Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/xa901dr Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!

1. TRACXN MONTHLY REPORT
NOVEMBER 2021
FINLAND TECH

2. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
2
Finland Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 6
Top Funded Business Models - last 1 year 7
New Analyst Picks 8
Acquisitions 9
Recent News 10

3. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Finland Tech Snapshot – November 2021
Finland Tech: Snapshot – November 2021
Note : "Investors" refers to "Institutional Investors" only
3
$83.2M
4
Overall Geo Stats
9
2
21
6
7
Funding Rounds $ Invested Analyst Picks
Dispelix Upgraded
to SOONICORN
New Investors
Freeman Road
SMFL
Series A+ rounds Active Investors IPOs Acquisitions
Wolt
Forendo Pharma
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Helsinki
(3 Rounds, $40.1M)
Espoo
(1 Rounds, $33M)
Kuopio
(1 Rounds, $5.6M)
Turku
(1 Rounds, $5.6M)
$33M - Series B
Dispelix (2015, Espoo, $54.6M)
$22.9M - Series B
Mainframe (2003, Helsinki, $33.2M)
$12.8M - Series A
Valo Therapeutics (2016, Helsinki,
$25.2M)
$5.6M - Series A
Rocsole (2012, Kuopio, $8.6M)
Lifeline Ventures
(2 Investments)
Maki.vc
(2 Investments)
Flashpoint
(2 Investments)
Andreessen Horowitz
(1 Investments)
Augmented Reality
Dispelix
Display Technology
PC & Console Gaming
Mainframe
Oncology
Valo Therapeutics
Market Size
Companies Covered 2,845
Funded Companies 1,076
Total Funding $5.2B
Funding in last 12 months $1.3B
Top Exits
IPOs 24
Acquisitions 197
Company Stage
Unicorns 1
Soonicorns 18
Minicorns 91
Editor Picks 389
Series A+ 250
Series C+ 36
Acqui-Hires 1
Deadpooled 191
Top Cities
Helsinki (573 Rounds, $3.3B)
Espoo (148 Rounds, $694M)
Top Investors
Business Finland (100 Investments)
Lifeline Ventures (50 Investments)

4. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Investment Snapshot
Investment Snapshot of Finland Tech as of November 2021
Finland Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (November 2021)*
Dispelix
(2015, Espoo, $54.6M)
$33.0M - Series B Atlantic Bridge
Mainframe
(2003, Helsinki, $33.2M)
$22.9M - Series B Andreessen Horowitz
Valo Therapeutics
(2016, Helsinki, $25.2M)
$12.8M - Series A Freeman Road
Rocsole
(2012, Kuopio, $8.6M)
$5.6M - Series A Springvest
OGOship
(2011, Vantaa, $7.1M)
$4.5M - Seed Maki.vc
Flowrite
(1997, Helsinki, $5.1M)
$4.4M - Seed Project A
*Shows only the lead Investors

5. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
List of Funding Rounds
List of Funding Rounds in Finland Tech in November 2021
Finland Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
EARLY STAGE
$5.6M - Series A
Rocsole (2012, Kuopio, $8.6M)
Provider of tomography technology solutions for the
oil and gas industry
Springvest
EARLY STAGE
$12.8M - Series A
Valo Therapeutics (2016, Helsinki, $25.2M)
Developer of immunotherapies for cancer and
infectious disease
Freeman Road, MMJ Group Holdings
EARLY STAGE
$22.9M - Series B
Mainframe (2003, Helsinki, $33.2M)
Developer of PC, console, and mobile-based MMO
games
Andreessen Horowitz, Crowberry Capital, SISU,
Maki.vc, Riot Games, and 10 more
EARLY STAGE
$33.0M - Series B
Dispelix (2015, Espoo, $54.6M)
Provider of smart glasses for AR
Atlantic Bridge, 3M, VTT, Flashpoint, Lifeline Ventures,
and 2 more
SEED STAGE
$4.4M - Seed
Flowrite (1997, Helsinki, $5.1M)
Provider of a platform offering AI-enabled writing
assistance
Project A, Seedcamp, Lifeline Ventures, Ilkka
Paananen, Johannes Schildt, and 1 more
SEED STAGE
$4.5M - Seed
OGOship (2011, Vantaa, $7.1M)
Provider of tech-enabled fulfillment & shipping services
Flashpoint, Innovestor, Maki.vc
SEED STAGE
Seed
Groke Tech (2019, Turku)
Provider of sensor-based navigation systems for ships
SMFL

6. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
New Investors
List of New Investors in Finland Tech in November 2021
Finland Tech: List of New Investors
6
Investor Company Info Round Amount Round Name
Freeman Road
1 portfolio companies | Freeman Road Studios - Home
Valo Therapeutics
Developer of immunotherapies for cancer and infectious disease
$12.75M Series A
SMFL
2 portfolio companies | Diversified NBFI
Groke Tech
Provider of sensor-based navigation systems for ships
Undisclosed Seed
SISU
3 portfolio companies | Venture capital firm investing in games sector
Mainframe
Developer of PC, console, and mobile-based MMO games
$22.90M Series B
MMJ Group Holdings
4 portfolio companies | Limited information available
Valo Therapeutics
Developer of immunotherapies for cancer and infectious disease
$12.75M Series A
Project A
117 portfolio companies | Tech focused early stage VC firm investing primarily in
Europe
Flowrite
Provider of a platform offering AI-enabled writing assistance
$4.40M Seed
CCB trust
8 portfolio companies | Wealth management firm
Dispelix
Provider of smart glasses for AR
$33.00M Series B
Atlantic Bridge
3 portfolio companies | Provider of education & training services for medical
industry
Dispelix
Provider of smart glasses for AR
$33.00M Series B
Flashpoint
18 portfolio companies | Venture capital & venture debt firm focused on
software-based startups
OGOship
Provider of tech-enabled fulfillment & shipping services
$4.51M Seed
Dreamhaven
3 portfolio companies | Developer of video game
Mainframe
Developer of PC, console, and mobile-based MMO games
$22.90M Series B

7. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
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.
7
Rank Business Model $ Funding # Rounds Top Funding Round
1 <> 0 Food Ordering Platforms $536M 1 Wolt | $536M | Series E
2 ▲7 Database as a Service (DBaaS) $160M 2 Aiven | $100M | Series C
3 ▲7 Infrastructure as a Service for Big Data $160M 2 Aiven | $100M | Series C
4 ▲8 Sleep Management Devices $105M 2 Oura | $100M | Series C
5 -- Electric Vehicle Charging Station Management Software $36.8M 2 Virta | $36.0M | Series C
6 -- Fibre Waste Recyclers $35.7M 1 Infinited Fi.. | $35.7M | Series B
7 -- Online Music Tutoring $28.0M 1 Yousician | $28.0M | Series B
8 -- Online B2C Packaged Surplus Food Products Delivery $23.2M 1 Fiksua ruoka | $23.2M | Series B
9 ▲11 PC and Console Core MMO Game Developers $22.9M 1 Mainframe | $22.9M | Series B
10 ▲4 Customer Service Software $20.0M 1 Ultimate | $20.0M | Series A

8. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
New Analyst Picks
Interesting Companies identified by Analysts in Finland Tech in November 2021
Finland Tech: Analyst Picks
8
Upgraded to SOONICORN
Dispelix (2015, Espoo, $6.0M, Venture Debt)
Provider of smart glasses for AR
3M, Flashpoint, Lifeline Ventures and 6 other Investors
Upgraded to MINICORN
OGOship (2011, Vantaa, $4.5M, Seed)
Provider of tech-enabled fulfillment & shipping services
Flashpoint, Founders' Edge, Innovestor and 1 other
Investors
Added to Editor's Pick
Rocsole (2012, Kuopio, $1.7M, Series A)
Provider of tomography technology solutions for the
oil and gas industry
Shell Technology Ventures, Repsol, Tesi and 5 other
Investors
Added to Editor's Pick
Opti Automation (2013, Espoo, Undisclosed, Seed)
Room level optimization for temperature
Butterfly Ventures,Taaleriand
Added to Editor's Pick
Digital Workforce (2015, Helsinki, Unfunded)
Provider of digital workers
Added to Editor's Pick
Toroidion (2010, Raseborg, $1.1M, Seed)
Electric sports car using patented powertrain
technology

9. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Acquisitions
List of Acquisitions in Finland Tech in November 2021
Finland Tech: Acquisitions
9
Acq. Date Company Acquirer Deal Size
09 Nov 2021
Wolt(2014, Helsinki, $860.4M)
Online platform for food ordering and on-demand hyperlocal
delivery
DoorDash $8000.0M
11 Nov 2021
Forendo Pharma(2013, Turku, $25.6M)
Provider of small molecule based therapeutics for reproductive
health
Organon $75.0M

10. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Recent News (1/2)
Recent News in Finland Tech in November 2021
Finland Tech:News
10
Exit News
.
● DoorDash to Buy Finnish Food Delivery App Wolt for $8 Billion BloombergQuint
.
● Organon will acquire Forendo Pharma Business Wire
.
People News
.
● Leader in Brand Licensing Solutions Strengthens Executive Team to Conquer
New Trillion Dollar IndustryPR Newswire
.
● Conversion of convertible notes pursuant to financing arrangement between
BBS-Bioactive Bone Substitutes Plc j... GlobeNewswire
.
● Strong growth at Ultimate as top-rated virtual agent platform celebrates fifth
anniversary and takes new expan... PR Newswire

11. Finland Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Explore more on Tracxn
Explore more about Finland Tech on Tracxn Platform
Finland Tech: Explore more on Tracxn Platform
11
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Finland
AI Companies in Finland
Fintech Companies Finland
Consumer Digital in Finland
Company Due Diligence
Detailed profile of Aiven
Competitors of
Cap Tables of
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

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Any and all information either accessed from the website www.tracxn.com or having otherwise originated from Tracxn Technologies Private Limited including but not limited to the
information contained herein ("Data") is the sole property of Tracxn Technologies Private Limited (hereinafter "Tracxn"). You shall not recirculate, distribute, transmit, publish, or sell the
Data or any portion thereof in any form or by any means, either for commercial or non-commercial use, or permit any third party to use or distribute the Data or any portion thereof; to any
other party, except with the prior written consent of Tracxn. You may however incorporate insubstantial portions, extracts, abstracts or summaries from the Data into analysis, presentations
or tools for your customers or for your internal use, so long as Tracxn is clearly and visibly identified as the source of information.
For further information please refer to our Terms of Use at www.tracxn.com