Tracxn - Nordics Tech - Top Business Models - Apr 2021

TRACXN TOP BUSINESS MODELS REPORT
April 01, 2021
NORDICS TECH

Nordics Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
NordicsNordics Tech Funding - Overview 3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

Nordics Tech - Funding in last 1 year
3
eSports $2.0B
Alternative Lending $1.8B
Food Tech $934M
Energy Storage Tech $688M
Music Tech $465M
Oncology $222M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Almi Invest
Y Combinator
Antler
12
7
7
Early
Stage
EQT Ventures
Industrifonden
Maki.vc
8
7
7
Late
Stage
Goldman Sachs
BlackRock
Creandum
3
3
3
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
BLAST Pro Series
(2017, )
$1.9B - Series D
Klarna
(2005, )
$1.0B - Series H
Klarna
(2005, )
$650M - Series G
Northvolt
(2015, )
$600M - Series C
Wolt
(2014, )
$536M - Series E
Epidemic Sound
(2009, )
$450M - Series D
Oatly
(1997, )
$200M - Series C
Vivino
(2010, )
$155M - Series D
IO Biotech
(2014, )
$155M - Series B
Kodit.io
(2017, )
$117M - Series B
Lendify Sweden
(2014, )
$115M - Series D
Wolt
(2014, )
$110M - Series D
Stockholm (39%)
Copenhagen (29%)
Helsinki (12%)
Malmo (3%)
Oslo (3%)
Others (14%)

Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Nordics Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1-- Esports League Organizers $1.9B 2 BLAST Pro Ser.. | $1.9B | Series D Link
2<> 0 Internet First Direct Lender Purchase Financing $1.6B 3 Klarna | $1.0B | Series H Link
3▲4 Online Food Delivery $654M 3 Wolt | $536M | Series E Link
4▼3 Lithium Ion Batteries $600M 1 Northvolt | $600M | Series C Link
5▲27
Music Tech > Music Artist IT > Copyrights
Management > Licensing Marketplace
$455M 2 Epidemic Sound | $450M | Series D Link
6▲149
Food Tech > Novel Foods > Food Products > Dairy
Substitute > Plant Based
$200M 1 Oatly | $200M | Series C Link
7--
Online Grocery > B2C Ecommerce > Beverages >
Alcoholic > Wine > Listing and Recommendation
$155M 1 Vivino | $155M | Series D Link
8<> 0 Free Float Electric Kick Scooter Rentals $136M 2 Voi | $107M | Series C Link
9▲151 Direct Home Buying $117M 1 Kodit.io | $117M | Series B Link
10--
Alternative Lending > Online Lenders > Consumer
Loans > Personal Loans > Marketplace > P2P
$115M 1 Lendify Sweden | $115M | Series D Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5
11▼2 Open Banking Aggregation APIs $115M 3 Tink | $103M | Series E Link
12-- Smart Lockers for E-Commerce $105M 2 Instabox | $90.0M | Series B Link
13▼2 Database as a Service (DBaaS) $100M 1 Aiven | $100M | Series C Link
14▼2 DBaaS $100M 1 Aiven | $100M | Series C Link
15▼2 Big Data Infrastructure > IaaS $100M 1 Aiven | $100M | Series C Link
16-- Satellite Imagery Data for GIS $87.0M 1 ICEYE | $87.0M | Series C Link
17--
NewSpace > Space Services > Imaging > Satellite
Based
$87.0M 1 ICEYE | $87.0M | Series C Link
18-- Industrial Process Analytics $75.0M 1 Cognite | $75.0M | Series A Link
19--
Renewable Energy Tech > Horizontal > Project
Feasibility > Power Plants
$75.0M 1 Cognite | $75.0M | Series A Link
20--
Oil & Gas Tech > Tech for Vertically Integrated
Players > Analytics
$75.0M 1 Cognite | $75.0M | Series A Link

6
21--
K-12 EdTech > B2B2C Learning Solutions > School
Curriculum > Multi Subject > Activity Based L..
$69.0M 2 Labster | $60.0M | Series C Link
22-- Home Energy Management System $65.0M 1 Tibber | $65.0M | Series B Link
23▲36
Quantum Computing > Quantum Hardware > ASICs
> Superconducting Qubit
$63.3M 2 IQM | $46.3M | Series A Link
24--
Business Intelligence > Data Discovery and
Visualization > Reporting and Dashboarding > GUI
B..
$59.8M 3 Supermetrics | $47.2M | Series B Link
25-- Antibacterial Drugs $57.7M 3 Minervax | $57.4M | Series B Link
26-- Immunotherapy > Vaccine > Prophylactic $57.4M 1 Minervax | $57.4M | Series B Link
27-- Real Money eSports Gaming Platforms $56.1M 1 G-Loot | $56.1M | Series C Link
28-- Construction Project Management Software $54.0M 1 Volue | $54.0M | Series C Link
29-- Smart Grid > Grid Management > Diversified $54.0M 1 Volue | $54.0M | Series C Link
30-- Standalone VR Headsets $54.0M 1 Varjo | $54.0M | Series C Link

7
31-- Eye Tracking > Applications > Virtual Reality $54.0M 1 Varjo | $54.0M | Series C Link
32-- Customer Data Platforms $47.2M 1 Supermetrics | $47.2M | Series B Link
33▲5
Online Grocery > B2C Ecommerce > Surplus
Products > Packaged Food Products
$40.9M 1 Matsmart | $40.9M | Series D Link
34▲87 Used Electronics Consignment Platform $40.6M 1 Swappie | $40.6M | Series B Link
35▲119 Mobile Casual Game Developers $40.1M 7 metacore | $17.8M | Series A Link
36▲212
K-12 EdTech > B2B2C Learning Solutions > School
Curriculum > Math > Online Courses > Adaptive
$36.2M 1 Edulab | $36.2M | Series B Link
37▼4
Veterinary HealthTech > Digital Health > Veterinary
Services > Telemedicine
$35.6M 1 FirstVet | $35.6M | Series C Link
38▼4
Pet Tech > Service Platforms > Veterinary >
Telemedicine
$35.6M 1 FirstVet | $35.6M | Series C Link
39-- Crop Tech > Autonomous Farming > Diversified $32.4M 3 Agro Intelli.. | $17.1M | Series A Link
40--
B2B E-Commerce > Technology Enablers > Tools >
PIM
$32.0M 1 inRiver | $32.0M | Series C Link

8
41-- Nano Positioning $31.6M 1 NIL Technology | $31.6M | Series B Link
42--
Food Tech > Food Discovery and Ordering > Surplus
Food
$31.1M 1 Too Good To Go | $31.1M | Series A Link
43▲45 Hydrogen Fueling $31.0M 4 Everfuel | $31.0M | Series B Link
44▼22 Robot Grippers $30.8M 1 OnRobot | $30.8M | Series C Link
45▼22 Robotics in Manufacturing $30.8M 1 OnRobot | $30.8M | Series C Link
46▲93 Hydrogen Production $30.7M 3 GreenHydrogen | $24.4M | Series B Link
47▲43 Podcast Networks $30.5M 2 Podimo | $17.0M | Series A Link
48-- Security Incident and Event Management (SIEM) $30.0M 1 LogPoint | $30.0M | Series B Link
49▼14 Log Management $30.0M 1 LogPoint | $30.0M | Series B Link
50-- Backup and Disaster Recovery $30.0M 1 Keepit | $30.0M | Series A Link

Recent Funding Rounds
Esports League Organizers - Nordics
01
9
Back to index
eSports (Astralis)
(# Cos: 35 | $4.3B)
League Organizers (BLAST Premier)
(# Cos: 4 | $4.1B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$1.9B ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$4.1B
2
-
4
2
BLAST Premier
(2016, $193M)
BLAST Pro Series
(2017, $3.9B)
DreamHack
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
BLAST Pro Series (2017)
$1.9B - Series D - May 2020
BLAST Premier (2016)
$18.9M - Series A - May 2020

Internet First Direct Lender Purchase
Financing - Nordics
02
10
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$1.6B (▲150%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.6B
3
-
6
1
Alternative Lending (Aprila Bank)
(# Cos: 146 | $2.9B)
Online Lenders (Mitigram)
(# Cos: 91 | $2.9B)
Consumer Loans (Anyfin)
(# Cos: 49 | $2.8B)
Point of Sale Financing (ViaBill)
(# Cos: 11 | $2.6B)
Direct Lender (Klarna)
(# Cos: 6 | $2.6B)
Klarna
(2005, $2.6B)
Mash Paylevo
Klarna (2005)
$1.0B - Series H - Mar 2021
Klarna (2005)
$650M - Series G - Sep 2020
Klarna (2005)
Undisclosed - Series G - Oct 2020

Online Food Delivery - Nordics
03
11
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$654M (▲403%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$860M
5
-
12
1
Food Tech (Oatly)
(# Cos: 162 | $1.3B)
Food Discovery and Ordering (ResQ)
(# Cos: 59 | $922M)
Restaurant Aggregator (Hungry Group)
(# Cos: 19 | $873M)
Platform Delivered (Wolt)
(# Cos: 12 | $860M)
Wolt
(2014, $860M)
Pizza-online Godsmak.se
Wolt (2014)
$536M - Series E - Jan 2021
Wolt (2014)
$110M - Series D - May 2020
Wolt (2014)
$8.8M - Angel - Oct 2020

Lithium Ion Batteries - Nordics
04
12
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$600M (▼41.5%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.8B
2
-
7
1
Energy Storage Tech (Everfuel)
(# Cos: 144 | $2.1B)
Battery (Altris)
(# Cos: 23 | $1.8B)
Secondary Battery (European Batteries)
(# Cos: 9 | $1.8B)
Lithium Ion (Northvolt)
(# Cos: 7 | $1.8B)
Northvolt
(2015, $1.8B)
European Batteries
(2003, $15.6M)
Hybria
Northvolt (2015)
$600M - Series C - Sep 2020

Music Tech > Music Artist IT > Copyrights Management >
Licensing Marketplace - Nordics
05
13
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$455M (▲1995%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$482M
3
-
3
2
Music Tech (Spotify)
(# Cos: 149 | $2.7B)
Music Artist IT (Soundtrap)
(# Cos: 58 | $545M)
Copyrights Management (Tracklib)
(# Cos: 3 | $482M)
Licensing Marketplace (Epidemic
Sound)
(# Cos: 3 | $482M)
Epidemic Sound
(2009, $476M)
Tracklib
(2014, $6.4M)
Zeptagram
Epidemic Sound (2009)
$450M - Series D - Mar 2021
Tracklib (2014)
$4.5M - Series A - Jun 2020

Food Tech > Novel Foods > Food Products > Dairy Substitute
> Plant Based - Nordics
06
14
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$200M (▲5452%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$236M
2
-
2
1
Food Tech (Wolt)
(# Cos: 162 | $1.3B)
Novel Foods (Solar Foods)
(# Cos: 8 | $269M)
Food Products (EntoCube)
(# Cos: 5 | $237M)
Dairy Substitute (Noquo Foods)
(# Cos: 2 | $236M)
Plant Based (Oatly)
(# Cos: 2 | $236M)
Oatly
(1997, $233M)
Noquo Foods
(2019, $3.6M)
Oatly (1997)
$200M - Series C - Jul 2020

Online Grocery > B2C Ecommerce > Beverages > Alcoholic >
Wine > Listing and Recommendation - Nordics
07
15
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$155M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$224M
2
-
2
1
Online Grocery (Nemlig)
(# Cos: 115 | $548M)
B2C Ecommerce (Kolonial.no)
(# Cos: 82 | $535M)
Beverages (Slurp)
(# Cos: 24 | $227M)
Alcoholic (Pint Please)
(# Cos: 15 | $226M)
Wine (UrbanWineBox)
(# Cos: 6 | $226M)
Listing and Recommendation
(Vivino)
(# Cos: 2 | $224M)
Vivino
(2010, $224M)
Vinguiden.com
Vivino (2010)
$155M - Series D - Feb 2021

Free Float Electric Kick Scooter Rentals -
Nordics
08
16
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$136M (▲19.4%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$304M
1
-
9
1
Electric Vehicles (Einride)
(# Cos: 190 | $1.1B)
Vehicle as a Service (Cogo)
(# Cos: 31 | $317M)
Kick Scooters (Hopp)
(# Cos: 11 | $304M)
Free Float (Voi)
(# Cos: 9 | $304M)
Voi
(2018, $304M)
Hopp GLYDE
Voi (2018)
$107M - Series C - Dec 2020
Voi (2018)
$29.7M - Series B - Jul 2020

Direct Home Buying - Nordics
09
17
Back to index
Residential Real Estate Tech (Oikotie)
(# Cos: 53 | $153M)
Online Resellers (Kodit.io)
(# Cos: 1 | $122M)
Taxonomy
Tech
Key Stats
Nordics Tech
$117M (▲3381%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$122M
1
-
1
1
Kodit.io
(2017, $122M)
Kodit.io (2017)
$117M - Series B - Oct 2020

Alternative Lending > Online Lenders > Consumer Loans >
Personal Loans > Marketplace > P2P - Nordics
10
18
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$115M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
3
-
7
1
Alternative Lending (Mitigram)
(# Cos: 146 | $2.9B)
Online Lenders (Anyfin)
(# Cos: 91 | $2.9B)
Consumer Loans (Klarna)
(# Cos: 49 | $2.8B)
Personal Loans (Fairlo)
(# Cos: 18 | $118M)
Marketplace (LendLink)
(# Cos: 11 | $117M)
P2P (Lendify Sweden)
(# Cos: 7 | $117M)
Lendify Sweden
(2014, $117M)
LendLink CashMarket
Lendify Sweden (2014)
$115M - Series D - Oct 2020

Tink (2012)
$103M - Series E - Dec 2020
Enfuce (2016)
$8.3M - Series B - Mar 2021
Open Payments (2017)
$3.5M - Seed - Aug 2020
Open Banking Aggregation APIs -
Nordics
11
19
Back to index
Banking Tech (Signicat)
(# Cos: 109 | $781M)
Open Banking (Enfuce)
(# Cos: 13 | $351M)
Aggregation APIs (Tink)
(# Cos: 7 | $337M)
Taxonomy
Tech
Key Stats
Nordics Tech
$115M (▲2.2%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$337M
5
-
7
4
Tink
(2012, $311M)
Enfuce
(2016, $17.9M)
Open Payments
(2017, $4.9M)

Smart Lockers for E-Commerce - Nordics
12
20
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$105M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
2
-
5
1
Logistics Tech (Xeneta)
(# Cos: 256 | $451M)
Ecommerce Logistics (Einride)
(# Cos: 44 | $276M)
Access Point (Instabox)
(# Cos: 6 | $105M)
Locker (SwipBox)
(# Cos: 5 | $105M)
SwipBox Instabox
(2015, $105M)
Posten
Instabox (2015)
$90.0M - Series B - Feb 2021
Instabox (2015)
$15.2M - Series A - Apr 2020

Database as a Service (DBaaS) - Nordics
13
21
Back to index
Database Technology (DbVis Software)
(# Cos: 23 | $160M)
DBaaS (Aiven)
(# Cos: 3 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$100M (▲100%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
1
-
3
1
Aiven
(2016, $151M)
CloudAMQP ElephantSQL
Aiven (2016)
$100M - Series C - Mar 2021

Aiven (2016)
DBaaS - Nordics
14
22
Back to index
PaaS (AppGyver)
(# Cos: 43 | $220M)
Data PaaS (Youcalc)
(# Cos: 5 | $155M)
DBaaS (Aiven)
(# Cos: 2 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$100M (▲100%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
1
-
2
1
Aiven
(2016, $151M)
84codes

Big Data Infrastructure > IaaS - Nordics
15
23
Back to index
Big Data Infrastructure (Starcounter)
(# Cos: 8 | $153M)
IaaS (Aiven)
(# Cos: 1 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$100M (▲100%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
1
-
1
1
Aiven
(2016, $151M)
Aiven (2016)

ICEYE (2014)
$87.0M - Series C - Sep 2020
Satellite Imagery Data for GIS - Nordics
16
24
Back to index
Geographic Information Systems (IndoorAtlas)
(# Cos: 79 | $297M)
Imaging Solutions (Mapillary)
(# Cos: 6 | $177M)
Satellite based (ICEYE)
(# Cos: 1 | $152M)
Taxonomy
Tech
Key Stats
Nordics Tech
$87.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$152M
1
-
1
1
ICEYE
(2014, $152M)

ICEYE (2014)
$87.0M - Series C - Sep 2020
NewSpace > Space Services > Imaging > Satellite
Based - Nordics
17
25
Back to index
NewSpace (AAC Clyde Space)
(# Cos: 21 | $161M)
Space Services (Copenhagen Suborbitals)
(# Cos: 4 | $152M)
Satellite Based (ICEYE)
(# Cos: 1 | $152M)
Taxonomy
Tech
Key Stats
Nordics Tech
$87.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$152M
1
-
1
1
ICEYE
(2014, $152M)

Industrial Process Analytics - Nordics
18
26
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$75.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$83.2M
2
-
6
1
Manufacturing Tech (OnRobot)
(# Cos: 130 | $257M)
Process Control (Invotech)
(# Cos: 9 | $83.4M)
Analytics (CAMO)
(# Cos: 8 | $83.4M)
Production Analysis (Cognite)
(# Cos: 6 | $83.2M)
Cognite
(2016, $75.0M)
CAMO
(1984, $8.2M)
Elisa
Cognite (2016)
$75.0M - Series A - Oct 2020

Cognite (2016)
$75.0M - Series A - Oct 2020
Renewable Energy Tech > Horizontal > Project Feasibility >
Power Plants - Nordics
19
27
Back to index
Renewable Energy Tech (Minesto)
(# Cos: 118 | $439M)
Horizontal (Greenbyte)
(# Cos: 16 | $86.3M)
Power Plants (Cognite)
(# Cos: 1 | $75.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$75.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$75.0M
1
-
1
1
Cognite
(2016, $75.0M)

Cognite (2016)
$75.0M - Series A - Oct 2020
Oil & Gas Tech > Tech for Vertically Integrated
Players > Analytics - Nordics
20
28
Back to index
Oil & Gas Tech (Petroleum Geo Services)
(# Cos: 109 | $255M)
Tech for Vertically Integrated Players (MMT)
(# Cos: 9 | $80.1M)
Analytics (Cognite)
(# Cos: 2 | $75.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$75.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$75.0M
1
-
2
1
Cognite
(2016, $75.0M)
C2FTX

K-12 EdTech > B2B2C Learning Solutions > School Curriculum > Multi
Subject > Activity Based Learning > Virtual Labs - Nordics
21
29
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$69.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
1
1
K-12 EdTech (Kahoot)
(# Cos: 217 | $257M)
B2B2C Learning Solutions (imagiLabs)
(# Cos: 42 | $152M)
School Curriculum (Kognity)
(# Cos: 36 | $151M)
Multi Subject (Lyfta)
(# Cos: 31 | $111M)
Activity Based Learning (Kide Science)
(# Cos: 18 | $104M)
Virtual Labs (Labster)
(# Cos: 1 | $100M)
Labster
(2011, $100M)
Labster (2011)
$60.0M - Series C - Feb 2021
Labster (2011)
$9.0M - Series B - Jun 2020

Home Energy Management System -
Nordics
22
30
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$65.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$78.7M
4
-
6
1
Energy Efficiency Tech (Heliospectra)
(# Cos: 164 | $367M)
Energy Management System (Greenbyte)
(# Cos: 79 | $140M)
Building Automation Systems (Asetek)
(# Cos: 34 | $120M)
HEMS (Tibber)
(# Cos: 6 | $78.7M)
Tibber
(2016, $77.0M)
Viva Smart Home
(2013, $1.7M)
Asema Electronics
Tibber (2016)
$65.0M - Series B - Nov 2020

IQM (2018)
$46.3M - Series A - Nov 2020
IQM (2018)
$17.0M - Series A - Jun 2020
Quantum Computing > Quantum Hardware >
ASICs > Superconducting Qubit - Nordics
23
31
Back to index
Quantum Computing (Quantastica)
(# Cos: 4 | $86.2M)
ASICs (SparrowQuantum)
(# Cos: 2 | $86.2M)
Superconducting Qubit (IQM)
(# Cos: 1 | $84.2M)
Taxonomy
Tech
Key Stats
Nordics Tech
$63.3M (▲387%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$84.2M
1
-
1
1
IQM
(2018, $84.2M)

Business Intelligence > Data Discovery and Visualization > Reporting and
Dashboarding > GUI Based Query > Excel Integrated - Nordics
24
32
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$59.8M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$68.5M
2
-
4
2
Business Intelligence (Crosser)
(# Cos: 108 | $123M)
Data Discovery and Visualization (Activity Stream)
(# Cos: 66 | $73.8M)
Reporting and Dashboarding (Screenful)
(# Cos: 29 | $69.3M)
GUI Based Query (GRID)
(# Cos: 29 | $69.3M)
Excel Integrated (Supermetrics)
(# Cos: 4 | $68.5M)
Supermetrics
(2013, $51.3M)
GRID
(2018, $17.1M)
Stewie
Supermetrics (2013)
$47.2M - Series B - Aug 2020
GRID (2018)
$12.0M - Series A - Aug 2020
GRID (2018)
$623K - Seed - Apr 2020

Minervax (2010)
$57.4M - Series B - Dec 2020
UNION Therapeutics (2013)
$2.2M - Series A - Jun 2020
GlyProVac (2015)
$354K - Seed - Sep 2020
Antibacterial Drugs - Nordics
25
33
Back to index
Infectious Diseases (Mobidiag)
(# Cos: 76 | $940M)
Drugs (UNION Therapeutics)
(# Cos: 46 | $282M)
Bacterial (SNIPR Biome)
(# Cos: 24 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$57.7M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$151M
17
2
24
3
SNIPR Biome
(2015, $52.9M)
UNION Therapeutics
(2013, $25.1M)
Minervax
(2010, $66.9M)

Minervax (2010)
$57.4M - Series B - Dec 2020
Immunotherapy > Vaccine >
Prophylactic - Nordics
26
34
Back to index
Immunotherapy (InDex Pharmaceuticals)
(# Cos: 79 | $729M)
Vaccine (Diamyd Medical)
(# Cos: 27 | $106M)
Prophylactic (Minervax)
(# Cos: 7 | $71.6M)
Taxonomy
Tech
Key Stats
Nordics Tech
$57.4M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$71.6M
6
1
7
1
Minervax
(2010, $66.9M)
Desentum
(2011, $4.7M)
Vactech

Real Money eSports Gaming Platforms -
Nordics
27
35
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$56.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$99.4M
2
-
6
1
eSports (Astralis)
(# Cos: 35 | $4.3B)
eSports Platforms (Epulze)
(# Cos: 15 | $113M)
Competitive Gaming (Challengermode)
(# Cos: 12 | $113M)
Real Money Gaming (G-Loot)
(# Cos: 6 | $99.4M)
G-Loot
(2012, $99.4M)
Epulze Sventertainment
G-Loot (2012)
$56.1M - Series C - Oct 2020

Volue (2020)
$54.0M - Series C - Oct 2020
Construction Project Management
Software - Nordics
28
36
Back to index
Construction Tech (BIMobject)
(# Cos: 176 | $134M)
Project Management (GenieBelt)
(# Cos: 85 | $72.1M)
Suite (Volue)
(# Cos: 16 | $54.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$54.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$54.0M
3
-
16
1
Volue
(2020, $54.0M)
Holte Docia

Volue (2020)
$54.0M - Series C - Oct 2020
Smart Grid > Grid Management >
Diversified - Nordics
29
37
Back to index
Smart Grid (Greenbird)
(# Cos: 67 | $140M)
Grid Management (eSmart Systems)
(# Cos: 22 | $115M)
Diversified (Volue)
(# Cos: 2 | $54.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$54.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$54.0M
2
-
2
1
Volue
(2020, $54.0M)
PowerSense

Varjo (2016)
$54.0M - Series C - Aug 2020
Standalone VR Headsets - Nordics
30
38
Back to index
Virtual Reality (CCP Games)
(# Cos: 137 | $294M)
Display Devices (MovieMask)
(# Cos: 7 | $100M)
Consoles and Standalone (Varjo)
(# Cos: 4 | $100M)
Taxonomy
Tech
Key Stats
Nordics Tech
$54.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
4
1
Varjo
(2016, $100M)
Realmax StarVR

Varjo (2016)
$54.0M - Series C - Aug 2020
Eye Tracking > Applications > Virtual
Reality - Nordics
31
39
Back to index
Eye Tracking (Tobii)
(# Cos: 11 | $179M)
Applications (Smart Eye)
(# Cos: 7 | $104M)
Virtual Reality (Varjo)
(# Cos: 3 | $100M)
Taxonomy
Tech
Key Stats
Nordics Tech
$54.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
3
1
Varjo
(2016, $100M)
SEENXR SEENXR

Supermetrics (2013)
$47.2M - Series B - Aug 2020
Customer Data Platforms - Nordics
32
40
Back to index
MarketingTech (Falcon.io)
(# Cos: 449 | $537M)
Marketing Data Platforms (Funnel)
(# Cos: 16 | $132M)
Customer Data Platforms (Supermetrics)
(# Cos: 10 | $66.8M)
Taxonomy
Tech
Key Stats
Nordics Tech
$47.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$66.8M
7
-
10
1
Supermetrics
(2013, $51.3M)
Lasso
(2014, $2.4M)
Mojn
(2009, $7.0M)

Online Grocery > B2C Ecommerce > Surplus Products >
Packaged Food Products - Nordics
33
41
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$40.9M (▲121%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$81.2M
2
-
2
1
Online Grocery (Kolonial.no)
(# Cos: 115 | $548M)
B2C Ecommerce (Vivino)
(# Cos: 82 | $535M)
Surplus Products (YourLocal)
(# Cos: 5 | $81.2M)
Packaged Food Products
(Matsmart)
(# Cos: 2 | $81.2M)
Matsmart
(2012, $80.0M)
YourLocal
(2015, $1.2M)
Matsmart (2012)
$40.9M - Series D - Mar 2021

Swappie (2016)
$40.6M - Series B - Jun 2020
Used Electronics Consignment Platform -
Nordics
34
42
Back to index
Second Hand Goods (Zadaa)
(# Cos: 67 | $75.3M)
Electronics (Lokalist)
(# Cos: 5 | $48.0M)
Consignment (Swappie)
(# Cos: 1 | $48.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$40.6M (▲625%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$48.0M
1
-
1
1
Swappie
(2016, $48.0M)

Mobile Casual Game Developers -
Nordics
35
43
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$40.1M (▲952%)
7(▲250%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
15
$215M
68
3
226
7
Mobile Gaming (Small Giant Games)
(# Cos: 337 | $656M)
Game Developers (Supercell)
(# Cos: 327 | $636M)
Casual (Rovio)
(# Cos: 257 | $279M)
Multi Genre (MAG Interactive)
(# Cos: 226 | $215M)
MAG Interactive
(2010, $15.6M)
Rovio
(2003, $42.0M)
Small Giant Games
(2013, $52.0M)
metacore (2014)
$17.8M - Series A - Sep 2020
Traplight (2010)
$9.0M - Series B - Jul 2020
Dazzle Rocks (2014)
$6.8M - Series A - May 2020
Reworks (2018)
$4.3M - Series A - Apr 2020
Lightheart (2019)
$1.4M - Seed - Apr 2020
Kavalri Games (2017)
$687K - Seed - Aug 2020
4Good Games (2018)
Undisclosed - Seed - Jun 2020

K-12 EdTech > B2B2C Learning Solutions > School Curriculum
> Math > Online Courses > Adaptive - Nordics
36
44
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$36.2M (▲2552%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$39.9M
3
-
3
0
K-12 EdTech (Kahoot)
(# Cos: 217 | $257M)
B2B2C Learning Solutions (Kide Science)
(# Cos: 42 | $152M)
School Curriculum (Labster)
(# Cos: 36 | $151M)
Math (Kikora)
(# Cos: 5 | $39.9M)
Online Courses (Eduten)
(# Cos: 4 | $39.9M)
Adaptive (Edulab)
(# Cos: 3 | $39.9M)
Edulab
(2006, $39.9M)
Eduten Skillgrower
Edulab (2006)
$36.2M - Series B - Jun 2020

Veterinary HealthTech > Digital Health > Veterinary Services
> Telemedicine - Nordics
37
45
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$35.6M (▲73.3%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$71.2M
1
-
2
1
Veterinary HealthTech (Finnish Net Solutions)
(# Cos: 26 | $71.8M)
Digital Health (Hoofstep)
(# Cos: 7 | $71.4M)
Veterinary Services (VIPE)
(# Cos: 2 | $71.2M)
Telemedicine (FirstVet)
(# Cos: 2 | $71.2M)
FirstVet
(2016, $71.2M)
VIPE
FirstVet (2016)
$35.6M - Series C - Nov 2020

FirstVet (2016)
$35.6M - Series C - Nov 2020
Pet Tech > Service Platforms > Veterinary >
Telemedicine - Nordics
38
46
Back to index
Pet Tech (Ophena)
(# Cos: 38 | $75.0M)
Service Platforms (Tasspass)
(# Cos: 6 | $71.5M)
Telemedicine (FirstVet)
(# Cos: 1 | $71.2M)
Taxonomy
Tech
Key Stats
Nordics Tech
$35.6M (▲73.3%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$71.2M
1
-
1
1
FirstVet
(2016, $71.2M)

Agro Intelligence (2015)
$17.1M - Series A - Oct 2020
Saga Robotics (2016)
$11.3M - Series B - Sep 2020
iFarm (2017)
$4.0M - Series A - Aug 2020
Crop Tech > Autonomous Farming >
Diversified - Nordics
39
47
Back to index
Crop Tech (DLF)
(# Cos: 135 | $168M)
Autonomous Farming (Saga Robotics)
(# Cos: 17 | $35.5M)
Diversified (Agro Intelligence)
(# Cos: 4 | $35.5M)
Taxonomy
Tech
Key Stats
Nordics Tech
$32.4M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$35.5M
3
-
4
1
Agro Intelligence
(2015, $19.2M)
Saga Robotics
(2016, $11.3M)
iFarm
(2017, $5.0M)

B2B E-Commerce > Technology Enablers
> Tools > PIM - Nordics
40
48
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$32.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$58.9M
5
-
5
1
B2B E-Commerce (Tradeshift)
(# Cos: 73 | $867M)
Technology Enablers (Traede)
(# Cos: 22 | $62.1M)
Tools (Baetes)
(# Cos: 5 | $58.9M)
PIM (inRiver)
(# Cos: 5 | $58.9M)
inRiver
(2007, $57.4M)
Baetes Looklet
(2009, $1.5M)
inRiver (2007)
$32.0M - Series C - Nov 2020

Nano Positioning - Nordics
41
49
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$31.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$52.8M
2
-
5
1
Nanotechnology (Sol Voltaics)
(# Cos: 98 | $438M)
Nanotools (Santaris Pharma)
(# Cos: 22 | $160M)
Production Tools (Nanofactory
Instruments)
(# Cos: 6 | $52.8M)
Nano Positioning (NIL Technology)
(# Cos: 5 | $52.8M)
NIL Technology
(2006, $50.7M)
Nanofactory Instruments
(1999, $2.1M)
Silmeco
NIL Technology (2006)
$31.6M - Series B - Feb 2021

Too Good To Go (2016)
$31.1M - Series A - Jan 2021
Food Tech > Food Discovery and Ordering >
Surplus Food - Nordics
42
50
Back to index
Food Tech (Oatly)
(# Cos: 162 | $1.3B)
Food Discovery and Ordering (Wolt)
(# Cos: 59 | $922M)
Surplus Food (ResQ)
(# Cos: 6 | $44.3M)
Taxonomy
Tech
Key Stats
Nordics Tech
$31.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$44.3M
3
-
6
1
ResQ
(2015, $447K)
Too Good To Go
(2016, $42.6M)
YourLocal
(2015, $1.2M)

Hydrogen Fueling - Nordics
43
51
Back to index
Energy Storage Tech (Northvolt)
(# Cos: 144 | $2.1B)
Hydrogen Refueling (Everfuel)
(# Cos: 15 | $79.6M)
Taxonomy
Tech
Key Stats
Nordics Tech
$31.0M (▲302%)
4(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$79.6M
12
2
15
0
Everfuel
(2019, $38.7M)
Nel Hydrogen GreenHydrogen
(2007, $34.5M)
Everfuel (2019)
$31.0M - Series B - Oct 2020
GreenHydrogen (2007)
$24.4M - Series B - Jun 2020
Hystar (2020)
$5.9M - Series A - Mar 2021
Hymeth (2016)
$402K - Seed - Sep 2020

Robot Grippers - Nordics
44
52
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$30.8M (▲6.5%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$127M
1
-
3
1
Industrial Robotics (Visual Components)
(# Cos: 51 | $135M)
Manufacturing (Universal Robots)
(# Cos: 22 | $133M)
Material Handling (Purple Robotics)
(# Cos: 10 | $127M)
Grippers (OnRobot)
(# Cos: 3 | $127M)
OnRobot
(2015, $127M)
Purple Robotics The Human Touch Robotics
OnRobot (2015)
$30.8M - Series C - Dec 2020

Robotics in Manufacturing - Nordics
45
53
Back to index
Manufacturing Tech (SKF)
(# Cos: 130 | $257M)
Robotics (OnRobot)
(# Cos: 22 | $133M)
Taxonomy
Tech
Key Stats
Nordics Tech
$30.8M (▲6.5%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$133M
7
-
22
1
OnRobot
(2015, $127M)
Universal Robots
(2005, $1.8M)
Robotic Drilling Systems
(2005, $2.6M)
OnRobot (2015)
$30.8M - Series C - Dec 2020

GreenHydrogen (2007)
$24.4M - Series B - Jun 2020
Hystar (2020)
$5.9M - Series A - Mar 2021
Hymeth (2016)
$402K - Seed - Sep 2020
Hydrogen Production - Nordics
46
54
Back to index
Energy Storage Tech (Northvolt)
(# Cos: 144 | $2.1B)
Hydrogen Refueling (Everfuel)
(# Cos: 15 | $79.6M)
Hydrogen Generation (Nel Hydrogen)
(# Cos: 7 | $40.9M)
Taxonomy
Tech
Key Stats
Nordics Tech
$30.7M (▲572%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$40.9M
6
1
7
0
Nel Hydrogen GreenHydrogen
(2007, $34.5M)
Hymeth
(2016, $402K)

Podcast Networks - Nordics
47
55
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$30.5M (▲323%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$37.7M
2
-
4
1
Radio Tech (WARM)
(# Cos: 31 | $2.2B)
Internet Radio & Podcast (Acast)
(# Cos: 29 | $2.2B)
Streaming (Spotify)
(# Cos: 21 | $2.1B)
Podcast (Podkicker)
(# Cos: 7 | $37.7M)
Network (Podimo)
(# Cos: 4 | $37.7M)
Podimo
(2019, $37.7M)
Heartbeats PodMe
Podimo (2019)
$17.0M - Series A - May 2020
Podimo (2019)
$13.5M - Series A - Feb 2021

LogPoint (2001)
$30.0M - Series B - Sep 2020
Security Incident and Event
Management (SIEM) - Nordics
48
56
Back to index
Cybersecurity (F Secure)
(# Cos: 276 | $352M)
Security Analytics (Unomaly)
(# Cos: 17 | $80.2M)
SIEM (LogPoint)
(# Cos: 3 | $48.6M)
Taxonomy
Tech
Key Stats
Nordics Tech
$30.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$48.6M
1
-
3
1
LogPoint
(2001, $48.6M)
ISecure LOGTITAN

LogPoint (2001)
$30.0M - Series B - Sep 2020
Log Management - Nordics
49
57
Back to index
IT Operations (Snow Software)
(# Cos: 68 | $304M)
ITOM (LogPoint)
(# Cos: 43 | $143M)
Log Management (Humio)
(# Cos: 2 | $80.6M)
Taxonomy
Tech
Key Stats
Nordics Tech
$30.0M (▲50%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$80.6M
2
-
2
1
Humio
(2016, $32.0M)
LogPoint
(2001, $48.6M)

Backup and Disaster Recovery - Nordics
50
58
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$30.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$31.9M
2
-
4
1
IT Operations (Humio)
(# Cos: 68 | $304M)
ITSM (Snow Software)
(# Cos: 24 | $160M)
Continuity Management (Cloudfinder)
(# Cos: 5 | $31.9M)
Backup and Disaster Recovery
(Keepit)
(# Cos: 4 | $31.9M)
Keepit
(2002, $30.6M)
Cloudfinder
(2012, $1.3M)
FrontSafe
Keepit (2002)
$30.0M - Series A - Sep 2020

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