta...
Seed and Series A investor based in Helsinki, Finland
Investor in mySQL, EyeEm, Citymapper, Transferwise, import.io, data ...
Seed & Series A investor based in Finland
Investor in applifier, callstat.io, supercell, wolf and NonstopGames
Health, game...
Early stage Life Sciences and Tech investor based in Copenhagen, Denmark
Investor in Prezi, Dubsmash, GetYourGuide, Natura...
20
Success stories
Four sectors where Nordic startups have succeeded
21
FinTech
• Global payments
• Invoicing & ERP
• Checkout, POS financing
...
22
FinTech
CEO & Co-Founder
Jacob de Geer
Formerly Ameibo, TradeDoubler
Stockholm School of Economics
Founder
Christian La...
23
Enterprise
CEO & Founder
Mikkel Svane
Formerly IT Consultant, CAPUT
Århus Købmandsskole & Sorbonne
$632m IPO
Linkedin I...
24
Gaming
CEO & Founder
Ilkka Paananen
Formerly Digital Chocolate, SUMEA
Korkeakoulu-Tekniska högskolan
CEO & Co-Founder
R...
25
Consumer
Jonas Nordlander
Founder & CEO
Formerly eBay Sweden, Tradera
Maastricht, Uppsala University
Trivago, auf leise...
26
Rising stars
Brand ambassador customer acquisition
Companies founded after 2014 that have raised over $3m, companies fo...
27
Exit values in the Nordics growing steadily for 15 years
Creandum Nordic Exit Analysis 2015
28
Conclusion
The Scandinavian ecosystem
is amongst the most mature
in Europe
29
Takeaways
Nordics exits have been
increasing over a lon...
30
www.frontline.vc
@Frontline
info@frontline.vc
www.northzone.com
@Northzone
info@northzone.com
31
Appendix
32
Source Links
Online Content
GP Bullhound 2015 Unicorn Report
GP Bullhound 2016 Unicorn Report
The Nordic Web
Northstack...
Slide 5 - Global Champions
Discretionary selection of successful companies founded, domiciled or with otherwise Nordic ori...
Breakdown by Country
34
0
50
100
150
200
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Sweden De...
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Startups and Venture Capital in the Nordics

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A Frontline x Northzone collaboration.

The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways

Published in: Technology

Startups and Venture Capital in the Nordics

  1. 1. 1 frontline.vc Startups & Venture Capital in the Nordics Big things from small places A PAN EUROPEAN PERSPECTIVE BROUGHT TO YOU BY: northzone.com
  2. 2. 2 The Nordics Denmark Finland IcelandNorwaySweden 9.6m 5.6m 5.4m 5.2m 330k Stockholm 1.3m Copenhagen 1.2m Helsinki 1.1m Oslo 950k Reykjavik 200k POPULATION LARGEST CITIES LANGUAGES Swedish Danish Finnish Norwegian Icelandic
  3. 3. The Nordics lead Europe in value creation 3 0 13 25 38 50 €21b €37b €40b €42b 0 5 9 14 18 3 6 10 18 CUMULATIVE VALUE OF €1bn+ STARTUPS # OF €1bn+ STARTUPS GP Bullhound 2016 Unicorn Report, (even more so per capita!)
  4. 4. With less capital than European peers 4 0 225 450 675 900 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Sweden Germany UK Nordics (Aggregate) Denmark Finland Norway Iceland The Nordic Web, Northstack, Gil Dibner Slideshare Presentations QUARTERLY FUNDING EX-MEGA (€100m) ROUNDS Quarterlyfundsraised($1m)
  5. 5. €1.3bn €5.6bn $1bn $1.2bn €2.4bn €8.5bn €5.6bn €10.2bn €2.3bn €8.5bn 5 Global champions are born €1.3bn €5.6bn €2.5bn GP Bullhound 2015 Unicorn Report, GP Bullhound 2016 Unicorn Report, Proprietary, Last valuation €1.1bn €600m $3bn $1b €500m $2.5bn $1b €600m
  6. 6. 6 Ecosystem
  7. 7. 7 The Nordics have a diverse venture capital scene 0 250 500 750 1,000 Northzone EQTVentures Creandum  Industrifonden Almi SeedCapital SEBVC Sunstone Montenero Inventure AllianceVenture OpenOcean ConorVenture Lifeline NorthCap Conor eEquity NSA Accelerace Frumtak 3040506070708090100100 120 185200 250 270 300 400 427 566 1,000 Northzone, Creandum, Industrifonden3, Monterro, Sunstone2, Seed Capital, Inventure, Conor, Open Ocean1, Nordic Venture Partners?, Northcap1, NSA2, Partner Invest Norr,Viking, Alliance Venture TotalFundsRaisedorSimilar(€1m) 1Latest Fund, 2Estimate, 3Evergreen. Norway Startup Scene Funds domiciled in the Nordics or primarily do business there
  8. 8. 8 Healthy funding options across the spectrum Pre-Seed/ Seed Series A - B Late Stage Note: approximation, many investors participate across different stages Vostok New Ventures, Kinnevik, EQT, eEquity, Neqst, Butterly, Spintop, The Nordic Web
  9. 9. 9 Active late stage funders 0 2 4 6 8 Northzone Creandum  Sunstone Index FinishIndustry Industrifonden SEB Dawn Intel OpenOcean DFJEsprit SeedCapital 3333333 44 6 88 # OF $10M+ FUNDING ROUNDS 2014-16 Nordic Web, January 1st 2014 - June 30th 2016 0 10 20 30 40 Sweden Finland Denmark Norway Iceland 35 13 16 34 $10M+ NORDIC FUNDING ROUNDS BY COUNTRY
  10. 10. 10 And attract US investment
  11. 11. Mature ecosystem with many successful exits behind it 11 Strengths Startups target early global expansion Strong technical design heritage and focus on R&D drives innovation Culture that values work life balance Successful exits breed serial entrepreneurs, and angels Flat organisational structure to drive positive outcomes The three secrets to building your startup the Swedish way
  12. 12. Stock option programmes are taxed as income, at a rate of up to 57%1 12 Challenges In Sweden1,Tech.eu Interview with iZettle2,Analysing Iceland’s Venture Capital Scene3.Iceland has a tech-sector strategy problem4 5 countries, languages, currencies and cultures Better opportunities abroad for some entrepreneurs4 Domestic market is relatively small Real estate is scarce, difficult to find homes for talent2 Icelandic capital controls and small exits to date3
  13. 13. 13 Selection of Investors
  14. 14. 14 Who to know Shay Garvey Will Prendergast William McQuillan Stephen McIntyre Fredrik Cassel Daniel Blomquist Johan Brenner Staffan Helgesson Hans Otterling Jessica Nilsson Pär-Jörgen Pärson Jeppe Zink Bjørn Stray Juha Lindfors Timo Ahopelto Petteri Koponen Patrik Backman Tom Henriksson Richard Muirhead Ralf Wahlsten Hjalmar Winbladh Kees Koolen Lars Jörnow Carsten Schou Ulla Brockenhuus-Schack Niels Vejrup Carlsen Ulf Rosén Lars Andersen Max Niederhofer Christian Lindegård Jepsen Jari Mieskonen Manu Mäkelä Jarkko Penttilä Chris Barchak creandum.com @creandum northzone.com @northzone lifellineventures.com @lifelineventures eqtventures.com @eqtventures opeanocean.vc @openoceanvc frontline.vc @frontline conor.vc @conorvc seedcapital.dk @seed_capital sunstone.eu @SunstoneVC
  15. 15. Series A and beyond investor with offices in Stockholm, London, Oslo, New York Investor in Spotify, Trustpilot, Avito, Stepstone, Tobii and iZettle Focus on consumer and software 15NZVIII NZVIII €300m NZVI €130 NZVII €250m FOUNDED 1996 OFFICES London, New York, Oslo & Stockholm FUNDS 8 RAISED €1b # OF INVESTMENTS 120+ EXITS 25+
  16. 16. Seed and Series A investor based in Stockholm and Palo Alto Investor in Spotify, Vivino, Cint, iZettle, Videoplaza, Xeneta and others Focus on consumer, software and hardware 16TechCrunch, AltAssets Creandum IV €180m Creandum II €80m Creandum III €135m FOUNDED 2003 OFFICES Stockholm, Berlin & Palo Alto FUNDS 4 RAISED €427m # OF INVESTMENTS 65+ EXITS 25+
  17. 17. Seed and Series A investor based in Helsinki, Finland Investor in mySQL, EyeEm, Citymapper, Transferwise, import.io, data loop and others Enterprise SaaS, market networks, cloud infrastructure, big data/ ml & mobile 17Open Ocean Closes New €100M Fund Fund 4 €100m Fund 3 €40m FOUNDED 2008 OFFICES Helsinki FUNDS 4 RAISED €140m # OF INVESTMENTS 28 EXITS 5+
  18. 18. Seed & Series A investor based in Finland Investor in applifier, callstat.io, supercell, wolf and NonstopGames Health, games, mobile and general high technology sectors 18 FOUNDED 2009 OFFICES Helsiniki FUNDS 3 RAISED €87m # OF INVESTMENTS 55 EXITS 5+ Fund 3 €57m Fund 2 €20m
  19. 19. Early stage Life Sciences and Tech investor based in Copenhagen, Denmark Investor in Prezi, Dubsmash, GetYourGuide, Natural Cycles, TravelPerk, Aire and others LPs include EIF, Industriens, ATP, Nordea Liv, Vaeksfonde and Dansk Vækstkapital Focus on software, mobile, internet and life sciences 19 FOUNDED 2007 OFFICES Denmark FUNDS 4 RAISED €189m # OF INVESTMENTS 50 EXITS 10+ Tech €100m Life Sciences €89m
  20. 20. 20 Success stories
  21. 21. Four sectors where Nordic startups have succeeded 21 FinTech • Global payments • Invoicing & ERP • Checkout, POS financing Gaming • Social and mobile gaming • Early adopters of new technology • Strong design heritage Consumer • Success requires early global expansion • Low touch scalable software • Global category leaders Enterprise • Software development tools • Customer support • Many of these companies relocate
  22. 22. 22 FinTech CEO & Co-Founder Jacob de Geer Formerly Ameibo, TradeDoubler Stockholm School of Economics Founder Christian Lanng Formerly Danish Ministry of Science Aalborg & Københavns Universitet Linkedin Information, Crunchbase Buy, pay and manage risk using Tradeshift next gen ERP
  23. 23. 23 Enterprise CEO & Founder Mikkel Svane Formerly IT Consultant, CAPUT Århus Købmandsskole & Sorbonne $632m IPO Linkedin Information, Crunchbase Customer experience, support, and relationship building platform Co-Founder & CTO Michael Widenius Formerly TCX Datakonsult, Tranor Teknillinen korkeakoulu-Tekniska Acquired for $1b The world’s most popular open source database
  24. 24. 24 Gaming CEO & Founder Ilkka Paananen Formerly Digital Chocolate, SUMEA Korkeakoulu-Tekniska högskolan CEO & Co-Founder Riccardo Zacconi Formerly uDate, BCG, Benchmark, Spray Network LinkedIn Information, Crunchbase, Apax Poised to Score 10,000% Gain on ‘Candy Crush’ IPO Game development studio
  25. 25. 25 Consumer Jonas Nordlander Founder & CEO Formerly eBay Sweden, Tradera Maastricht, Uppsala University Trivago, auf leisen Sohlen, LinkedIn Information, Crunchbase Acquired for $1.2b Russian Classifieds Daniel Ek Founder Formerly Tradera, Advertigo, μTorrent Royal Institute of Technology Discover new music
  26. 26. 26 Rising stars Brand ambassador customer acquisition Companies founded after 2014 that have raised over $3m, companies founded after 2013 that have raised over $5m, other notable Small business invoicing solution Fleet management Optimising waste collection Home Automation Games for brands Wine ratings and reviews Employee management software Crowdsourcing street view and photos Employee scheduling software Fertility tracking made easy Learning games Mobile app for anglers Wifi sharing communitySee a doctor online anytime Global sea freight market info
  27. 27. 27 Exit values in the Nordics growing steadily for 15 years Creandum Nordic Exit Analysis 2015
  28. 28. 28 Conclusion
  29. 29. The Scandinavian ecosystem is amongst the most mature in Europe 29 Takeaways Nordics exits have been increasing over a long period of time Success stories have been transcontinental, not just Pan-European Work life balance and flat corporate hierarchies are attractive for employees Produces much more value per capita than anywhere else in the EU International participation varies across countries The three secrets to building your startup the Swedish way
  30. 30. 30 www.frontline.vc @Frontline info@frontline.vc www.northzone.com @Northzone info@northzone.com
  31. 31. 31 Appendix
  32. 32. 32 Source Links Online Content GP Bullhound 2015 Unicorn Report GP Bullhound 2016 Unicorn Report The Nordic Web Northstack Gil Dibner Slideshare Presentations Norway Startup Scene Tech.eu Interview with iZettle Analysing Iceland’s Venture Capital Scene - The Nordic Web Creandum Nordic Exit Analysis 2015 Data Services: CBInsights Pitchbook Crunchbase LinkedIn
  33. 33. Slide 5 - Global Champions Discretionary selection of successful companies founded, domiciled or with otherwise Nordic origins Slide 7 - Diverse funding scene Funds in the Nordics or that primarily do business there Slide 8 - Spectrum Notable participants by stage, discretionary selection Slide 14 - Who to know Discretionary selection of investing partners in the Nordics When more than 5 partners at a firm, prioritised by longest tenure Slides 14-18 - Notable players Discretionary selection of well known investors Slides 21-25 - Successful startups Discretionary selection of successful startups Many startups have multiple co-founders that are not included here Slide 25 - Rising Stars Companies founded after 2014 that have raised over $3m Companies founded after 2013 that have raised over $5m Other notable 33 Methodology
  34. 34. Breakdown by Country 34 0 50 100 150 200 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Sweden Denmark Finland Norway Iceland QUARTERLY FUNDING EX-MEGA (€100m) ROUNDS Quarterlyfundsraised($1m) The Nordic Web, Northstack, Gil Dibner Slideshare Presentations

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