Tracxn - Geo Monthly - Nordics Tech - Jan 2022

TRACXN MONTHLY REPORT
JANUARY 2022
NORDICS TECH

Nordics Tech - January 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
2
Nordics Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 9
Top Funded Business Models - last 1 year 11
New Analyst Picks 12
IPOs 15
Acquisitions 16
Recent News 17

Nordics Tech Snapshot – January 2022
Nordics Tech: Snapshot – January 2022
Note : "Investors" refers to "Institutional Investors" only
3
$241M
14 1
Overall Geo Stats
20
9
54
29
33
Funding Rounds $ Invested Analyst Picks
Blue Ocean
Robotics Upgraded
to SOONICORN
New Investors
Avalanche
Hikma
Series A+ rounds Active Investors IPOs
Orexplore
Acquisitions
WS Audiology
Moblrn
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Stockholm
(8 Rounds, $72.1M)
Copenhagen
(4 Rounds, $44.3M)
Helsinki
(3 Rounds, $6.8M)
Oslo
(3 Rounds, $6.7M)
$51M - Series B
Blue Ocean Robotics (2013, Odense,
$80.4M)
$25M - Series C
CellPoint Digital (2007, London, $56M)
$20M - Series A
Cytovation (2001, Bergen, $23.6M)
$19M - Series B
Doconomy (2018, Stockholm, $36M)
Y Combinator
(3 Investments)
Verdane
(2 Investments)
European Union
(1 Investments)
Invesdor
(1 Investments)
Professional Service Robots
Blue Ocean Robotics
Hospital Equipment
Air Pollution Management Tech
Doconomy
Payments
CellPoint Digital
Market Size
Companies Covered 17,460
Funded Companies 5,839
Total Funding $50.7B
Funding in last 12 months $14.2B
Top Exits
IPOs 298
Acquisitions 1,270
Company Stage
Unicorns 13
Soonicorns 89
Minicorns 481
Editor Picks 2,060
Series A+ 1,285
Series C+ 246
Acqui-Hires 5
Deadpooled 1,030
Top Cities
Copenhagen (1,341 Rounds, $12.9B)
Stockholm (1,231 Rounds, $17.7B)
Top Investors
Almi Invest (302 Investments)
Accelerace (166 Investments)

Investment Snapshot
Investment Snapshot of Nordics Tech as of January 2022
Nordics Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (January 2022)*
Blue Ocean Robotics
(2013, Odense, $80.4M)
$51.0M - Series B A P Moller Holding
CellPoint Digital
(2007, London, $56.0M)
$25.0M - Series C Penta Capital
Cytovation
(2001, Bergen, $23.6M)
$20.0M - Series A Sandwater
Doconomy
(2018, Stockholm, $36.0M)
$19.0M - Series B CommerzVentures
GOALS
$16.7M - Series B
Shield
(2017, Soborg, $15.0M)
$15.0M - Series A Macquarie Group
MATE
(2016, Copenhagen, $26.4M)
$14.1M - Series B Nordic Eye
Alva Labs
$13.0M - Series A Vostok New Ventures
NuvoAir
$11.0M - Series A Hikma
ChromaWay
$10.0M - Series A True Global Ventures 4 Plus
Naava
(2011, Jyvaskyla, $11.3M)
$7.9M - Series A Nidoco
*Shows only the lead Investors

List of Funding Rounds (1/4)
List of Funding Rounds in Nordics Tech in January 2022
Nordics Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$25.0M - Series C
CellPoint Digital (2007, London, $56.0M)
Digital e-commerce & payment solution for the travel
industry
Penta Capital, Toscafund Asset Management
EARLY STAGE
$995.5K - Series B
Bright Star Studios (2019, Aarhus, $5.8M)
Video game publisher focusing on core games
EARLY STAGE
$3.1M - Series A
Singa (2013, Helsinki, $5.1M)
Online karaoke platform
Maki.vc, Tesi, Invesdor
EARLY STAGE
$7.9M - Series A
Naava (2011, Jyvaskyla, $11.3M)
Smart green walls for air purification
Nidoco, , Butterfly Ventures, Mika Ihamuotila, Mikael
Hed, and 4 more
EARLY STAGE
$10.0M - Series A
ChromaWay (2014, Stockholm, $10.1M)
Block chain-based real estate title registration based
on smart contracts
True Global Ventures 4 Plus
EARLY STAGE
$11.0M - Series A
NuvoAir (2015, Stockholm, $28.1M)
Provider of clinical decision support tools for
respiratory diseases
Hikma
EARLY STAGE
$13.0M - Series A
Alva Labs (2017, Stockholm, $14.2M)
AI-based psychometric assessment platform
Vostok New Ventures, Tomas Linden
EARLY STAGE
$14.1M - Series B
MATE (2016, Copenhagen, $26.4M)
Developer of electric-bicycles
Nordic Eye, Mirabaud AM, Marcy Venture Partners
EARLY STAGE
$15.0M - Series A
Shield (2017, Soborg, $15.0M)
AI based regulatory intelligence solutions for financial
institutions
Macquarie Group, OurCrowd, Mindset Ventures

6
EARLY STAGE
$16.7M - Series B
GOALS (2021, Stockholm, $16.7M)
Provider of play to earn foot game
EARLY STAGE
$19.0M - Series B
Doconomy (2018, Stockholm, $36.0M)
Digital bank for individuals
CommerzVentures, Citi Ventures, Mastercard, Bank of
Åland, Ingka
EARLY STAGE
$20.0M - Series A
Cytovation (2001, Bergen, $23.6M)
Developerof peptide therapeutics to treat cutaneous
warts caused by HPV
Sandwater, Canica
EARLY STAGE
$51.0M - Series B
Blue Ocean Robotics (2013, Odense, $80.4M)
Manufacturer of market-ready robots for multiple
industries
A P Moller Holding
EARLY STAGE
Series A
Papirfly (2000, Sandnes)
Omnichannel marketing automation solutions
Verdane
SEED STAGE
$125.0K - Seed
Nudgelabs (2012, Stockholm, $125.0K)
Cloud-based platform for benefits administration
Y Combinator
SEED STAGE
$125.0K - Seed
Pluto (2021, Copenhagen, $125.0K)
Provider of a social trading platform for individual
investors
Y Combinator
SEED STAGE
$125.0K - Seed
Bemlo (2019, Stockholm, $125.0K)
Online job portal for healthcare professionals
Y Combinator
SEED STAGE
$592.5K - Seed
IRRIOT (2017, Djursholm, $592.5K)
Provider of IoT platform providing smart irrigation
solutions
LRF Ventures

7
SEED STAGE
$1.0M - Seed
Colzyx (2016, Lund, $1.0M)
Developer of wound care and antimicrobial products
European Union
SEED STAGE
$1.1M - Seed
Parqio (2020, Oslo, $1.1M)
Provider of cloud-based garage door access control
systems
Construct Venture, OBOS
SEED STAGE
$1.2M - Seed
laiout (2021, Oslo, $1.2M)
Provider of an AI-powered design tool for creating
floor plans
Axeleo
SEED STAGE
$1.2M - Seed
Kleoverse (2021, Helsinki, $1.2M)
Online platform offering data related to DAOs
Equilibrium, Byfounders, Sfermion, Ville Vesterinen
SEED STAGE
$1.9M - Seed
Spectaflow (2015, Reykjavik, $1.9M)
Provider of web-based housekeeping and maintenance
solutions for hotels
Frumtak Ventures
SEED STAGE
$2.0M - Seed
Taktikal (2017, Reykjavik, $2.0M)
API based digital signature and risk assessment
solutions for businesses
Brunnur Ventures
SEED STAGE
$2.1M - Seed
Imperium Empires (2021, , $2.1M)
Developer of real-time strategy game based on
blockchain technology
GBV Capital, Three Arrows Capital, Avataar.me,
Avalanche, Avalaunch
SEED STAGE
$2.1M - Seed
anch.AI (2018, Stockholm, $2.1M)
Artificial intelligence based platform offering GDPR
compliance solutions
Benhamou Global Ventures, , Kent Janer, Magnus
Rausing, Fredrik Andersson
SEED STAGE
$2.4M - Seed
Zcooly (2012, Gothenburg, $2.4M)
Educational apps for building skills for preschool and
primary school kids
Verdane, Aggregate Media, Almi

8
SEED STAGE
$2.5M - Seed
Rocky Road (2021, , $2.5M)
Developer of casual mobile games
Crowberry Capital, SISU
SEED STAGE
$2.5M - Seed
Social First (2021, Helsinki, $2.5M)
Developer of multiplayer cross-platform social games
Play Ventures
SEED STAGE
$3.3M - Seed
STILRIDE (2019, , $3.3M)
Manufacturer of electric-scooters
Gustaf Hagman, Saeid Esmaeilizadeh, Sam Bonnier,
Andreas Adler
SEED STAGE
$4.4M - Seed
Defigo (2014, Oslo, $4.4M)
Provider of an IoT-enabled access control system for
commercial buildings
Idekapital, Nunchi,
SEED STAGE
$5.1M - Seed
ComplyCloud (2017, Copenhagen, $5.1M)
Cloud based data privacy management software
Seed Capital
SEED STAGE
Seed
Ascilion (2012, Kista)
Developer of needles for drug delivery and fluid
extraction
Nordstjernan

New Investors (1/2)
List of New Investors in Nordics Tech in January 2022
Nordics Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
Avalanche
5 portfolio companies | Smart contracts platform for decentralized applications
development
Imperium Empires
Developer of real-time strategy game based on blockchain technology
$2.10M Seed
Hikma
2 portfolio companies | Traditional company manufacturing generics and
licensed pharmaceutical products
NuvoAir
Provider of clinical decision support tools for respiratory diseases
$11.00M Series A
Mindset Ventures
57 portfolio companies | Seed-stage tech and offline focused VC firm funding
companies in the US and Israel
Shield
AI based regulatory intelligence solutions for financial institutions
$15.00M Series A
Three Arrows Capital
26 portfolio companies | Funds based investment management firm
Imperium Empires
$2.10M Seed
Avalaunch
2 portfolio companies | Decentralized fundraising platform for crypto & stable
coins
Imperium Empires
$2.10M Seed
Benhamou Global Ventures
76 portfolio companies | VC firm investing in early stage tech companies in the
US
anch.AI
Artificial intelligence based platform offering GDPR compliance
solutions
$2.10M Seed
Macquarie Group
81 portfolio companies | Global investment bank
Shield
AI based regulatory intelligence solutions for financial institutions
$15.00M Series A
op-f.org
1 portfolio companies | Home Page - OP&F
Defigo
Provider of an IoT-enabled access control system for commercial
buildings
$4.40M Seed
Axeleo
41 portfolio companies | Startup accelerator
laiout
Provider of an AI-powered design tool for creating floor plans
$1.20M Seed
terraininvest.vdtrxn
1 portfolio companies |
anch.AI
Artificial intelligence based platform offering GDPR compliance
solutions
$2.10M Seed

New Investors (2/2)
List of New Investors in Nordics Tech in January 2022
Nordics Tech: List of New Investors
10
Investor Company Info Round Amount Round Name
Equilibrium
7 portfolio companies | Infrastructure fund focused on water, waste, and energy
sectors
Kleoverse
$1.20M Seed
LRF Ventures
2 portfolio companies | Venture capital fund focused on agriculture and forestry
startups
IRRIOT
Provider of IoT platform providing smart irrigation solutions
$593K Seed
Avataar.me
1 portfolio companies | Provider of 3D-based AR/VR platform for personalized
product visualization
Imperium Empires
$2.10M Seed
True Global Ventures 4 Plus
10 portfolio companies | Global venture capital fund investing in tech startups
ChromaWay
Block chain-based real estate title registration based on smart contracts
$10.00M Series A
Sfermion
23 portfolio companies | Venture capital firm focused on non-fungible tokens
and associated assets
Kleoverse
$1.20M Seed
Nunchi
1 portfolio companies | Venture capital fund focused on tech companies
Defigo
Provider of an IoT-enabled access control system for commercial
buildings
$4.40M Seed
Sandwater
2 portfolio companies | Venture capital fund focused on energy, healthcare, and
multiple sectors
Cytovation
Developerof peptide therapeutics to treat cutaneous warts caused by
HPV
$20.00M Series A
Penta Capital
4 portfolio companies | Acquisitions focused private equity firm
CellPoint Digital
Digital e-commerce & payment solution for the travel industry
$25.00M Series C
Mirabaud AM
6 portfolio companies | Diversified investment management firm
MATE
Developer of electric-bicycles
$14.10M Series B
OBOS
1 portfolio companies | Provider of commercial building maintenance services
Parqio
Provider of cloud-based garage door access control systems
$1.11M Seed

Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
11
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲3 Lithium Ion Batteries $2.8B 1 Northvolt | $2.8B | Unattributed
2 <> 0 Internet First Point of Sale Financing $1.7B 4 Klarna | $1.0B | Series H
3 <> 0 Retail Stores Shopper Financing Platforms $1.7B 4 Klarna | $1.0B | Series H
4 -- Electric Car Manufacturers $550M 1 Polestar | $550M | Unattributed
5 ▲163 Music Licensing Marketplace $467M 2 Epidemic Sound | $450M | Series D
6 ▲15 Web Based Platform for Doctor Consultation $419M 5 KRY | $317M | Series D
7 -- B2B E-Commerce Software Suite $400M 2 Tradeshift | $200M | Series F
8 -- Accounts Payable and Receivable Management $400M 2 Tradeshift | $200M | Series F
9 -- Supply Chain Financing $400M 2 Tradeshift | $200M | Series F
10 -- Corporate Travel Expense Management $355M 3 Pleo | $200M | Series C

New Analyst Picks (1/3)
Interesting Companies identified by Analysts in Nordics Tech in January 2022
Nordics Tech: Analyst Picks
12
Upgraded to SOONICORN
Blue Ocean Robotics (2013, Odense, $17.2M,
Series A)
Manufacturer of market-ready robots for multiple
industries
A P Moller Holding, Nordic Eye, Niels Thorborg. and 1
other Investors
Upgraded to SOONICORN
CellPoint Digital (2007, London, $13.9M, Series B)
Digital e-commerce & payment solution for the travel
industry
Penta Capital,Toscafund Asset Managementand
Upgraded to MINICORN
Shield (2017, Soborg, $15.0M, Series A)
AI based regulatory intelligence solutions for financial
institutions
Macquarie Group, OurCrowd, Mindset Ventures and 1
other Investors
ComplyCloud (2017, Copenhagen, $5.1M, Seed)
Cloud based data privacy management software
Seed Capitaland
Parqio (2020, Oslo, $1.1M, Seed)
Provider of cloud-based garage door access control
systems
Construct Venture,OBOS,MTI Startupand
Added to Editor's Pick
Nemlig (2010, Copenhagen, $4.1M, Angel)
Online grocery retailer in Denmark
Anders Holch Povlsenand
Brain+ (2012, Copenhagen, Undisclosed, Seed)
Provider of a digital therapeutic software for rehab
patients
Accelerace,Seed Capital,North-East Ventureand
Plick (2013, Uppsala, Undisclosed, Seed)
Mobile based second hand fashion marketplace
Schibsted Media Group,Aggregate Mediaand
Singa (2013, Helsinki, $2.0M, Seed)
Online karaoke platform
Maki.vc, Tesi, Invesdor and 9 other Investors

13
Intomics (2008, Lyngby, $332K, Seed)
Bionformatics data analysis services
Seed Capital,Accelerace,PreSeed Venturesand
Zcooly (2012, Gothenburg, $2.4M, Seed)
Educational apps for building skills for preschool and
primary school kids
Verdane,Aggregate Media,Almiand
STILRIDE (2019, , $3.3M, Seed)
Manufacturer of electric-scooters
Gustaf Hagman, Saeid Esmaeilizadeh, Sam Bonnier and
3 other Investors
UrbanWineBox (2015, Copenhagen, $765K, Seed)
Online marketplace of wine and a physical cellar for
wine storage
Capnova, Kim Haugstrup Mikkelsen, Henrik Sparup and
1 other Investors
Boon (2019, Copenhagen, $4.8M, Seed)
Subscription-based video streaming platform offering
UGC
Vorwerk Ventures,PreSeed Ventures,Growth Fundand
Social First (2021, Helsinki, $2.5M, Seed)
Developer of multiplayer cross-platform social games
Play Venturesand
Taktikal (2017, Reykjavik, $2.0M, Seed)
API based digital signature and risk assessment
solutions for businesses
Brunnur Ventures,Startup Reykjavikand
Youple (2015, Stockholm, $3.3M, Series A)
Online platform for residential mortgage loans
Neptunia Invest, Svea Ekonomi, and 1 other Investors
Cappy (2020, Gothenburg, $724K, Seed)
Payroll management solutions for businesses
Almi Invest,Juno Venturesand
iconicChain (2017, Sundsberg, $1.1M, Seed)
Regulatory & compliance management solutions for
businesses
OXO Holdingsand
PS Audio Design (2012, Oulu, Undisclosed, Seed)
Provider of audio surface technology
Innovestorand
Suomen Sopimustieto Oy (2015, Helsinki, $1.5M,
Unattributed)
Contract creation software
Sanomaand

14
Nextmune (2016, Stockholm, Unfunded)
Developer of allergy diagnostics and immunotherapy
KCLPAD (2021, Unfunded)
Online platform for managing and issuing IDOs for
crypto projects
IdrottOnline (2007, Stockholm, Unfunded)
Provider of a league management platform for multiple
sports
AINOVA MedTech (2021, Helsinki, Unfunded)
AI-based disease diagnosis tool for vascular diseases
PLAYipp (2006, Gavle, Unfunded)
Provider of cloud based digital signage software
solutions
Skinfo (2019, Stockholm, Unfunded)
App based platform providing ingredient information
for beauty brands
7C-Venturesand
Avion Robotics (2021, Unfunded)
Manufacturer of payload drones for multiple
applications
Sambla Group (2011, Stockholm, Unfunded)
Online marketplace for consumer loans

IPO Date Company IPO Mcap Exchange Ticker
21 Jan 2022
Orexplore (2006, Kista, )
Portable equipment provider for analyzing non-organic materials
$0.0B ASX:OXT
IPOs
List of IPOs in Nordics Tech in January 2022
Nordics Tech: IPOs
15

Acquisitions
List of Acquisitions in Nordics Tech in January 2022
Nordics Tech: Acquisitions
16
Acq. Date Company Acquirer Deal Size
05 Jan 2022
WS Audiology(2019, Lynge)
Developer of device for treating hearing loss
Santo Holding
07 Jan 2022
Moblrn(2013, Gustavsberg)
SaaS-based platform providing solutions for instructor IT
EPTI
11 Jan 2022
Suunto(1936, Vantaa)
Developer of smartwatches for sport and fitness activities
Haylou
12 Jan 2022
Sumzed(2020, Alingsas)
Platform offering pricing checking kiosk for offline businesses
SML
13 Jan 2022
Disior(2016, Espoo, $2.9M)
Software for bone fracture analysis and treatment planning
Paragon 28
18 Jan 2022
Porterbuddy(2016, Oslo)
Providing delivery solutions to logistics and ecommerce
companies
Instabox
21 Jan 2022
DocuBizz Aps(1968, Taastrup)
Account payable management solution
Vitec
30 Jan 2022
Seniordeal(2012, Stockholm)
Online platform offering deals and discounts across multi-
category products and services for senior citizens
Cape Media
31 Jan 2022
Userneeds(2001, Copenhagen)
Online data collection platform
Norstat Group

Recent News (1/2)
Recent News in Nordics Tech in January 2022
Nordics Tech:News
17
Exit News
.
● DoorDash to Buy Finland Food-Delivery Startup in Deal Valued Above $8 Billion
The Wall Street Journal
.
● Moody’s Acquires Bogard to Build KYC Capabilities for Politically Exposed
People Business Wire
.
● Smartly.io Acquires Ad-Lib.io to Expand Creative Technology Across Channels
Business Wire
.
● Coloplast A/S - Announcement no. 09/2021 - Coloplast announces agreement
to acquire Atos Medical GlobeNewswire
.
● Truecaller to Acquire Israeli App CallHero IndianWeb2
.
● Amer sells Suunto to Chinese tech company bicycleretailer.com
.
● Hexagon strengthens its life-of-mine solutions portfolio with the acquisition of
MinnovarePR Newswire
.
● Stillfront acquires mobile publisher 6waves for $201 million Game Developer
.
People News
.
● Amanda Mesler appointed as Chairwoman to Swedish FinTech Minna
Technologies Fintech Finance
.
● Rovio Entertainment Plc: Shareholders' Nomination Board's proposal for the
composition and remuneration of Rov... GlobeNewswire
.
● Roshi Motman appointed CEO of Amuse, as co-founder Diego Farias exits MBW
.
● Pixotope Enhances Presence In Asia TV Tech
.
● Milestone Systems appoints new Chief Revenue Officer securityworldmarket.com
.
Company News
.
● SNIPR BIOME Announces FDA Clearance of Investigational New Drug (IND)
Application for SNIPR001, a Novel CRISPR... PR Newswire

Explore more on Tracxn
Explore more about Nordics Tech on Tracxn Platform
Nordics Tech: Explore more on Tracxn Platform
18
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Nordics
AI Companies in Nordics
Fintech Companies Nordics
Consumer Digital in Nordics
Company Due Diligence
Detailed profile of Tradeshift
Competitors of RELEX
Cap Tables of Neo4j
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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Tracxn - Geo Monthly - Nordics Tech - Jan 2022

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Tracxn - Geo Monthly - Nordics Tech - Jan 2022