Tracxn - Geo Monthly Report - Nordics Tech - Nov 2021

TRACXN MONTHLY REPORT
NOVEMBER 2021
NORDICS TECH

Nordics Tech - November 2021 Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
2
Nordics Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 8
Top Funded Business Models - last 1 year 10
New Analyst Picks 11
IPOs 14
Acquisitions 15
Recent News 17

Nordics Tech Snapshot – November 2021
Nordics Tech: Snapshot – November 2021
Note : "Investors" refers to "Institutional Investors" only
3
$271M
10 1
Overall Geo Stats
20
17
55
25
24
Funding Rounds $ Invested Analyst Picks
Podimo Upgraded
to SOONICORN
New Investors
HEARTLAND
Freeman Road
Series A+ rounds Active Investors IPOs
IO Biotech
Acquisitions
PriceRunner
Reepay
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Copenhagen
(6 Rounds, $90.6M)
Stockholm
(6 Rounds, $77.7M)
Helsinki
(3 Rounds, $40.1M)
Reykjavik
(2 Rounds, $2.8M)
$78M - Series B
Podimo (2019, Copenhagen, $116M)
$50M - Series C
Quinyx (2005, Stockholm, $103M)
$33M - Series B
Dispelix (2015, Espoo, $54.6M)
$22.9M - Series B
Mainframe (2003, Helsinki, $33.2M)
Lifeline Ventures
(2 Investments)
Maki.vc
(2 Investments)
Seedcamp
(2 Investments)
Cherry Ventures
(2 Investments)
Radio Tech
Podimo
HRTech
Quinyx
Augmented Reality
Dispelix
Display Technology
Market Size
Companies Covered 16,277
Funded Companies 5,570
Total Funding $47.8B
Funding in last 12 months $14.3B
Top Exits
IPOs 291
Acquisitions 1,217
Company Stage
Unicorns 11
Soonicorns 84
Minicorns 460
Editor Picks 1,972
Series A+ 1,239
Series C+ 240
Acqui-Hires 5
Deadpooled 970
Top Cities
Copenhagen (1,220 Rounds, $12.3B)
Stockholm (1,211 Rounds, $17.2B)
Top Investors
Almi Invest (276 Investments)
Accelerace (161 Investments)

Investment Snapshot
Investment Snapshot of Nordics Tech as of November 2021
Nordics Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (November 2021)*
Podimo
(2019, Copenhagen, $116M)
$78.0M - Series B 83North
Quinyx
(2005, Stockholm, $103M)
$50.0M - Series C Battery Ventures
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
Centra eCommerce
(2008, Stockholm, $11.2M)
$11.2M - Series B Verdane
Sigrid Therapeutics
(2014, Stockholm, $17.5M)
$8.4M - Series A Joyance Partners
Asgard Therapeutics
(2017, Lund, $6.9M)
$6.9M - Seed Novo Holdings
Rocsole
(2012, Kuopio, $8.6M)
$5.6M - Series A Springvest
Column Tax
(2021, , $5.1M)
$5.1M - Seed Bain Capital Ventures
Weld
(2021, Copenhagen, $4.5M)
$4.5M - Seed Frontline Ventures
*Shows only the lead Investors

List of Funding Rounds (1/3)
List of Funding Rounds in Nordics Tech in November 2021
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
$50.0M - Series C
Quinyx (2005, Stockholm, $103.3M)
Cloud-based workforce management software
Battery Ventures
EARLY STAGE
$2.4M - Series A
Parkamo (2017, Stockholm, $2.4M)
App-based platform for parking space booking
Aggregate Media, EPTI, AllaNova
EARLY STAGE
$4.4M - Series A
TouchTech (2008, Gothenburg, $4.4M)
Interactive digital signage software solutions for offline
retailers
HEARTLAND
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
$8.4M - Series A
Sigrid Therapeutics (2014, Stockholm, $17.5M)
Developer of therapies to treat metabolic and chronic
lifestyle diseases
Irrus Investments, Joyance Partners,
EARLY STAGE
$11.2M - Series B
Centra eCommerce (2008, Stockholm, $11.2M)
Platform offering headless e-commerce software for
B2B & B2C companies
Verdane
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

6
EARLY STAGE
$78.0M - Series B
Podimo (2019, Copenhagen, $115.7M)
Podcast streaming network
83North, Highland Europe, Heartcore Capital, Possible
Ventures, Saban Ventures, and 2 more
SEED STAGE
$20.0K - Seed
Lifeswap (2021, Reykjavik, $20.0K)
Online platform that provides travel recommendations
by local experts
Techstars
SEED STAGE
$250.0K - Seed
Nordetect (2016, Copenhagen, $1.8M)
Producer of lab-on-a-chip devices for environmental
analysis
Luminate
SEED STAGE
$1.1M - Seed
Nightingale (2015, Stockholm, $2.2M)
Digital lending solution for mortgage loans
Katalysen, Stefan Backlund, Anette Tanneryd, Jon
Wimmercranz
SEED STAGE
$1.6M - Seed
Sundew (2018, Copenhagen, $3.3M)
Develop of solution for treating aquatic pests and
diseases
Yield Lab, Growth Fund
SEED STAGE
$1.8M - Seed
Fullview (2021, Copenhagen, $1.8M)
Provider of remote co browsing support tools for
customer support teams
Cherry Ventures, Seedcamp
SEED STAGE
$2.8M - Seed
Hopp (2019, Reykjavik, $2.8M)
App-based electric-scooter
Brunnur Ventures
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
Female Invest (2019, Copenhagen, $6.1M)
Personal finance and investment training digital
platform for women
Green Visor Capital, New Theory Ventures, Mia
Wagner, Fiona Pathiraja

7
SEED STAGE
$4.5M - Seed
Quartr (2012, Stockholm, $4.5M)
App-based research and relations management
platform for individuals and companies
Ohman, Michael Batnick, Ben Carlson, Josh Brown,
Barry Ritholtz, 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
$4.5M - Seed
Weld (2021, Copenhagen, $4.5M)
Cloud-based platform for enterprise data management
Frontline Ventures, Cherry Ventures, Des Traynor,
David Clarke, Phil Chambers, and 1 more
SEED STAGE
$5.1M - Seed
Column Tax (2021, , $5.1M)
Online tax refunds & tax monitoring solutions for
individuals and businesses
Bain Capital Ventures, Core Innovation Capital,
Operator Partners, South Park Commons, Eric Wu, and
3 more
SEED STAGE
$6.9M - Seed
Asgard Therapeutics (2017, Lund, $6.9M)
Developer of cancer immunotherapeutic solutions
based on direct cell reprogramming
Novo Holdings, Boehringer Ingelheim Venture Fund,
Industrifonden
SEED STAGE
Seed
Groke Tech (2019, Turku)
Provider of sensor-based navigation systems for ships
SMFL

New Investors (1/2)
List of New Investors in Nordics Tech in November 2021
Nordics Tech: List of New Investors
8
Investor Company Info Round Amount Round Name
HEARTLAND
1 portfolio companies | Private equity funds investing in multiple sectors
TouchTech
Interactive digital signage software solutions for offline retailers
$4.40M Series A
Freeman Road
1 portfolio companies | Freeman Road Studios - Home
Valo Therapeutics
Developer of immunotherapies for cancer and infectious disease
$12.75M Series A
South Park Commons
18 portfolio companies | Sector agnostic incubator and venture capital firm
focused on multiple sectors
Column Tax
Online tax refunds & tax monitoring solutions for individuals and
businesses
$5.10M Seed
SMFL
2 portfolio companies | Diversified NBFI
Groke Tech
Provider of sensor-based navigation systems for ships
Undisclosed Seed
crosslightpartners.com
1 portfolio companies | New home
Sigrid Therapeutics
Developer of therapies to treat metabolic and chronic lifestyle diseases
$8.40M Series A
MMJ Group Holdings
4 portfolio companies | Limited information available
Valo Therapeutics
Developer of immunotherapies for cancer and infectious disease
$12.75M Series A
Operator Partners
28 portfolio companies | Venture capital firm investing in tech sectors
Column Tax
businesses
$5.10M Seed
Saban Ventures
18 portfolio companies | VC firm backed by Saban Capital Group
Podimo
$78.00M Series B
Green Visor Capital
38 portfolio companies | Tech focused VC firm investing in the US
Female Invest
Personal finance and investment training digital platform for women
$4.48M Seed
Yield Lab
48 portfolio companies | Early-stage tech-focused VC & Accelerator firm funding
companies in the US
Sundew
Develop of solution for treating aquatic pests and diseases
$1.58M Seed

New Investors (2/2)
List of New Investors in Nordics Tech in November 2021
Nordics Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
CCB trust
8 portfolio companies | Wealth management firm
Dispelix
$33.00M Series B
Katalysen
1 portfolio companies | Venture capital fund focused on early-stage startups
Nightingale
$1.12M Seed
Core Innovation Capital
54 portfolio companies | Tech focused VC firm investing in seed & growth stage
startups in the US
Column Tax
businesses
$5.10M Seed
Possible Ventures
4 portfolio companies | Venture capital firm focused on early stage investments
Podimo
$78.00M Series B
Atlantic Bridge
3 portfolio companies | Provider of education & training services for medical
industry
Dispelix
$33.00M Series B
Flashpoint
18 portfolio companies | Venture capital & venture debt firm focused on
software-based startups
OGOship
$4.51M Seed
Irrus Investments
12 portfolio companies | Angel Network for Ireland based companies
Sigrid Therapeutics
Developer of therapies to treat metabolic and chronic lifestyle diseases
$8.40M Series A
EPTI
2 portfolio companies | Provides software development services
Parkamo
$2.42M Series A
Dreamhaven
3 portfolio companies | Developer of video game
Mainframe
Developer of PC, console, and mobile-based MMO games
$22.90M Series B
New Theory Ventures
1 portfolio companies | New Theory Ventures - Home
Female Invest
Personal finance and investment training digital platform for women
$4.48M 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.
10
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲1 Lithium Ion Batteries $2.8B 1 Northvolt | $2.8B | Unattributed
2 ▼-1 Internet First Point of Sale Financing $1.7B 4 Klarna | $1.0B | Series H
3 -- Electric Car Manufacturers $550M 1 Polestar | $550M | Unattributed
4 ▲5 Food Ordering Platforms $536M 1 Wolt | $536M | Series E
5 ▲132 Music Licensing Marketplace $467M 2 Epidemic Sound | $450M | Series D
6 <> 0 Web Based Platform for Doctor Consultation $418M 4 KRY | $317M | Series D
7 ▲7 Drugs for Multiple Cancer Types $283M 5 IO Biotech | $155M | Series B
8 ▲42 Alkaline Electrolyzers $229M 1 GreenHydrogen | $229M | Series C
9 ▼-6
B2B E-Commerce > Technology Enablers > E Commerce
Software Suite
$200M 1 Tradeshift | $200M | Series F
10 ▼-6 Accounts Payable and Receivable Management $200M 1 Tradeshift | $200M | Series F

New Analyst Picks (1/3)
Interesting Companies identified by Analysts in Nordics Tech in November 2021
Nordics Tech: Analyst Picks
11
Upgraded to SOONICORN
Podimo (2019, Copenhagen, $17.0M, Series A)
83North, e.ventures, Aldea Ventures and 8 other
Investors
Upgraded to SOONICORN
Dispelix (2015, Espoo, $6.0M, Venture Debt)
3M, Flashpoint, Lifeline Ventures and 6 other Investors
Upgraded to MINICORN
Female Invest (2019, Copenhagen, $1.6M, Seed)
Personal finance and investment training digital
platform for women
Growth Fund, Green Visor Capital, New Theory
Ventures and 5 other Investors
Sigrid Therapeutics (2014, Stockholm, $1.6M, Seed)
Developer of therapies to treat metabolic and chronic
lifestyle diseases
Pär Gellerfors, Irrus Investments, Raging Bull and 6
other Investors
OGOship (2011, Vantaa, $4.5M, Seed)
Flashpoint, Founders' Edge, Innovestor and 1 other
Investors
Column Tax (2021, , $5.1M, Seed)
Online tax refunds & tax monitoring solutions for
individuals and businesses
Operator Partners, Bain Capital Ventures, Core
Weld (2021, Copenhagen, $4.5M, Seed)
Cloud-based platform for enterprise data management
Phil Chambers, Des Traynor, Cherry Ventures and 3
other Investors
Quartr (2012, Stockholm, $4.5M, Seed)
App-based research and relations management
platform for individuals and companies
Michael Batnick, Josh Brown, Ohman and 3 other
Investors

12
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
St1 (1995, Sundbyberg, Unfunded)
Fuel station operator
Opti Automation (2013, Espoo, Undisclosed, Seed)
Room level optimization for temperature
Butterfly Ventures,Taaleriand
Parkamo (2017, Stockholm, $2.4M, Series A)
AllaNova,Aggregate Media,EPTIand
Digital Workforce (2015, Helsinki, Unfunded)
Provider of digital workers
Nofence (2011, Batnfjordsora, $3.4M, Series A)
Manufacturer of solar powered digital fencing systems
for livestock management
Momentum Partners,Norselab,Wiski Capitaland
Resen Waves (2010, Kongens Lyngby, $1.3M, Seed)
Point absorber WEC
West Hill Capital,Søren Hagerand
BrandHeroes (2016, Randers, $1.0M, Seed)
Platform to connect brands and micro influencers
Benny Madsen,Nordic Innovators,Christian Volf
Olgaardand
Nightingale (2015, Stockholm, $1.1M, Seed)
Keiretsu Forum Nordics, Jon Wimmercranz, Katalysen
and 4 other Investors
Ocean (2013, Copenhagen, $79.2K, Seed)
Platform offering software for account based
marketing
Gregers Kronborg,Lottrup & Coand
Toroidion (2010, Raseborg, $1.1M, Seed)
Electric sports car using patented powertrain
technology
Agreena (2016, Copenhagen, $4.1K, Seed)
Provider of a digital trading marketplace for
agricultural commodities
Kim Lyng Kjær Knudsen, Giant Ventures, Growth Fund
and 1 other Investors

13
Learningbank (2015, Copenhagen, $3.4M, Series A)
Learning management system provider
Peter Alexis Georg Jein,Jens Erik
Arenfeldt,RoosGruppenand
Minuba (2010, Lyngby, $1.1M, PE)
Invoicing management software for small and large
construction businesses
Propagatorand
Zutobi (2018, Gavle, Unfunded)
Mobile & Web-based platform providing driving exam
preparation solutions
Meniga Rewards (2009, Stockholm, Unfunded)
App-based platform offering rewards and cashback
NFT Venturesand
Ideanote (2015, Copenhagen, Unfunded)
Cloud-based platform for innovation management

IPO Date Company IPO Mcap Exchange Ticker
05 Nov 2021
IO Biotech (2014, Copenhagen, $175M)
Developer of vaccine for the treatment of cancer
$388M NASDAQ:IOBT
IPOs
List of IPOs in Nordics Tech in November 2021
Nordics Tech: IPOs
14

Acquisitions (1/2)
List of Acquisitions in Nordics Tech in November 2021
Nordics Tech: Acquisitions
15
Acq. Date Company Acquirer Deal Size
02 Nov 2021
PriceRunner(1999, Nykobing Falster)
Online platform offering price comparison of multi-category
products
Klarna
02 Nov 2021
Reepay(2014, Copenhagen, $1.3M)
Cloud-based subscription billing and payment gateway solution
for businesses
billwerk
03 Nov 2021
Bogard(2015, Stockholm)
API-based database for customer screening
Moody's
04 Nov 2021
Specops Soft(2001, Stockholm)
Password and desktop management of windows IT environment
Outpost24
08 Nov 2021
Advalidation(2010, Stockholm)
Tool to identify ads that risk poor viewability
Peach
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
19 Nov 2021
Star Stable(2011, Stockholm, $28.9M)
Video game developer focusing on MMORPGs
Nordisk Games
23 Nov 2021
Etraveli Group(2000, Uppsala)
Online meta-search platform to compare flight tickets
Booking $1835.7M
23 Nov 2021
Spendency(2015, Sundbyberg)
Spend records management and analytics solution
Onventis

Acquisitions (2/2)
List of Acquisitions in Nordics Tech in November 2021
Nordics Tech: Acquisitions
16
Acq. Date Company Acquirer Deal Size
24 Nov 2021
Zero Index(2020, Linkoping)
Developer of virtual-reality-based casual PC and mobile games
Resolution Games
25 Nov 2021
Ibexa(1999, Oslo)
Digital experience platform for businesses
QNTM
25 Nov 2021
Timekeeper(2015, Hudiksvall)
Time tracking and time reporting software
Björn Lundén
29 Nov 2021
Flashbulb Games(2016, Copenhagen, $2.8M)
Console game developer specializing in casual games
Nordisk Games
29 Nov 2021
Hyper Island(1996, Stockholm)
Online course provider for students and professionals
Talent Garden
30 Nov 2021
Svea(1998, Boras)
Internet first brand offering multi-category fashion products
Boozt Group
30 Nov 2021
EastCoast(1998, Stockholm)
Visitor Management System
Precise Biometrics $8.7M

Recent News (1/2)
Recent News in Nordics Tech in November 2021
Nordics Tech:News
17
Exit News
.
● Ericsson to acquire Vonage for USD 6.2 billion to spearhead the creation of a
global network and communication... GlobeNewswire
.
● DoorDash to Buy Finnish Food Delivery App Wolt for $8 Billion BloombergQuint
.
● Spotify announces the acquisition of audiobook leader Findaway Business Wire
.
● Booking to buy Swedish travel agency Etraveli for 1.63b euros The Business Times
.
● Klarna buys price comparison site PriceRunner for exorbitant amount FrenchWeb
.
● Organon will acquire Forendo Pharma Business Wire
.
● L Squared to sell GWS to Sandvik PE Hub
.
● Smart Eye Acquires iMotions to Unlock Potential for Multi-Modal, Human
Behavioral Research Business Wire
.
Fund News
.
● Saxo adds nine new Crypto FX pairs including bitcoin, ether and litecoin to
TradingView Institutional Asset Manager
● Healthcap Strengthens Senior Team PR Newswire
.
● Conversion of convertible notes pursuant to financing arrangement between
BBS-Bioactive Bone Substitutes Plc j... GlobeNewswire
.
● Nordic Nanovector appoints experienced biotech executive Pierre Dodion MD
as Chief Medical Officer ICrowdNewswire
.
● Kevin Murphy Appointed Country Manager of Ericsson Jordan AlBawaba
.
● Terranet welcomes new interim CFO GlobeNewswire
.
● Strong growth at Ultimate as top-rated virtual agent platform celebrates fifth
anniversary and takes new expan... PR Newswire
.
Company News
.
● Klarna lands in Ireland Finextra
.
● Spotify launches in Iraq and Libya Telecompaper
.
● Software firm eloomi set up offices in Denmark and the U.K The Business Journals

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 Neo4j
Cap Tables of KRY
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 Report - Nordics Tech - Nov 2021

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Tracxn - Geo Monthly Report - Nordics Tech - Nov 2021