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1. TRACXN TOP BUSINESS MODELS REPORT
January 03, 2022
NORDICS TECH

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

3. Nordics Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Funding in last 1 year
3
Energy Storage Tech $3.2B
Alternative Lending $1.8B
Finance & Accounting Tech $905M
Banking Tech $674M
Food Tech $654M
Dermatology $585M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Antler
PreSeed Ventures
Growth Fund
10
9
7
Early
Stage
EQT Ventures
Industrifonden
Inventure
9
6
6
Late
Stage
Creandum
Kinnevik
Tencent
7
6
3
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Northvolt
(2015, )
$2.8B -
Unattributed
Klarna
(2005, )
$1.0B - Series H
Klarna
(2005, )
$639M - Series H
Polestar
(1996, )
$550M -
Unattributed
LEO Pharma
(1908, )
$537M - PE
Wolt
(2014, )
$536M - Series E
Epidemic Sound
(2009, )
$450M - Series D
Neo4j
(2007, )
$325M - Series F
KRY
(2014, )
$317M - Series D
Oda
(2013, )
$265M - Series C
Lunar
(2015, )
$249M - Series D
Gelato
(2007, )
$240M - Series D
Stockholm (47%)
Copenhagen (18%)
Helsinki (6%)
Gothenburg (6%)
Oslo (5%)
Others (18%)

4. Copyright © 2021, Tracxn Technologies 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▲1 Lithium Ion Batteries $2.8B 1 Northvolt | $2.8B | Unattributed Link
2▼1 Internet First Point of Sale Financing $1.7B 4 Klarna | $1.0B | Series H Link
3-- Electric Car Manufacturers $550M 1 Polestar | $550M | Unattributed Link
4▲6 Food Ordering Platforms $536M 1 Wolt | $536M | Series E Link
5▲136 Music Licensing Marketplace $467M 2 Epidemic Sound | $450M | Series D Link
6<> 0 Web Based Platform for Doctor Consultation $413M 4 KRY | $317M | Series D Link
7▼4
B2B E-Commerce > Technology Enablers > E
Commerce Software Suite
$400M 2 Tradeshift | $200M | Series F Link
8▼4 Accounts Payable and Receivable Management $400M 2 Tradeshift | $200M | Series F Link
9▼4 Supply Chain Financing $400M 2 Tradeshift | $200M | Series F Link
10-- Corporate Travel Expense Management $355M 3 Pleo | $200M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Nordics Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11-- Corporate Travel & Expense Cards $355M 3 Pleo | $200M | Series C Link
12-- Internet First Corporate Credit Card Issuers $350M 2 Pleo | $200M | Series C Link
13▲6 Drugs for Multiple Cancer Types $283M 5 IO Biotech | $155M | Series B Link
14▲35 Alkaline Electrolyzers $229M 1 GreenHydrogen | $229M | Series C Link
15▼6 Free Float Electric Kick Scooter Rentals $163M 3 Voi | $115M | Series D Link
16▲14 Database as a Service (DBaaS) $160M 2 Aiven | $100M | Series C Link
17▲14 Infrastructure as a Service for Big Data $160M 2 Aiven | $100M | Series C Link
18-- Wine Listing and Recommendation Platforms $155M 1 Vivino | $155M | Series D Link
19▼5 Digital Twin Modelling Software $150M 1 Cognite | $150M | Series B Link
20▼5 Oil and Gas Analytics Software $150M 1 Cognite | $150M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Nordics Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21▲56 Autonomous Electric Truck Manufacturers $110M 1 Einride | $110M | Series B Link
22▲56 Autonomous Trucks $110M 1 Einride | $110M | Series B Link
23▲56 Self-Driving Ecommerce Delivery Vehicles $110M 1 Einride | $110M | Series B Link
24▼17 Open Banking API Providers $107M 3 Enfuce | $50.9M | Series C Link
25▲16 Sleep Management Devices $105M 2 Oura | $100M | Series C Link
26▲38 Podcast Aggregators $92.5M 2 Podimo | $78.0M | Series B Link
27▲39 Smart Lockers $90.0M 1 Instabox | $90.0M | Series B Link
28-- Neurodegenerative Disorders Drugs $73.0M 1 Muna Therape.. | $73.0M | Series A Link
29-- Automated Testing Tools $68.3M 2 Leapwork | $62.0M | Series B Link
30-- IT Ops Automation $68.3M 2 Leapwork | $62.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Nordics Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31-- IT Automation $68.3M 2 Leapwork | $62.0M | Series B Link
32▼5 Data Management Platforms $66.0M 1 Funnel | $66.0M | Series C Link
33--
Online B2C Packaged Surplus Food Products
Delivery
$64.1M 2 Matsmart | $40.9M | Series D Link
34-- Electric Truck Manufacturers $63.7M 3 Einride | $110M | Series B Link
35-- Fitness Center Management Softwares $61.0M 1 Lenus eHealth | $61.0M | Series A Link
36-- Electric Motorcycle Manufacturers $60.0M 1 CAKE | $60.0M | Series B Link
37▲8 Document Template Management $60.0M 1 Templafy | $60.0M | Series D Link
38▲45 Virtual School Laboratories $60.0M 1 Labster | $60.0M | Series C Link
39▲48 Open Banking APIs for Payments $59.2M 2 Enfuce | $50.9M | Series C Link
40-- Sustainable Recirculating Aquaculture Systems $56.9M 2 Proximar Sea.. | $49.3M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Nordics Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41-- Congenital Heart Disease Treatment Devices $49.2M 1 Occlutech | $49.2M | Series C Link
42-- Online Fashion Retailer $47.9M 1 NA-KD | $47.9M | Series C Link
43-- P2P Wallet Remittance $46.0M 2 MAJORITY | $27.0M | Series A Link
44-- Aesthetic Medicines $45.0M 2 CytoKi Pharma | $45.0M | Series A Link
45-- Wound Healing Drugs $45.0M 2 CytoKi Pharma | $45.0M | Series A Link
46▲36 Internet First Homeowner Insurers $45.0M 1 Hedvig | $45.0M | Series B Link
47-- Accounts Receivables Payment Solutions $45.0M 1 Billogram | $45.0M | Series B Link
48-- Human Presence Detection Sensors $44.7M 1 Novelda | $44.7M | Series C Link
49▲234 Crypto Exchanges $43.8M 4 Element Fina.. | $32.0M | Series B Link
50--
Electric Vehicle Charging Station Management
Software
$36.8M 2 Virta | $36.0M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
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
$2.8B (▲358%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$4.4B
2
-
8
1
Energy Storage Tech (Everfuel)
(# Cos: 176 | $5.2B)
Battery (Altris)
(# Cos: 27 | $4.4B)
Secondary Battery (BroadBit)
(# Cos: 13 | $4.4B)
Lithium Ion (Northvolt)
(# Cos: 8 | $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 - Unattributed - Jun 2021

10. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing -
Nordics
02
10
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$1.7B (▲95.2%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.7B
2
-
6
1
Alternative Lending (Northmill)
(# Cos: 189 | $4.1B)
Online Lenders (Aprila Bank)
(# Cos: 119 | $4.0B)
Consumer Loans (Anyfin)
(# Cos: 61 | $4.0B)
Point of Sale Financing (ViaBill)
(# Cos: 11 | $3.7B)
Direct Lender (Klarna)
(# Cos: 6 | $3.7B)
Klarna
(2005, $3.7B)
Mash Paylevo
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Klarna (2005)
$1.0B - Series H - Mar 2021
Klarna (2005)
$639M - Series H - Jun 2021
Klarna (2005)
$14.5M - Series H - Mar 2021
Klarna (2005)
$6.0M - Series H - May 2021

11. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Polestar (1996)
$550M - Unattributed - Apr 2021
Electric Car Manufacturers - Nordics
03
11
Back to index
Electric Vehicles (Voi)
(# Cos: 246 | $2.3B)
Automaker (Einride)
(# Cos: 85 | $1.6B)
Cars (NEVS)
(# Cos: 7 | $1.2B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
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)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Food Ordering Platforms - Nordics
04
12
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$536M (▲351%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$860M
6
-
15
0
Food Tech (Oatly)
(# Cos: 194 | $1.4B)
Food Discovery and Ordering (Too Good To Go)
(# Cos: 65 | $910M)
Restaurant Aggregator (Hungry.dk)
(# Cos: 22 | $860M)
Platform Delivered (Wolt)
(# Cos: 15 | $860M)
Wolt
(2014, $860M)
Hungry.dk Godsmak.se
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Wolt (2014)
$536M - Series E - Jan 2021

13. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Music Licensing Marketplace - Nordics
05
13
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$467M (▲ >10K%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$499M
3
-
3
2
Music Tech (Spotify)
(# Cos: 167 | $2.8B)
Music Artist IT (Soundtrap)
(# Cos: 70 | $581M)
Copyrights Management (Tracklib)
(# Cos: 5 | $502M)
Licensing Marketplace (Epidemic
Sound)
(# Cos: 3 | $499M)
Epidemic Sound
(2009, $476M)
Tracklib
(2014, $23.2M)
Zeptagram
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Epidemic Sound (2009)
$450M - Series D - Mar 2021
Tracklib (2014)
$16.8M - Series B - Sep 2021

14. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Web Based Platform for Doctor
Consultation - Nordics
06
14
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$413M (▲82.9%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$859M
16
-
38
4
Healthcare Booking Platforms (Liva Healthcare)
(# Cos: 175 | $913M)
Doctors (Doktor24)
(# Cos: 89 | $873M)
Telemedicine (Min Doktor)
(# Cos: 71 | $873M)
Teleconsultation (Doktor.se)
(# Cos: 70 | $873M)
Diversified (KRY)
(# Cos: 38 | $859M)
KRY
(2014, $571M)
Doktor.se
(2016, $157M)
Min Doktor
(2013, $76.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KRY (2014)
$317M - Series D - Apr 2021
Doktor.se (2016)
$61.0M - Series D - May 2021
Doktor.se (2016)
$34.8M - Series D - Jul 2021
KRY (2014)
Undisclosed - Series D - Dec 2021

15. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Tradeshift (2010)
$200M - Series F - Dec 2021
Tradeshift (2010)
$200M - Series F - Mar 2021
B2B E-Commerce > Technology Enablers > E
Commerce Software Suite - Nordics
07
15
Back to index
B2B E-Commerce (Cramo)
(# Cos: 96 | $1.3B)
Technology Enablers (inRiver)
(# Cos: 22 | $1.2B)
E Commerce Software Suite (Tradeshift)
(# Cos: 5 | $1.2B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$400M (▲66.7%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$1.2B
3
-
5
1
Tradeshift
(2010, $1.2B)
Smidyo Netset
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

16. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Tradeshift (2010)
$200M - Series F - Dec 2021
Tradeshift (2010)
$200M - Series F - Mar 2021
Accounts Payable and Receivable
Management - Nordics
08
16
Back to index
Finance & Accounting Tech (Bokio)
(# Cos: 334 | $1.9B)
Accounting Solutions (Pleo)
(# Cos: 228 | $1.8B)
Account Payables & Receivables
(Tradeshift)
(# Cos: 3 | $1.2B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$400M (▲66.7%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.2B
3
-
3
1
Tradeshift
(2010, $1.2B)
Qvalia
(2007, $1.3M)
Pagero
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

17. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Supply Chain Financing - Nordics
09
17
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$400M (▲66.7%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$1.2B
4
-
4
1
SCM Software (Confidex)
(# Cos: 105 | $1.5B)
Spend Management (Scanmarket)
(# Cos: 38 | $1.3B)
Procure To Pay (Basware)
(# Cos: 21 | $1.3B)
Supply Chain Financing
(Tradeshift)
(# Cos: 4 | $1.2B)
Tradeshift
(2010, $1.2B)
Medius OpusCapita
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tradeshift (2010)
$200M - Series F - Dec 2021
Tradeshift (2010)
$200M - Series F - Mar 2021

18. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Pleo (2015)
$200M - Series C - Dec 2021
Pleo (2015)
$150M - Series C - Jun 2021
Zevoy (2020)
$4.5M - Series A - Sep 2021
Corporate Travel Expense Management
- Nordics
10
18
Back to index
Online Travel (GreenMobility)
(# Cos: 389 | $626M)
Corporate Travel (Acubiz)
(# Cos: 28 | $540M)
Expense Management (Pleo)
(# Cos: 22 | $539M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$355M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$539M
5
-
22
2
Pleo
(2015, $434M)
Acubiz
(1997, $101M)
Eurocard
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Corporate Travel & Expense Cards -
Nordics
11
19
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$355M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$439M
3
-
6
2
Finance & Accounting Tech (Bokio)
(# Cos: 334 | $1.9B)
Accounting Solutions (Tradeshift)
(# Cos: 228 | $1.8B)
Procure to Pay (Billhop)
(# Cos: 61 | $458M)
Travel & Expense (EedenBull)
(# Cos: 25 | $439M)
Card Solutions (Pleo)
(# Cos: 6 | $439M)
Pleo
(2015, $434M)
EedenBull Eurocard
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pleo (2015)
$200M - Series C - Dec 2021
Pleo (2015)
$150M - Series C - Jun 2021
Zevoy (2020)
$4.5M - Series A - Sep 2021

20. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Internet First Corporate Credit Card
Issuers - Nordics
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$350M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$434M
1
-
3
1
Payments (Zettle)
(# Cos: 230 | $6.3B)
Consumer Payments (St1)
(# Cos: 68 | $579M)
Payment Cards (Epassi)
(# Cos: 20 | $534M)
Credit Cards (MAJORITY)
(# Cos: 6 | $480M)
Corporate Cards (Pleo)
(# Cos: 3 | $434M)
Pleo
(2015, $434M)
First Card Perfekti
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pleo (2015)
$200M - Series C - Dec 2021
Pleo (2015)
$150M - Series C - Jun 2021

21. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
IO Biotech (2014)
$155M - Series B - Jan 2021
Adcendo (2017)
$61.6M - Series A - Apr 2021
Anocca (2014)
$47.0M - Series B - Jul 2021
Valo Therapeutics (2016)
$12.8M - Series A - Nov 2021
Asgard Therapeutics (2017)
$6.9M - Seed - Nov 2021
Drugs for Multiple Cancer Types -
Nordics
13
21
Back to index
Oncology (Alligator Bioscience)
(# Cos: 159 | $1.7B)
Drugs (Bavarian Nordic)
(# Cos: 98 | $1.6B)
Diversified (Symphogen)
(# Cos: 75 | $1.5B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$283M (▲395%)
5(▼28.6%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$1.5B
57
19
75
4
Symphogen
(2000, $539M)
Bavarian Nordic Alligator Bioscience
(2001, $10.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

22. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Alkaline Electrolyzers - Nordics
14
22
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$229M (▲852%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$260M
2
1
2
0
Energy Storage Tech (Northvolt)
(# Cos: 176 | $5.2B)
Hydrogen Refueling (Everfuel)
(# Cos: 15 | $305M)
Hydrogen Generation (Hymeth)
(# Cos: 6 | $266M)
Electrolysis (Hystar)
(# Cos: 3 | $266M)
Alkaline (GreenHydrogen)
(# Cos: 2 | $260M)
GreenHydrogen
(2007, $259M)
Hymeth
(2016, $891K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
GreenHydrogen (2007)
$229M - Series C - Mar 2021

23. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Free Float Electric Kick Scooter Rentals -
Nordics
15
23
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$163M (▲19.4%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$503M
2
-
16
1
Electric Vehicles (Einride)
(# Cos: 246 | $2.3B)
Vehicle as a Service (GreenMobility)
(# Cos: 45 | $539M)
Kick Scooters (Hopp)
(# Cos: 19 | $503M)
Free Float (Voi)
(# Cos: 16 | $503M)
Voi
(2018, $500M)
Hopp
(2019, $2.8M)
Ryde
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Voi (2018)
$115M - Series D - Dec 2021
Voi (2018)
$45.0M - Series C - Aug 2021
Hopp (2019)
$2.8M - Seed - Nov 2021

24. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Database as a Service (DBaaS) - Nordics
16
24
Back to index
Database Technology (Neo4j)
(# Cos: 27 | $801M)
DBaaS (Aiven)
(# Cos: 3 | $211M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$160M (▲300%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$211M
1
-
3
1
Aiven
(2016, $211M)
CloudAMQP ElephantSQL
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Aiven (2016)
$100M - Series C - Mar 2021
Aiven (2016)
$60.0M - Series C - Oct 2021

25. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Infrastructure as a Service for Big Data -
Nordics
17
25
Back to index
Big Data Infrastructure (Neo4j)
(# Cos: 12 | $794M)
IaaS (Aiven)
(# Cos: 1 | $211M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$160M (▲300%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$211M
1
-
1
1
Aiven
(2016, $211M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Aiven (2016)
$100M - Series C - Mar 2021
Aiven (2016)
$60.0M - Series C - Oct 2021

26. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Wine Listing and Recommendation
Platforms - Nordics
18
26
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$155M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$224M
2
-
2
1
Online Grocery (Oda)
(# Cos: 132 | $903M)
B2C Ecommerce (Nemlig)
(# Cos: 93 | $885M)
Beverages (Slurp)
(# Cos: 26 | $229M)
Alcoholic (Pint Please)
(# Cos: 16 | $226M)
Wine (UrbanWineBox)
(# Cos: 7 | $226M)
Listing and Recommendation
(Vivino)
(# Cos: 2 | $224M)
Vivino
(2010, $224M)
Vinguiden
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vivino (2010)
$155M - Series D - Feb 2021

27. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016)
$150M - Series B - May 2021
Digital Twin Modelling Software -
Nordics
19
27
Back to index
Digital Twin (Aker Solutions)
(# Cos: 25 | $230M)
Development Tools (Sensative)
(# Cos: 3 | $228M)
Modelling (Cognite)
(# Cos: 3 | $228M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$150M (▲92.7%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$228M
2
-
3
2
Cognite
(2016, $225M)
Sensative
(2013, $2.8M)
Cevia Digital
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

28. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016)
$150M - Series B - May 2021
Oil and Gas Analytics Software - Nordics
20
28
Back to index
Oil & Gas Tech (Aker Solutions)
(# Cos: 122 | $415M)
Tech for Vertically Integrated Players (MMT)
(# Cos: 11 | $230M)
Analytics (Cognite)
(# Cos: 2 | $225M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$150M (▲100%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$225M
1
-
2
1
Cognite
(2016, $225M)
C2FTX
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

29. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Autonomous Electric Truck
Manufacturers - Nordics
21
29
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$110M (▲1000%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Electric Vehicles (Voi)
(# Cos: 246 | $2.3B)
Automaker (CAKE)
(# Cos: 85 | $1.6B)
Commercial Vehicles (Velove Bikes)
(# Cos: 19 | $229M)
Trucks (Volta Trucks)
(# Cos: 3 | $224M)
Autonomous (Einride)
(# Cos: 1 | $160M)
Einride
(2016, $160M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Einride (2016)
$110M - Series B - May 2021

30. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Einride (2016)
$110M - Series B - May 2021
Autonomous Trucks - Nordics
22
30
Back to index
Autonomous Vehicles (Imagimob)
(# Cos: 22 | $180M)
Self Driving Technology (Sensible 4)
(# Cos: 4 | $167M)
Trucks (Einride)
(# Cos: 1 | $160M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$110M (▲1000%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Einride
(2016, $160M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

31. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Self-Driving Ecommerce Delivery
Vehicles - Nordics
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$110M (▲1000%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Logistics Tech (Automile)
(# Cos: 324 | $687M)
Ecommerce Logistics (Budbee)
(# Cos: 51 | $419M)
Autonomous Delivery (Globhe)
(# Cos: 2 | $160M)
Self-Driving Delivery Vehicles
(Einride)
(# Cos: 1 | $160M)
Einride
(2016, $160M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Einride (2016)
$110M - Series B - May 2021

32. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Enfuce (2016)
$50.9M - Series C - Dec 2021
Tink (2012)
$47.9M - Series D - Apr 2021
Enfuce (2016)
$8.3M - Series B - Mar 2021
Open Banking API Providers - Nordics
24
32
Back to index
Banking Tech (Lunar)
(# Cos: 134 | $1.4B)
Open Banking (Enfuce)
(# Cos: 20 | $448M)
Banking APIs (Tink)
(# Cos: 11 | $438M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$107M (▼48.5%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$438M
4
-
11
2
Tink
(2012, $359M)
Enfuce
(2016, $64.9M)
Nordic API Gateway
(2010, $14.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

33. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Sleep Management Devices - Nordics
25
33
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$105M (▲275%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$162M
6
-
12
1
Fitness & Wellness Tech (Endomondo)
(# Cos: 371 | $297M)
Mind & Body Wellness (Flow Neuroscience)
(# Cos: 75 | $177M)
Sleep Management (Beddit)
(# Cos: 25 | $165M)
Devices (Oura)
(# Cos: 12 | $162M)
Oura
(2013, $148M)
Beddit
(2007, $8.0M)
Nox Medical
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Oura (2013)
$100M - Series C - May 2021
Nukute (2015)
$4.9M - Series A - Feb 2021

34. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Podcast Aggregators - Nordics
26
34
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$92.5M (▲446%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
1
-
3
1
Radio Tech (WARM)
(# Cos: 53 | $2.3B)
Internet Radio & Podcast (Acast)
(# Cos: 51 | $2.3B)
Streaming (Spotify)
(# Cos: 41 | $2.2B)
Podcast (PodMe)
(# Cos: 16 | $126M)
Network (Kitab Sawti)
(# Cos: 12 | $126M)
Aggregator (Podimo)
(# Cos: 3 | $117M)
Podimo
(2019, $117M)
Heartbeats Podtail
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Podimo (2019)
$78.0M - Series B - Nov 2021
Podimo (2019)
$14.5M - Series A - Feb 2021

35. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Smart Lockers - Nordics
27
35
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$90.0M (▲492%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
2
-
5
1
Logistics Tech (Automile)
(# Cos: 324 | $687M)
Ecommerce Logistics (Budbee)
(# Cos: 51 | $419M)
Access Point (Instabox)
(# Cos: 6 | $105M)
Locker (Posten)
(# Cos: 5 | $105M)
Posten Instabox
(2015, $105M)
SwipBox
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Instabox (2015)
$90.0M - Series B - Feb 2021

36. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Muna Therapeutics (2020)
$73.0M - Series A - Jul 2021
Neurodegenerative Disorders Drugs -
Nordics
28
36
Back to index
Neurology (Nexstim)
(# Cos: 95 | $545M)
Drugs (Egalet)
(# Cos: 46 | $440M)
Neurodegenerative (Lundbeck)
(# Cos: 19 | $95.9M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$73.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$95.9M
14
4
19
1
Lundbeck Integrative Research L..
(2013, $3.4M)
Muna Therapeutics
(2020, $73.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Automated Testing Tools - Nordics
29
37
Back to index
Software Testing Tools (Bitbar)
(# Cos: 55 | $90.1M)
Automated Testing Tools (Leapwork)
(# Cos: 17 | $80.8M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$68.3M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$80.8M
8
-
17
1
Leapwork
(2015, $79.6M)
Meeshkan
(2017, $418K)
Trell
(2012, $568K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Leapwork (2015)
$62.0M - Series B - Aug 2021
Leapwork (2015)
$6.3M - Series A - Jun 2021

38. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
IT Ops Automation - Nordics
30
38
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$68.3M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$80.9M
2
-
2
1
Robotic Process Automation (Northern.tech)
(# Cos: 18 | $86.0M)
Basic Automation (ONEiO)
(# Cos: 7 | $80.9M)
Multi-Industry (Cognifirm)
(# Cos: 7 | $80.9M)
IT Ops (Leapwork)
(# Cos: 2 | $80.9M)
Leapwork
(2015, $79.6M)
ONEiO
(2011, $1.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Leapwork (2015)
$62.0M - Series B - Aug 2021
Leapwork (2015)
$6.3M - Series A - Jun 2021

39. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Leapwork (2015)
$62.0M - Series B - Aug 2021
Leapwork (2015)
$6.3M - Series A - Jun 2021
IT Automation - Nordics
31
39
Back to index
IT Operations (Humio)
(# Cos: 125 | $418M)
ITOM (LogPoint)
(# Cos: 76 | $252M)
IT Automation (Leapwork)
(# Cos: 4 | $88.1M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$68.3M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$88.1M
4
-
4
2
Leapwork
(2015, $79.6M)
Curious AI
(2015, $4.7M)
Northern.tech
(2017, $2.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

40. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Funnel (2014)
$66.0M - Series C - Oct 2021
Data Management Platforms - Nordics
32
40
Back to index
MarketingTech (Falcon.io)
(# Cos: 585 | $714M)
Marketing Data Platforms (Supermetrics)
(# Cos: 19 | $201M)
Data Management Platforms (Funnel)
(# Cos: 8 | $131M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$66.0M (▲40.4%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$131M
3
-
8
1
Funnel
(2014, $131M)
textcloud Avance Metering
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Online B2C Packaged Surplus Food
Products Delivery - Nordics
33
41
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$64.1M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
3
-
3
2
Online Grocery (Nemlig)
(# Cos: 132 | $903M)
B2C Ecommerce (Vivino)
(# Cos: 93 | $885M)
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)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Matsmart (2012)
$40.9M - Series D - Mar 2021
Fiksua ruoka (2016)
$23.2M - Series B - May 2021

42. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Electric Truck Manufacturers - Nordics
34
42
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$63.7M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$224M
3
-
3
2
Electric Vehicles (Voi)
(# Cos: 246 | $2.3B)
Automaker (CAKE)
(# Cos: 85 | $1.6B)
Commercial Vehicles (Volta Trucks)
(# Cos: 19 | $229M)
Trucks (Einride)
(# Cos: 3 | $224M)
Einride
(2016, $160M)
Volta Trucks
(2019, $63.7M)
Inzile
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Einride (2016)
$110M - Series B - May 2021
Volta Trucks (2019)
$43.7M - Series B - Sep 2021
Volta Trucks (2019)
$20.0M - Series B - Jan 2021

43. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Fitness Center Management Softwares -
Nordics
35
43
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$61.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$66.6M
6
-
12
1
Fitness & Wellness Tech (Oura)
(# Cos: 371 | $297M)
Tools for Fitness Professionals (Physiotools)
(# Cos: 36 | $66.6M)
Fitness Centers (Vint)
(# Cos: 17 | $66.6M)
Suite (Lenus eHealth)
(# Cos: 12 | $66.6M)
Lenus eHealth
(2016, $63.5M)
Vint
(2013, $1.8M)
Athliit
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Lenus eHealth (2016)
$61.0M - Series A - May 2021

44. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Electric Motorcycle Manufacturers -
Nordics
36
44
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$60.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$74.3M
2
-
9
1
Electric Vehicles (Voi)
(# Cos: 246 | $2.3B)
Automaker (Einride)
(# Cos: 85 | $1.6B)
Two Wheelers (Vässla)
(# Cos: 15 | $91.3M)
Motorcycles (CAKE)
(# Cos: 9 | $74.3M)
CAKE
(2016, $74.0M)
Fenris Motorcycles
(2012, $346K)
RMK Vehicle
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CAKE (2016)
$60.0M - Series B - Sep 2021

45. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Templafy (2014)
$60.0M - Series D - Jun 2021
Document Template Management -
Nordics
37
45
Back to index
Enterprise Information Management (Stravito)
(# Cos: 65 | $211M)
Enterprise Content Management (Xait)
(# Cos: 35 | $162M)
Template Management (Templafy)
(# Cos: 2 | $147M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$60.0M (▲129%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$147M
1
-
2
1
Templafy
(2014, $147M)
DIBkunnskap
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

46. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Virtual School Laboratories - Nordics
38
46
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
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: 281 | $274M)
B2B2C Learning Solutions (Ugglo)
(# Cos: 49 | $140M)
School Curriculum (Lyfta)
(# Cos: 41 | $139M)
Multi Subject (Kognity)
(# Cos: 36 | $131M)
Activity Based Learning (Kide Science)
(# Cos: 19 | $104M)
Virtual Labs (Labster)
(# Cos: 1 | $100M)
Labster
(2011, $100M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Labster (2011)
$60.0M - Series C - Feb 2021

47. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Enfuce (2016)
$50.9M - Series C - Dec 2021
Enfuce (2016)
$8.3M - Series B - Mar 2021
Open Banking APIs for Payments -
Nordics
39
47
Back to index
Payments (Pleo)
(# Cos: 230 | $6.3B)
Enablers (Zwipe)
(# Cos: 47 | $5.3B)
Open Banking APIs (Enfuce)
(# Cos: 8 | $86.9M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$59.2M (▲595%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$86.9M
4
-
8
3
Enfuce
(2016, $64.9M)
Nordic API Gateway
(2010, $14.4M)
Open Payments
(2017, $4.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

48. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Proximar Seafood (2015)
$49.3M - Series C - Jan 2021
AquaCon (1996)
$7.5M - Series A - Oct 2021
Sustainable Recirculating Aquaculture
Systems - Nordics
40
48
Back to index
Aquaculture Tech (Stingray)
(# Cos: 89 | $84.2M)
Sustainable Farming (Proximar Seafood)
(# Cos: 16 | $59.4M)
Recirculating Aquaculture Systems
(RAS) (AquaCon)
(# Cos: 12 | $56.9M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$56.9M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.9M
4
-
12
1
AquaCon
(1996, $7.5M)
Proximar Seafood
(2015, $49.3M)
Nordic Aquafarms
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

49. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Congenital Heart Disease Treatment
Devices - Nordics
41
49
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$49.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$70.8M
1
-
1
1
Cardiac and Vascular Disorders (Acarix)
(# Cos: 72 | $247M)
Medical Devices (Coala Life)
(# Cos: 45 | $172M)
Therapeutic Devices (CathVision)
(# Cos: 16 | $131M)
Congenital Heart Diseases
(Occlutech)
(# Cos: 1 | $70.8M)
Occlutech
(2003, $70.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Occlutech (2003)
$49.2M - Series C - Dec 2021

50. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Online Fashion Retailer - Nordics
42
50
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$47.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$168M
10
1
44
1
Fashion Tech (Re:newcell)
(# Cos: 350 | $508M)
B2C Commerce (Oura)
(# Cos: 318 | $475M)
Multi Category (Zadaa)
(# Cos: 114 | $216M)
Inventory-led (BRANTU)
(# Cos: 50 | $175M)
Retailer (NA-KD)
(# Cos: 49 | $175M)
Multi-brand (Boozt.com)
(# Cos: 44 | $168M)
Boozt.com
(2006, $29.7M)
NA-KD
(2015, $137M)
BRANTU
(2016, $1.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NA-KD (2015)
$47.9M - Series C - Apr 2021

51. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
P2P Wallet Remittance - Nordics
43
51
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$46.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.2M
3
-
4
2
Remittance (Nordic Payments)
(# Cos: 28 | $61.5M)
Internet First Platforms (B2B Pay)
(# Cos: 21 | $50.5M)
P2P Remittance (MAJORITY)
(# Cos: 14 | $50.5M)
Wallet Transfer (TransferGalaxy)
(# Cos: 4 | $50.2M)
TransferGalaxy
(2014, $4.2M)
MAJORITY
(2019, $46.0M)
PlingPay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MAJORITY (2019)
$27.0M - Series A - Dec 2021
MAJORITY (2019)
$19.0M - Seed - Jun 2021

52. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
CytoKi Pharma (2019)
$45.0M - Series A - May 2021
CytoKi Pharma (2019)
$19.2K - Seed - Apr 2021
Aesthetic Medicines - Nordics
44
52
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Dermatology (SciBase)
(# Cos: 34 | $683M)
Drugs (LEO Pharma)
(# Cos: 16 | $639M)
Aesthetics (Cytovation)
(# Cos: 9 | $54.0M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$45.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$54.0M
9
-
9
1
Cytovation
(2001, $3.6M)
Lipidor CytoKi Pharma
(2019, $45.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

53. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Wound Healing Drugs - Nordics
45
53
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Wound Care (Molnlycke Health Care)
(# Cos: 25 | $137M)
Drugs (Ilya Pharma)
(# Cos: 12 | $51.2M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$45.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$51.2M
10
2
12
2
Ilya Pharma
(2016, $4.0M)
CytoKi Pharma
(2019, $45.0M)
Amniotics
(2015, $2.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CytoKi Pharma (2019)
$45.0M - Series A - May 2021
CytoKi Pharma (2019)
$19.2K - Seed - Apr 2021

54. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Internet First Homeowner Insurers -
Nordics
46
54
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$45.0M (▲396%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$68.0M
1
-
1
1
Internet First Insurance Platforms (Insurello)
(# Cos: 42 | $128M)
Internet First Insurers (TM)
(# Cos: 16 | $72.6M)
P&C (Paydrive)
(# Cos: 10 | $71.0M)
Homeowners (Hedvig)
(# Cos: 1 | $68.0M)
Hedvig
(2016, $68.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Hedvig (2016)
$45.0M - Series B - Sep 2021

55. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Accounts Receivables Payment Solutions
- Nordics
47
55
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$45.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$58.2M
3
-
9
2
Payments (Pleo)
(# Cos: 230 | $6.3B)
Business Payments (Zettle)
(# Cos: 115 | $415M)
Mass Payouts (Enterpay)
(# Cos: 13 | $68.2M)
Invoice Payments (Billhop)
(# Cos: 13 | $68.2M)
Accounts Receivables (Billogram)
(# Cos: 9 | $58.2M)
Billogram
(2011, $53.6M)
Billecta
(2014, $140K)
Dicopay
(2017, $4.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Billogram (2011)
$45.0M - Series B - Sep 2021

56. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Human Presence Detection Sensors -
Nordics
48
56
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$44.7M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$59.7M
1
-
1
1
Sensors (XeThru)
(# Cos: 167 | $248M)
Industry Applications (Disruptive Technologies)
(# Cos: 53 | $90.0M)
Smart Infrastructure (UbiqiSense)
(# Cos: 10 | $67.7M)
Building Automation (Sensohive)
(# Cos: 7 | $67.7M)
Human Presence Detection (Novelda)
(# Cos: 1 | $59.7M)
Novelda
(2004, $59.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Novelda (2004)
$44.7M - Series C - Dec 2021

57. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Crypto Exchanges - Nordics
49
57
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Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$43.8M (▲7783%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$58.6M
9
-
48
2
Cryptocurrencies (MakerDAO)
(# Cos: 179 | $170M)
Financial Services (Coinify)
(# Cos: 113 | $119M)
Investment Industry (Element Finance)
(# Cos: 87 | $76.1M)
Crypto Exchanges (Safello)
(# Cos: 48 | $58.6M)
Safello
(2013, $1.4M)
Element Finance
(2019, $36.4M)
LocalBitcoins.com
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Element Finance (2019)
$32.0M - Series B - Nov 2021
NBX (2018)
$7.1M - Series A - Jan 2021
Element Finance (2019)
$4.4M - Series A - Mar 2021
Safello (2013)
$284K - Series A - Jan 2021

58. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Virta (2013)
$36.0M - Series C - Apr 2021
eMabler (2019)
$769K - Seed - Jun 2021
Electric Vehicle Charging Station Management
Software - Nordics
50
58
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Energy Storage Tech (Northvolt)
(# Cos: 176 | $5.2B)
Charging (Charge Amps)
(# Cos: 84 | $91.5M)
Station Management IT (Virta)
(# Cos: 10 | $39.2M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$36.8M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$39.2M
4
-
10
2
Virta
(2013, $36.0M)
eMabler
(2019, $769K)
CaCharge
(2015, $2.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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Nordics Tech - Top Business Models Report
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