Tracxn - Nordics Tech - Top Business Models - Jul 2021

TRACXN TOP BUSINESS MODELS REPORT
July 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
Energy Storage Tech $3.6B
Alternative Lending $2.4B
Electric Vehicles $936M
Food Tech $863M
Music Tech $487M
Healthcare Booking Platforms $385M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Almi Invest
Antler
Y Combinator
12
8
7
Early
Stage
EQT Ventures
Industrifonden
Seed Capital
9
6
4
Late
Stage
Creandum
Kinnevik
Sequoia Capital
5
4
3
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Northvolt
(2015, )
$2.8B - Series D
Klarna
(2005, )
$1.0B - Series H
Klarna
(2005, )
$650M - Series G
Klarna
(2005, )
$639M - Series H
Northvolt
(2015, )
$600M - Series C
Polestar
(1996, )
$550M - Series D
Wolt
(2014, )
$536M - Series E
Epidemic Sound
(2009, )
$450M - Series D
KRY
(2014, )
$317M - Series D
Oda
(2013, )
$265M - Series C
Kolonial.no
(2013, )
$265M - Series C
Oatly
(1997, )
$200M - Series C
Stockholm (58%)
Copenhagen (9%)
Helsinki (8%)
Oslo (6%)
Gothenburg (5%)
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▲93 Lithium Ion Batteries $3.4B 2 Northvolt | $2.8B | Series D Link
2<> 0 Internet First Point of Sale Financing $2.3B 5 Klarna | $1.0B | Series H Link
3<> 0 Retail Stores Shopper Purchase Financing $2.3B 5 Klarna | $1.0B | Series H Link
4-- Electric Cars $550M 1 Polestar | $550M | Series D Link
5▲4 Food Ordering Platforms $544M 2 Wolt | $536M | Series E Link
6▲120 Music Licensing Marketplace $450M 1 Epidemic Sound | $450M | Series D Link
7▲11 Drugs for Multiple Cancer Types $259M 6 IO Biotech | $155M | Series B Link
8-- Oil and Gas Analytics Software $225M 2 Cognite | $150M | Series B Link
9▲136 Plant Based Seafood Substitutes $200M 1 Oatly | $200M | Series C Link
10<> 0 Open Banking Aggregation APIs $163M 4 Tink | $103M | 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-- Wine Listing and Recommendation Platforms $155M 1 Vivino | $155M | Series D Link
12▼1 Free Float Electric Kick Scooters Rentals $136M 2 Voi | $107M | Series C Link
13▼1 Free Float Electric Kick Scooter Rental $136M 2 Voi | $107M | Series C Link
14▲16 Autonomous Trucks $120M 2 Einride | $110M | Series B Link
15▲16 Self Driving Trucks $120M 2 Einride | $110M | Series B Link
16▲16 Self-Driving Ecommerce Delivery Vehicles $120M 2 Einride | $110M | Series B Link
17-- iBuying Platforms $117M 1 Kodit.io | $117M | Series B Link
18-- Internet First P2P Personal Loans $115M 1 Lendify Sweden | $115M | Series D Link
19▲7 Sleep Management Devices $105M 2 Oura | $100M | Series C Link
20▼1 Database as a Service (DBaaS) $100M 1 Aiven | $100M | Series C Link

6
21▼1 Infrastrucute as a Service for Big Data $100M 1 Aiven | $100M | Series C Link
22▲23 Smart Lockers $90.0M 1 Instabox | $90.0M | Series B Link
23-- Satellite Imaging $87.0M 1 ICEYE | $87.0M | Series C Link
24-- Satellite Based Imaging Services $87.0M 1 ICEYE | $87.0M | Series C Link
25-- Home Energy Management System $65.0M 1 Tibber | $65.0M | Series B Link
26▲12
Online B2C Packaged Surplus Food Products
Delivery
$64.1M 2 Matsmart | $40.9M | Series D Link
27▲38 Last Mile Ecommerce Delivery $63.3M 1 Budbee | $63.3M | Series C Link
28-- Real Money eSports Gaming Platforms $62.7M 2 G-Loot | $56.1M | Series C Link
29▲34 Collaborative Learning $62.1M 2 eloomi | $55.0M | Series B Link
30▲202 Pan-Cancer Drugs $62.0M 2 ADCendo | $62.0M | Series A Link

7
31-- Fitness Center Management Softwares $60.9M 1 Lenus eHealth | $60.9M | Series A Link
32▼3 Template Management $60.0M 1 Templafy | $60.0M | Series D Link
33▲43 Virtual School Laboratories $60.0M 1 Labster | $60.0M | Series C Link
34-- Anti Bacterial Drugs $57.7M 2 Minervax | $57.4M | Series B Link
35-- Construction Project Management Software $54.0M 1 Volue | $54.0M | Series C Link
36-- Grid Management Solutions $54.0M 1 Volue | $54.0M | Series C Link
37-- Eye Tracking for VR $54.0M 1 Varjo | $54.0M | Series C Link
38-- Sustainable Recirculating Aquaculture Systems $49.3M 2 Proximar Sea.. | $49.3M | Series C Link
39-- Customer Data Platforms $48.0M 2 Supermetrics | $47.2M | Series B Link
40▼5 Online Fashion Retailer $47.9M 2 NA-KD | $47.9M | Series C Link

8
41▼28 Internet First Banks with Partner Bank's License $47.3M 1 Lunar | $47.3M | Series C Link
42▼20 Superconducting Qubit $46.3M 1 IQM | $46.3M | Series A Link
43-- Aesthetic Medicines $45.0M 2 CytoKi Pharma | $45.0M | Series A Link
44-- Wound Healing Drugs $45.0M 1 CytoKi Pharma | $45.0M | Series A Link
45▲62 Drugs For Multiple Diseases $45.0M 1 CytoKi Pharma | $45.0M | Series A Link
46▲49 Contract Lifecycle Management $42.8M 4 Contractbook | $30.0M | Series B Link
47▲13 Mobile Casual Game Developers $38.7M 6 metacore | $17.8M | Series A Link
48-- EV Charging Station Management Software $36.8M 2 Virta | $36.0M | Series C Link
49▼13 Pet Telemedicine Platforms $35.6M 1 FirstVet | $35.6M | Series C Link
50▼25 Life Sciences Research Services $34.5M 5 Unibio | $15.0M | Series D Link

Recent Funding Rounds
Lithium Ion Batteries - Nordics
01
9
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$3.4B (▲ >10K%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$4.4B
2
-
7
1
Energy Storage Tech (Everfuel)
(# Cos: 148 | $4.9B)
Battery (Altris)
(# Cos: 22 | $4.4B)
Secondary Battery (BroadBit)
(# Cos: 9 | $4.4B)
Lithium Ion (Northvolt)
(# Cos: 7 | $4.4B)
Northvolt
(2015, $4.4B)
ZEM European Batteries
(2003, $15.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Northvolt (2015)
$2.8B - Series D - Jun 2021
Northvolt (2015)
$600M - Series C - Sep 2020

Internet First Point of Sale Financing -
Nordics
02
10
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$2.3B (▲249%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.3B
2
-
5
1
Alternative Lending (Aprila Bank)
(# Cos: 160 | $3.6B)
Online Lenders (Mitigram)
(# Cos: 98 | $3.6B)
Consumer Loans (Anyfin)
(# Cos: 52 | $3.5B)
Point of Sale Financing (ViaBill)
(# Cos: 10 | $3.3B)
Direct Lender (Klarna)
(# Cos: 5 | $3.3B)
Klarna
(2005, $3.3B)
Mash Paylevo
Klarna (2005)
$1.0B - Series H - Mar 2021
Klarna (2005)
$650M - Series G - Sep 2020
Klarna (2005)
$639M - Series H - Jun 2021
Klarna (2005)
$14.5M - Series H - Mar 2021
Klarna (2005)
Undisclosed - Series G - Oct 2020

Klarna (2005)
$1.0B - Series H - Mar 2021
Klarna (2005)
$650M - Series G - Sep 2020
Klarna (2005)
$639M - Series H - Jun 2021
Klarna (2005)
$14.5M - Series H - Mar 2021
Klarna (2005)
Undisclosed - Series G - Oct 2020
Retail Stores Shopper Purchase
Financing - Nordics
03
11
Back to index
In Store Retail Tech (RELEX)
(# Cos: 98 | $4.0B)
Payments (ITAB)
(# Cos: 19 | $3.3B)
Shopper (Klarna)
(# Cos: 1 | $3.3B)
Taxonomy
Tech
Key Stats
Nordics Tech
$2.3B (▲249%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.3B
1
-
1
1
Klarna
(2005, $3.3B)

Polestar (1996)
$550M - Series D - Apr 2021
Electric Cars - Nordics
04
12
Back to index
Electric Vehicles (Voi)
(# Cos: 207 | $1.9B)
Automaker (Einride)
(# Cos: 74 | $1.5B)
Cars (NEVS)
(# Cos: 7 | $1.2B)
Taxonomy
Tech
Key Stats
Nordics Tech
$550M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$1.2B
5
-
7
0
NEVS
(2012, $500M)
Uniti
(2016, $2.6M)
Polestar
(1996, $550M)

Food Ordering Platforms - Nordics
05
13
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$544M (▲395%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$860M
6
-
13
1
Food Tech (Oatly)
(# Cos: 175 | $1.3B)
Food Discovery and Ordering (Too Good To Go)
(# Cos: 63 | $922M)
Restaurant Aggregator (Hungry Group)
(# Cos: 21 | $873M)
Platform Delivered (Wolt)
(# Cos: 13 | $860M)
Wolt
(2014, $860M)
Pizza-online Godsmak.se
Wolt (2014)
$536M - Series E - Jan 2021
Wolt (2014)
$8.8M - Angel - Oct 2020

Music Licensing Marketplace - Nordics
06
14
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$450M (▲9900%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$482M
3
-
3
2
Music Tech (Spotify)
(# Cos: 157 | $2.7B)
Music Artist IT (Soundtrap)
(# Cos: 65 | $551M)
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

IO Biotech (2014)
$155M - Series B - Jan 2021
Adcendo (2017)
$61.6M - Series A - Apr 2021
Scandion Oncology (2016)
$27.2M - Series B - Nov 2020
Oblique Therapeutics (2015)
$11.4M - Series A - Nov 2020
Axelar (2003)
$3.8M - Seed - Nov 2020
Ankrin Therapeutics (2016)
$169K - Seed - Sep 2020
Drugs for Multiple Cancer Types -
Nordics
07
15
Back to index
Oncology (Alligator Bioscience)
(# Cos: 155 | $1.7B)
Drugs (Oncology Venture)
(# Cos: 97 | $1.6B)
Diversified (Symphogen)
(# Cos: 76 | $1.4B)
Taxonomy
Tech
Key Stats
Nordics Tech
$259M (▲537%)
6(▲20%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$1.4B
58
17
76
5
Symphogen
(2000, $539M)
Oncology Venture
(2012, $532K)
Alligator Bioscience
(2001, $10.0M)

Cognite (2016)
$150M - Series B - May 2021
Cognite (2016)
$75.0M - Series A - Oct 2020
Oil and Gas Analytics Software - Nordics
08
16
Back to index
Oil & Gas Tech (Petroleum Geo Services)
(# Cos: 111 | $403M)
Tech for Vertically Integrated Players (MMT)
(# Cos: 9 | $230M)
Analytics (Cognite)
(# Cos: 2 | $225M)
Taxonomy
Tech
Key Stats
Nordics Tech
$225M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$225M
1
-
2
1
Cognite
(2016, $225M)
C2FTX

Plant Based Seafood Substitutes -
Nordics
09
17
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$200M (▲5452%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$236M
2
1
2
0
Food Tech (Wolt)
(# Cos: 175 | $1.3B)
Novel Foods (Solar Foods)
(# Cos: 9 | $290M)
Food Products (EntoCube)
(# Cos: 6 | $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

Tink (2012)
$103M - Series D - Dec 2020
Tink (2012)
$47.9M - Series D - Apr 2021
Enfuce (2016)
$8.3M - Series B - Mar 2021
Open Payments (2017)
$3.5M - Seed - Aug 2020
Open Banking Aggregation APIs -
Nordics
10
18
Back to index
Banking Tech (Signicat)
(# Cos: 118 | $824M)
Open Banking (Enfuce)
(# Cos: 15 | $399M)
Aggregation APIs (Tink)
(# Cos: 7 | $384M)
Taxonomy
Tech
Key Stats
Nordics Tech
$163M (▲63.1%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$384M
5
-
7
3
Tink
(2012, $359M)
Enfuce
(2016, $17.9M)
Open Payments
(2017, $4.9M)

Wine Listing and Recommendation
Platforms - Nordics
11
19
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: 118 | $1.2B)
B2C Ecommerce (Kolonial.no)
(# Cos: 84 | $1.2B)
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 Scooters Rentals -
Nordics
12
20
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$136M (▲60.4%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$304M
1
-
10
1
Road Transport Tech (Confidex)
(# Cos: 264 | $415M)
Self Drive Rentals (Donkey Republic)
(# Cos: 75 | $331M)
Electric Kick Scooters (Hopp)
(# Cos: 16 | $304M)
Own Fleet (Ryde Technology)
(# Cos: 15 | $304M)
Free Float (Voi)
(# Cos: 10 | $304M)
Voi
(2018, $304M)
Ryde Technology RideHoop
Voi (2018)
$107M - Series C - Dec 2020
Voi (2018)
$29.7M - Series B - Jul 2020

Free Float Electric Kick Scooter Rental -
Nordics
13
21
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$136M (▲60.4%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$304M
1
-
12
1
Electric Vehicles (Einride)
(# Cos: 207 | $1.9B)
Vehicle as a Service (Cogo)
(# Cos: 35 | $317M)
Kick Scooters (Ryde Technology)
(# Cos: 14 | $304M)
Free Float (Voi)
(# Cos: 12 | $304M)
Voi
(2018, $304M)
Ryde Technology Hopp
Voi (2018)
$107M - Series C - Dec 2020
Voi (2018)
$29.7M - Series B - Jul 2020

Autonomous Trucks - Nordics
14
22
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$120M (▲380%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
(# Cos: 207 | $1.9B)
Automaker (CAKE)
(# Cos: 74 | $1.5B)
Commercial Vehicles (Velove Bikes)
(# Cos: 17 | $185M)
Trucks (Volta Trucks)
(# Cos: 2 | $180M)
Autonomous (Einride)
(# Cos: 1 | $160M)
Einride
(2016, $160M)
Einride (2016)
Einride (2016)
$10.0M - Series A - Oct 2020

Einride (2016)
Einride (2016)
$10.0M - Series A - Oct 2020
Self Driving Trucks - Nordics
15
23
Back to index
Autonomous Vehicles (Imagimob)
(# Cos: 22 | $180M)
Self Driving Technology (Sensible 4)
(# Cos: 4 | $167M)
Trucks (Einride)
(# Cos: 1 | $160M)
Taxonomy
Tech
Key Stats
Nordics Tech
$120M (▲380%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Einride
(2016, $160M)

Self-Driving Ecommerce Delivery
Vehicles - Nordics
16
24
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$120M (▲380%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Logistics Tech (Xeneta)
(# Cos: 276 | $601M)
Ecommerce Logistics (Budbee)
(# Cos: 45 | $386M)
Autonomous Delivery (Globhe)
(# Cos: 2 | $160M)
Self-Driving Delivery Vehicles
(Einride)
(# Cos: 1 | $160M)
Einride
(2016, $160M)
Einride (2016)
Einride (2016)
$10.0M - Series A - Oct 2020

iBuying Platforms - Nordics
17
25
Back to index
Residential Real Estate Tech (Hemnet)
(# Cos: 54 | $153M)
Online Resellers (Kodit.io)
(# Cos: 1 | $122M)
Taxonomy
Tech
Key Stats
Nordics Tech
$117M ( -- )
1( -- )
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

Internet First P2P Personal Loans -
Nordics
18
26
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$115M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$117M
3
-
7
0
Alternative Lending (Mitigram)
(# Cos: 160 | $3.6B)
Online Lenders (Anyfin)
(# Cos: 98 | $3.6B)
Consumer Loans (Klarna)
(# Cos: 52 | $3.5B)
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

Sleep Management Devices - Nordics
19
27
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$105M (▲275%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$162M
6
-
11
1
Fitness & Wellness Tech (Endomondo)
(# Cos: 293 | $280M)
Mind & Body Wellness (Flow Neuroscience)
(# Cos: 65 | $168M)
Sleep Management (Learning To Sleep)
(# Cos: 23 | $165M)
Devices (Oura)
(# Cos: 11 | $162M)
Oura
(2013, $148M)
Beddit
(2007, $8.0M)
Nox Medical
Oura (2013)
$100M - Series C - May 2021
Nukute (2015)
$4.9M - Series A - Feb 2021

Database as a Service (DBaaS) - Nordics
20
28
Back to index
Database Technology (DbVis Software)
(# Cos: 23 | $160M)
DBaaS (Aiven)
(# Cos: 3 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$100M (▲150%)
1( <> 0% )
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

Infrastrucute as a Service for Big Data -
Nordics
21
29
Back to index
Big Data Infrastructure (Starcounter)
(# Cos: 9 | $153M)
IaaS (Aiven)
(# Cos: 1 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$100M (▲150%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
1
-
1
1
Aiven
(2016, $151M)
Aiven (2016)
$100M - Series C - Mar 2021

Smart Lockers - Nordics
22
30
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$90.0M (▲492%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
2
-
5
1
Logistics Tech (Einride)
(# Cos: 276 | $601M)
Ecommerce Logistics (Budbee)
(# Cos: 45 | $386M)
Access Point (Instabox)
(# Cos: 6 | $105M)
Locker (Posten)
(# Cos: 5 | $105M)
Posten Instabox
(2015, $105M)
SwipBox
Instabox (2015)
$90.0M - Series B - Feb 2021

ICEYE (2014)
$87.0M - Series C - Sep 2020
Satellite Imaging - Nordics
23
31
Back to index
Geographic Information Systems (Quuppa)
(# Cos: 106 | $297M)
Imaging Solutions (Mapillary)
(# Cos: 9 | $177M)
Satellite based (ICEYE)
(# Cos: 2 | $152M)
Taxonomy
Tech
Key Stats
Nordics Tech
$87.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$152M
1
-
2
1
ICEYE
(2014, $152M)
ClearSky Vision

ICEYE (2014)
$87.0M - Series C - Sep 2020
Satellite Based Imaging Services -
Nordics
24
32
Back to index
NewSpace (AAC Clyde Space)
(# Cos: 23 | $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)

Home Energy Management System -
Nordics
25
33
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$65.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$78.7M
4
-
7
1
Energy Efficiency Tech (Heliospectra)
(# Cos: 172 | $454M)
Energy Management System (Greenbyte)
(# Cos: 83 | $140M)
Building Automation Systems (Asetek)
(# Cos: 38 | $120M)
HEMS (Tibber)
(# Cos: 7 | $78.7M)
Tibber
(2016, $77.0M)
Viva Smart Home
(2013, $1.7M)
True Energy
Tibber (2016)
$65.0M - Series B - Nov 2020

Online B2C Packaged Surplus Food
Products Delivery - Nordics
26
34
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$64.1M (▲246%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
3
-
3
2
Online Grocery (Vivino)
(# Cos: 118 | $1.2B)
B2C Ecommerce (Kolonial.no)
(# Cos: 84 | $1.2B)
Surplus Products (YourLocal)
(# Cos: 6 | $105M)
Packaged Food Products
(Matsmart)
(# Cos: 3 | $105M)
Matsmart
(2012, $80.0M)
YourLocal
(2015, $1.2M)
Fiksua ruoka
(2016, $23.2M)
Matsmart (2012)
$40.9M - Series D - Mar 2021
Fiksua ruoka (2016)
$23.2M - Series B - May 2021

Budbee (2015)
$63.3M - Series C - Jan 2021
Last Mile Ecommerce Delivery - Nordics
27
35
Back to index
Logistics Tech (Xeneta)
(# Cos: 276 | $601M)
Ecommerce Logistics (Einride)
(# Cos: 45 | $386M)
Last Mile (Budbee)
(# Cos: 7 | $112M)
Taxonomy
Tech
Key Stats
Nordics Tech
$63.3M (▲476%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$112M
2
-
7
1
Budbee
(2015, $112M)
DAO Triwer

Real Money eSports Gaming Platforms -
Nordics
28
36
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$62.7M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$106M
2
-
6
1
eSports (Critical Force)
(# Cos: 39 | $4.3B)
eSports Platforms (Epulze)
(# Cos: 16 | $120M)
Competitive Gaming (Challengermode)
(# Cos: 13 | $120M)
Real Money Gaming (G-Loot)
(# Cos: 6 | $106M)
G-Loot
(2012, $99.4M)
Epulze
(2015, $6.5M)
Sventertainment
G-Loot (2012)
$56.1M - Series C - Oct 2020
Epulze (2015)
$6.5M - Series A - Apr 2021

eloomi (2015)
$55.0M - Series B - Jun 2021
eloomi (2015)
$7.1M - Series A - Oct 2020
Collaborative Learning - Nordics
29
37
Back to index
HRTech (Peakon)
(# Cos: 536 | $694M)
LMS (Kahoot)
(# Cos: 72 | $193M)
Collaborative Learning (eloomi)
(# Cos: 9 | $78.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$62.1M (▲451%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$78.0M
2
-
9
1
eloomi
(2015, $78.0M)
Sparkwork UQualio

ADCendo (2017)
$62.0M - Series A - Apr 2021
APIM Therapeutics (2009)
Undisclosed - Series A - May 2021
Pan-Cancer Drugs - Nordics
30
38
Back to index
Oncology (Oncology Venture)
(# Cos: 155 | $1.7B)
Drugs (Symphogen)
(# Cos: 97 | $1.6B)
Pan Cancer (ADCendo)
(# Cos: 12 | $131M)
Taxonomy
Tech
Key Stats
Nordics Tech
$62.0M (▲4076%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$131M
10
1
12
2
ADCendo
(2017, $63.5M)
EpiTherapeutics
(2008, $23.0M)
STipe Therapeutics
(2018, $23.4M)

Fitness Center Management Softwares -
Nordics
31
39
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$60.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$63.9M
5
-
10
1
Fitness & Wellness Tech (Oura)
(# Cos: 293 | $280M)
Tools for Fitness Professionals (Physiotools)
(# Cos: 33 | $63.9M)
Fitness Centers (Vint)
(# Cos: 15 | $63.9M)
Suite (Lenus eHealth)
(# Cos: 10 | $63.9M)
Lenus eHealth
(2016, $60.9M)
Vint
(2013, $1.8M)
Athliit
Lenus eHealth (2016)
$60.9M - Series A - Jun 2021

Templafy (2014)
$60.0M - Series D - Jun 2021
Template Management - Nordics
32
40
Back to index
Enterprise Information Management (Digizuite)
(# Cos: 56 | $187M)
Enterprise Content Management (Xait)
(# Cos: 30 | $162M)
Template Management (Templafy)
(# Cos: 2 | $147M)
Taxonomy
Tech
Key Stats
Nordics Tech
$60.0M (▲129%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$147M
1
-
2
1
Templafy
(2014, $147M)
DIBkunnskap

Virtual School Laboratories - Nordics
33
41
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$60.0M (▲567%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
1
1
K-12 EdTech (Kahoot)
(# Cos: 230 | $283M)
B2B2C Learning Solutions (Ugglo)
(# Cos: 42 | $172M)
School Curriculum (Lyfta)
(# Cos: 36 | $171M)
Multi Subject (Kognity)
(# Cos: 31 | $131M)
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

Minervax (2010)
$57.4M - Series B - Dec 2020
GlyProVac (2015)
$354K - Seed - Sep 2020
Anti Bacterial Drugs - Nordics
34
42
Back to index
Infectious Diseases (Mobidiag)
(# Cos: 79 | $940M)
Drugs (Bavarian Nordic)
(# Cos: 49 | $282M)
Bacterial (SNIPR Biome)
(# Cos: 24 | $151M)
Taxonomy
Tech
Key Stats
Nordics Tech
$57.7M ( -- )
2( -- )
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)

Volue (2020)
$54.0M - Series C - Oct 2020
Construction Project Management
Software - Nordics
35
43
Back to index
Construction Tech (BIMobject)
(# Cos: 200 | $135M)
Project Management (Infobric)
(# Cos: 102 | $73.2M)
Suite (Volue)
(# Cos: 24 | $54.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$54.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$54.0M
3
-
24
1
Volue
(2020, $54.0M)
Holte Bygglet

Volue (2020)
$54.0M - Series C - Oct 2020
Grid Management Solutions - Nordics
36
44
Back to index
Smart Grid (Greenbird)
(# Cos: 67 | $137M)
Grid Management (eSmart Systems)
(# Cos: 22 | $113M)
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
Eye Tracking for VR - Nordics
37
45
Back to index
Eye Tracking (Tobii)
(# Cos: 12 | $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

Proximar Seafood (2015)
$49.3M - Series C - Jan 2021
Ecofisk (2018)
Undisclosed - Seed - Nov 2020
Sustainable Recirculating Aquaculture
Systems - Nordics
38
46
Back to index
Aquaculture Tech (Swedish Algae Factory)
(# Cos: 59 | $72.3M)
Sustainable Farming (Nordic Aquafarms)
(# Cos: 7 | $49.3M)
Recirculating Aquaculture Systems
(RAS) (Proximar Seafood)
(# Cos: 5 | $49.3M)
Taxonomy
Tech
Key Stats
Nordics Tech
$49.3M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$49.3M
2
-
5
0
Proximar Seafood
(2015, $49.3M)
Nordic Aquafarms Ecofisk

Supermetrics (2013)
$47.2M - Series B - Aug 2020
Custimy (2020)
$801K - Seed - Jun 2021
Customer Data Platforms - Nordics
39
47
Back to index
MarketingTech (Falcon.io)
(# Cos: 503 | $552M)
Marketing Data Platforms (Funnel)
(# Cos: 18 | $135M)
Customer Data Platforms (Supermetrics)
(# Cos: 11 | $70.4M)
Taxonomy
Tech
Key Stats
Nordics Tech
$48.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$70.4M
9
-
11
1
Supermetrics
(2013, $51.3M)
Lasso
(2014, $2.4M)
Mojn
(2009, $7.0M)

Online Fashion Retailer - Nordics
40
48
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$47.9M (▲112%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$168M
10
1
38
1
Fashion Tech (Re:newcell)
(# Cos: 319 | $499M)
B2C Commerce (Oura)
(# Cos: 291 | $465M)
Multi Category (Zadaa)
(# Cos: 105 | $209M)
Inventory-led (BRANTU)
(# Cos: 43 | $175M)
Retailer (NA-KD)
(# Cos: 42 | $175M)
Multi-brand (Boozt.com)
(# Cos: 38 | $168M)
Boozt.com
(2006, $29.7M)
NA-KD
(2015, $137M)
BRANTU
(2016, $1.2M)
NA-KD (2015)
$47.9M - Series C - Apr 2021
BRANTU (2016)
Undisclosed - Series A - Nov 2020

Internet First Banks with Partner Bank's
License - Nordics
41
49
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$47.3M (▼8.6%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$122M
1
-
2
1
Banking Tech (Tink)
(# Cos: 118 | $824M)
Internet First Banks (Sbanken)
(# Cos: 27 | $300M)
Through Bank Partnerships (Holvi)
(# Cos: 14 | $180M)
Diversified (Lunar)
(# Cos: 2 | $122M)
Lunar
(2015, $122M)
Okapi Finance Internat..
Lunar (2015)
$47.3M - Series C - Oct 2020

IQM (2018)
$46.3M - Series A - Nov 2020
Superconducting Qubit - Nordics
42
50
Back to index
Quantum Computing (Quantastica)
(# Cos: 5 | $86.2M)
ASICs (SparrowQuantum)
(# Cos: 2 | $86.2M)
Superconducting Qubit (IQM)
(# Cos: 1 | $84.2M)
Taxonomy
Tech
Key Stats
Nordics Tech
$46.3M (▲54%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$84.2M
1
-
1
1
IQM
(2018, $84.2M)

CytoKi Pharma (2019)
$45.0M - Series A - May 2021
LEO Pharma (1908)
Undisclosed - PE - Mar 2021
Aesthetic Medicines - Nordics
43
51
Back to index
Dermatology (SciBase)
(# Cos: 33 | $120M)
Drugs (UNION Therapeutics)
(# Cos: 15 | $79.1M)
Aesthetics (LEO Pharma)
(# Cos: 9 | $54.0M)
Taxonomy
Tech
Key Stats
Nordics Tech
$45.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$54.0M
9
-
9
1
LEO Pharma Lipidor Cytovation
(2001, $3.6M)

Wound Healing Drugs - Nordics
44
52
Back to index
Wound Care (Molnlycke Health Care)
(# Cos: 25 | $128M)
Drugs (Ilya Pharma)
(# Cos: 12 | $50.6M)
Taxonomy
Tech
Key Stats
Nordics Tech
$45.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.6M
10
2
12
2
Ilya Pharma
(2016, $3.5M)
CytoKi Pharma
(2019, $45.0M)
Amniotics
(2015, $2.1M)
$45.0M - Series A - May 2021

Drugs For Multiple Diseases - Nordics
45
53
Back to index
Diversified Pharmaceuticals (Alvotech)
(# Cos: 44 | $389M)
Drugs (Zealand Pharma)
(# Cos: 44 | $389M)
Taxonomy
Tech
Key Stats
Nordics Tech
$45.0M (▲702%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$389M
34
12
44
4
Zealand Pharma Alvotech
(2013, $150M)
Saniona
$45.0M - Series A - May 2021

Contractbook (2015)
$30.0M - Series B - May 2021
Contractbook (2015)
$9.4M - Series A - Dec 2020
Precisely (2014)
$2.2M - Seed - Jan 2021
ContractZen (2014)
$1.2M - Seed - Jun 2021
Contract Lifecycle Management -
Nordics
46
54
Back to index
Legal Tech (TrademarkNow)
(# Cos: 76 | $109M)
Legal Contract Management (Scrive)
(# Cos: 24 | $66.1M)
Contract Lifecycle Management
(Contractbook)
(# Cos: 11 | $53.7M)
Taxonomy
Tech
Key Stats
Nordics Tech
$42.8M (▲583%)
4(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$53.7M
4
-
11
4
Contractbook
(2015, $43.6M)
Precisely
(2014, $2.2M)
Oneflow
(2012, $6.7M)

Mobile Casual Game Developers -
Nordics
47
55
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$38.7M (▲208%)
6(▲20%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
15
$226M
71
3
229
9
Mobile Gaming (CCP Games)
(# Cos: 344 | $671M)
Game Developers (Supercell)
(# Cos: 333 | $651M)
Casual (Small Giant Games)
(# Cos: 262 | $292M)
Multi Genre (MAG Interactive)
(# Cos: 229 | $226M)
MAG Interactive
(2010, $15.6M)
Small Giant Games
(2013, $52.0M)
Traplight
(2010, $13.6M)
metacore (2014)
$17.8M - Series A - Sep 2020
Traplight (2010)
$9.0M - Series B - Jul 2020
Lightheart (2019)
FRVR (2014)
$2.6M - Seed - May 2021
Boom (2020)
$1.8M - Seed - Jun 2021
Kavalri Games (2017)
$687K - Seed - Aug 2020

EV Charging Station Management
Software - Nordics
48
56
Back to index
Taxonomy
Tech
Key Stats
Nordics Tech
$36.8M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$39.2M
5
-
7
2
(# Cos: 207 | $1.9B)
Charging Solutions (Ensto)
(# Cos: 66 | $66.6M)
Station Network (Mer)
(# Cos: 22 | $39.8M)
Charging (CaCharge)
(# Cos: 22 | $39.8M)
Station Management IT (Virta)
(# Cos: 7 | $39.2M)
Virta
(2013, $36.0M)
CaCharge
(2015, $2.4M)
Meshcrafts
Virta (2013)
$36.0M - Series C - Apr 2021
eMabler (2019)
$769K - Seed - Jun 2021

FirstVet (2016)
$35.6M - Series C - Nov 2020
Pet Telemedicine Platforms - Nordics
49
57
Back to index
Pet Tech (Ophena)
(# Cos: 40 | $75.0M)
Service Platforms (Tasspass)
(# Cos: 7 | $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)

Life Sciences Research Services - Nordics
50
58
Back to index
Life Sciences Platforms and Tools (AFYX Therapeutics)
(# Cos: 281 | $584M)
Research Services (Biosyntia)
(# Cos: 153 | $350M)
Taxonomy
Tech
Key Stats
Nordics Tech
$34.5M (▲20.5%)
5(▼28.6%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
10
$350M
89
9
153
6
Biosyntia
(2012, $7.8M)
AFYX Therapeutics
(2013, $30.7M)
ALK-Abello
Unibio (2001)
$15.0M - Series D - Jun 2021
Rappta Therapeutics (2019)
$10.6M - Series A - Oct 2020
EnginZyme (2014)
$5.6M - Series A - Feb 2021
EpiEndo Pharmaceuticals (2014)
Fidabio (2020)
$683K - Seed - Dec 2020

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