Here's a detailed analysis of top #BusinessModels in Nordics rebrand.ly/215ieqa Get these reports of any geography delivered to your mailbox for free! Subscribe

1. TRACXN TOP BUSINESS MODELS REPORT
March 14, 2022
NORDICS TECH

2. Nordics Tech - Top Business Models Report Copyright © 2022, 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 © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Funding in last 1 year
3
Energy Storage Tech $3.0B
In Store Retail Tech $1.3B
Finance & Accounting Tech $871M
Dermatology $605M
ERP $587M
Big Data Infrastructure $551M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Almi Invest
Antler
Growth Fund
14
9
6
Early
Stage
EQT Ventures
Growth Fund
Headline
9
5
5
Late
Stage
Creandum
Kinnevik
Tencent
6
6
4
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Northvolt
(2015, )
$2.8B -
Unattributed
Klarna
(2005, )
$639M - Series H
RELEX
(2005, )
$568M - Series D
Polestar
(1996, )
$550M -
Unattributed
LEO Pharma
(1908, )
$537M - PE
Neo4j
(2007, )
$325M - Series F
KRY
(2014, )
$317M - Series D
Oda
(2013, )
$265M - Series C
Volta Trucks
(2019, )
$260M - Series C
Lunar
(2015, )
$249M - Series D
Gelato
(2007, )
$240M - Series D
Tradeshift
(2010, )
$200M - Series F
Stockholm (42%)
Copenhagen (17%)
Helsinki (8%)
Oslo (7%)
Gothenburg (6%)
Others (19%)

4. Copyright © 2022, 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▲3 Lithium Ion Batteries $2.8B 1 Northvolt | $2.8B | Unattributed Link
2▼1 Internet First Point of Sale Financing $780M 4 Klarna | $639M | Series H Link
3▼1 Retail Stores Shopper Financing Platforms $660M 3 Klarna | $639M | Series H Link
4-- Retail Stores Software Suite $568M 1 RELEX | $568M | Series D Link
5-- Electric Car Manufacturers $550M 1 Polestar | $550M | Unattributed Link
6▲14 Web Based Platform for Doctor Consultation $419M 5 KRY | $317M | Series D Link
7-- B2B E-Commerce Software Suite $400M 2 Tradeshift | $200M | Series F Link
8-- Accounts Payable and Receivable Management $400M 2 Tradeshift | $200M | Series F Link
9-- 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 © 2022, 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▲51 Electric Truck Manufacturers $304M 3 Volta Trucks | $260M | Series C Link
14▼4 Free Float Electric Kick Scooter Rentals $163M 3 Voi | $115M | Series D Link
15<> 0 Satellite Based Imaging Services $161M 2 ICEYE | $136M | Series D Link
16-- Database as a Service (DBaaS) $160M 2 Aiven | $100M | Series C Link
17-- Infrastructure as a Service for Big Data $160M 2 Aiven | $100M | Series C Link
18▼2 Digital Twin Modelling Software $150M 2 Cognite | $150M | Series B Link
19▼2 Oil and Gas Analytics Software $150M 2 Cognite | $150M | Series B Link
20▼13 Drugs for Multiple Cancer Types $148M 5 Adcendo | $61.6M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2022, 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▲104 Decision Support Analytics $128M 2 Ardoq | $125M | Series D Link
22▲104 Project Portfolio Management $125M 1 Ardoq | $125M | Series D Link
23▲68 Autonomous Electric Truck Manufacturers $110M 1 Einride | $110M | Series B Link
24▲69 Autonomous Trucks $110M 1 Einride | $110M | Series B Link
25▲69 Self-Driving Delivery Vehicles $110M 1 Einride | $110M | Series B Link
26▼13 Open Banking API Providers $107M 3 Enfuce | $50.9M | Series C Link
27▲9 Sleep Management Devices $100M 1 Oura | $100M | Series C Link
28▼7 Home Energy Management System $100M 1 Tibber | $100M | Series C Link
29▲12 Podcast Aggregators $78.0M 1 Podimo | $78.0M | Series B Link
30-- Neurodegenerative Disorders Drugs $73.0M 1 Muna Therape.. | $73.0M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2022, 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-- Automated Testing Tools $68.3M 2 Leapwork | $62.0M | Series B Link
32-- IT Ops Automation $68.3M 2 Leapwork | $62.0M | Series B Link
33-- IT Automation $68.3M 2 Leapwork | $62.0M | Series B Link
34-- Data Management Platforms $66.0M 1 Funnel | $66.0M | Series C Link
35-- Aesthetic Medicines $65.0M 3 CytoKi Pharma | $45.0M | Series A Link
36--
Online B2C Packaged Surplus Food Products
Delivery
$64.1M 2 Matsmart | $40.9M | Series D Link
37▲191 Online Storefront for Individual Coaches $61.0M 1 Lenus | $61.0M | Series A Link
38▲12 Document Template Management $60.0M 1 Templafy | $60.0M | Series D Link
39-- Electric Motorcycle Manufacturers $60.0M 1 CAKE | $60.0M | Series B Link
40▲62 Open Banking APIs for Payments $59.2M 2 Enfuce | $50.9M | 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 © 2022, 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--
Electric Vehicle Charging Station Management
Software
$53.8M 3 Virta | $36.0M | Series C Link
42-- Professional Service Robots $51.0M 1 Blue Ocean R.. | $51.0M | Series B Link
43-- Congenital Heart Disease Treatment Devices $49.2M 1 Occlutech | $49.2M | Series C Link
44-- Neuromuscular Disorder Drugs $48.1M 2 NMD Pharma | $39.6M | Series B Link
45-- Online Fashion Retailer $47.9M 1 NA-KD | $47.9M | Series C Link
46-- Carbon Footprint Awareness $47.6M 3 Doconomy | $19.0M | Series B Link
47-- Wound Healing Drugs $46.0M 3 CytoKi Pharma | $45.0M | Series A Link
48-- P2P Wallet Remittance $46.0M 2 MAJORITY | $27.0M | Series A Link
49▲50 Internet First Homeowner Insurers $45.0M 1 Hedvig | $45.0M | Series B Link
50-- Accounts Receivables Payment Solutions $45.0M 1 Billogram | $45.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2022, 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: 182 | $5.2B)
Battery (Qoitech)
(# Cos: 28 | $4.4B)
Secondary Battery (ZEM)
(# 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 © 2022, 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
$780M (▼52.8%)
4(▲33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.8B
3
-
7
2
Alternative Lending (Aprila Bank)
(# Cos: 201 | $4.2B)
Online Lenders (Capcito)
(# Cos: 124 | $4.2B)
Consumer Loans (Anyfin)
(# Cos: 65 | $4.1B)
Point of Sale Financing (ViaBill)
(# Cos: 12 | $3.8B)
Direct Lender (Klarna)
(# Cos: 7 | $3.8B)
Klarna
(2005, $3.7B)
ViaBill
(2014, $132M)
Mash
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Klarna (2005)
$639M - Series H - Jun 2021
ViaBill (2014)
$120M - Series B - Feb 2022
Klarna (2005)
$14.5M - Series H - Mar 2021
Klarna (2005)
$6.0M - Series H - May 2021

11. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Retail Stores Shopper Financing
Platforms - Nordics
03
11
Back to index
In Store Retail Tech (RELEX)
(# Cos: 104 | $4.6B)
Shopper (Klarna)
(# Cos: 1 | $3.7B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$660M (▼60%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.7B
1
-
1
1
Klarna
(2005, $3.7B)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Klarna (2005)
$639M - Series H - Jun 2021
Klarna (2005)
$14.5M - Series H - Mar 2021
Klarna (2005)
$6.0M - Series H - May 2021

12. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Retail Stores Software Suite - Nordics
04
12
Back to index
In Store Retail Tech (Klarna)
(# Cos: 104 | $4.6B)
Suite (RELEX)
(# Cos: 15 | $816M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$568M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$816M
5
3
15
1
RELEX
(2005, $816M)
Columbus Digital Goodie
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
RELEX (2005)
$568M - Series D - Feb 2022

13. Copyright © 2022, 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
05
13
Back to index
Electric Vehicles (Voi)
(# Cos: 271 | $2.6B)
Automaker (CAKE)
(# Cos: 94 | $1.9B)
Cars (Polestar)
(# 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
Polestar
(1996, $550M)
NEVS
(2012, $500M)
Uniti
(2016, $2.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

14. Copyright © 2022, 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
$419M (▲529%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$859M
16
-
39
4
Healthcare Booking Platforms (Apoteket)
(# Cos: 185 | $915M)
Doctors (Mindler)
(# Cos: 94 | $876M)
Telemedicine (Doktor.se)
(# Cos: 75 | $875M)
Teleconsultation (KRY)
(# Cos: 74 | $875M)
Diversified (Min Doktor)
(# Cos: 39 | $859M)
Min Doktor
(2013, $76.1M)
KRY
(2014, $571M)
Doktor.se
(2016, $157M)
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
Liva Healthcare (2015)
$6.2M - Series B - Dec 2021
KRY (2014)
Undisclosed - Series D - Dec 2021

15. Copyright © 2022, 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 Software Suite -
Nordics
07
15
Back to index
B2B E-Commerce (Cramo)
(# Cos: 110 | $1.3B)
Technology Enablers (inRiver)
(# Cos: 30 | $1.3B)
E Commerce Software Suite (Tradeshift)
(# Cos: 6 | $1.2B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$400M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$1.2B
3
-
6
1
Tradeshift
(2010, $1.2B)
Smidyo Parttrap
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

16. Copyright © 2022, 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 (Pleo)
(# Cos: 348 | $2.0B)
Accounting Solutions (Zervant)
(# Cos: 237 | $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 ( -- )
2( -- )
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 © 2022, 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 ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$1.2B
4
-
4
1
SCM Software (Syncron)
(# Cos: 116 | $1.5B)
Spend Management (Scanmarket)
(# Cos: 42 | $1.3B)
Procure To Pay (Basware)
(# Cos: 22 | $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 © 2022, 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 (Momondo)
(# Cos: 415 | $627M)
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)
SPENT
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2022, 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 (Zervant)
(# Cos: 348 | $2.0B)
Accounting Solutions (Tradeshift)
(# Cos: 237 | $1.8B)
Procure to Pay (Billhop)
(# Cos: 64 | $470M)
Travel & Expense (SPENT)
(# Cos: 25 | $439M)
Card Solutions (Pleo)
(# Cos: 6 | $439M)
Pleo
(2015, $434M)
Zevoy
(2020, $4.5M)
EedenBull
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 © 2022, 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 (Trustly)
(# Cos: 248 | $6.4B)
Consumer Payments (Gimi)
(# Cos: 69 | $579M)
Payment Cards (Epassi)
(# Cos: 20 | $534M)
Credit Cards (MAJORITY)
(# Cos: 6 | $480M)
Corporate Cards (Pleo)
(# Cos: 3 | $434M)
Pleo
(2015, $434M)
Perfekti First Card
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 © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Electric Truck Manufacturers - Nordics
13
21
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$304M (▲1419%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$484M
3
-
4
2
Electric Vehicles (Voi)
(# Cos: 271 | $2.6B)
Automaker (Polestar)
(# Cos: 94 | $1.9B)
Commercial Vehicles (Volta Trucks)
(# Cos: 20 | $489M)
Trucks (Einride)
(# Cos: 4 | $484M)
Einride
(2016, $160M)
Volta Trucks
(2019, $324M)
UniCarriers
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Volta Trucks (2019)
$260M - Series C - Feb 2022
Einride (2016)
$110M - Series B - May 2021
Volta Trucks (2019)
$43.7M - Series B - Sep 2021

22. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Free Float Electric Kick Scooter Rentals -
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
$163M (▲19.4%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$503M
2
-
17
1
Electric Vehicles (Polestar)
(# Cos: 271 | $2.6B)
Vehicle as a Service (GreenMobility)
(# Cos: 48 | $539M)
Kick Scooters (Hopp)
(# Cos: 20 | $503M)
Free Float (Voi)
(# Cos: 17 | $503M)
Voi
(2018, $500M)
Hopp
(2019, $2.8M)
Zvipp
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

23. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Satellite Based Imaging Services -
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
$161M (▲85.1%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$304M
2
-
3
1
NewSpace (AAC Clyde Space)
(# Cos: 28 | $315M)
Space Services (Copenhagen Suborbitals)
(# Cos: 6 | $304M)
Imaging (ClearSky Vision)
(# Cos: 3 | $304M)
Satellite Based (ICEYE)
(# Cos: 3 | $304M)
ICEYE
(2014, $304M)
ClearSky Vision Code Company
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ICEYE (2014)
$136M - Series D - Feb 2022
ICEYE (2014)
$25.0M - Series C - Dec 2021

24. Copyright © 2022, 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 ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$211M
1
-
3
1
Aiven
(2016, $211M)
ElephantSQL CloudAMQP
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 © 2022, 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 ( -- )
2( -- )
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 © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016)
$150M - Series B - May 2021
Cognite (2016)
Undisclosed - Series B - Feb 2022
Digital Twin Modelling Software -
Nordics
18
26
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 (▲100%)
2(▲100%)
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.

27. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016)
$150M - Series B - May 2021
Cognite (2016)
Undisclosed - Series B - Feb 2022
Oil and Gas Analytics Software - Nordics
19
27
Back to index
Oil & Gas Tech (Aker Solutions)
(# Cos: 125 | $415M)
Tech for Vertically Integrated Players (MMT)
(# Cos: 12 | $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%)
2(▲100%)
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.

28. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Adcendo (2017)
$61.6M - Series A - Apr 2021
Anocca (2014)
$47.0M - Series B - Jul 2021
Cytovation (2001)
$20.0M - Series A - Jan 2022
Valo Therapeutics (2016)
$12.8M - Series A - Nov 2021
Asgard Therapeutics (2017)
$6.9M - Seed - Nov 2021
Drugs for Multiple Cancer Types -
Nordics
20
28
Back to index
Oncology (Genmab)
(# Cos: 163 | $1.8B)
Drugs (IO Biotech)
(# Cos: 100 | $1.7B)
Diversified (Symphogen)
(# Cos: 76 | $1.5B)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$148M (▼29.5%)
5(▼28.6%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$1.5B
60
20
76
4
Symphogen
(2000, $598M)
IO Biotech
(2014, $175M)
Genmab
(1999, $157M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

29. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Ardoq (2013)
$125M - Series D - Mar 2022
Workfellow (2020)
$3.1M - Series A - Dec 2021
Decision Support Analytics - Nordics
21
29
Back to index
Business Intelligence (Expressor Software)
(# Cos: 123 | $197M)
Data Discovery and Visualization (Activity
Stream)
(# Cos: 70 | $157M)
Decision Support Software (Ardoq)
(# Cos: 11 | $136M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$128M (▲1946%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$136M
3
-
11
1
Ardoq
(2013, $133M)
Workfellow
(2020, $3.1M)
NodeGraph
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

30. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Ardoq (2013)
$125M - Series D - Mar 2022
Project Portfolio Management - Nordics
22
30
Back to index
Enterprise Collaboration (Pexip)
(# Cos: 380 | $489M)
Project Management (Memory)
(# Cos: 160 | $217M)
Project Portfolio Management (Ardoq)
(# Cos: 5 | $133M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$125M (▲1896%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$133M
1
-
5
1
Ardoq
(2013, $133M)
CANEA Upraized
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

31. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Autonomous Electric Truck
Manufacturers - 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
Electric Vehicles (Voi)
(# Cos: 271 | $2.6B)
Automaker (Polestar)
(# Cos: 94 | $1.9B)
Commercial Vehicles (Velove Bikes)
(# Cos: 20 | $489M)
Trucks (Volta Trucks)
(# Cos: 4 | $484M)
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

32. Copyright © 2022, 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
24
32
Back to index
Autonomous Vehicles (Annotell)
(# Cos: 26 | $204M)
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.

33. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Self-Driving Delivery Vehicles - 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
$110M (▲1000%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$160M
1
-
1
1
Logistics Tech (Automile)
(# Cos: 367 | $957M)
Ecommerce Logistics (Budbee)
(# Cos: 56 | $688M)
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

34. Copyright © 2022, 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
26
34
Back to index
Banking Tech (Lunar)
(# Cos: 141 | $1.5B)
Open Banking (Enfuce)
(# Cos: 24 | $466M)
Banking APIs (Tink)
(# Cos: 13 | $457M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$107M (▼0.8%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$457M
6
-
13
3
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.

35. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Sleep Management Devices - 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
$100M (▲204%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$162M
6
-
12
1
Fitness & Wellness Tech (Lenus)
(# Cos: 394 | $343M)
Mind & Body Wellness (Flow Neuroscience)
(# Cos: 78 | $177M)
Sleep Management (Oura)
(# Cos: 26 | $165M)
Devices (Beddit)
(# Cos: 12 | $162M)
Beddit
(2007, $8.0M)
Oura
(2013, $148M)
Nukute
(2015, $4.9M)
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

36. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Home Energy Management System -
Nordics
28
36
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$100M (▲53.8%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$179M
4
-
7
1
Energy Efficiency Tech (Greenely)
(# Cos: 202 | $509M)
Energy Management System (Greenbyte)
(# Cos: 98 | $251M)
Building Automation Systems (Asetek)
(# Cos: 44 | $231M)
HEMS (Tibber)
(# Cos: 7 | $179M)
Tibber
(2016, $177M)
Viva Smart Home
(2013, $1.7M)
True Energy
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tibber (2016)
$100M - Series C - Mar 2022

37. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Podcast Aggregators - Nordics
29
37
Back to index
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$78.0M (▲148%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
1
-
3
1
Radio Tech (WARM)
(# Cos: 70 | $2.3B)
Internet Radio & Podcast (Acast)
(# Cos: 68 | $2.3B)
Streaming (Spotify)
(# Cos: 57 | $2.2B)
Podcast (Wiser Media)
(# Cos: 18 | $126M)
Network (Kitab Sawti)
(# Cos: 13 | $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

38. Copyright © 2022, 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
30
38
Back to index
Neurology (Nexstim)
(# Cos: 98 | $589M)
Drugs (Egalet)
(# Cos: 47 | $483M)
Neurodegenerative (Lundbeck)
(# Cos: 20 | $98.5M)
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
-
$98.5M
15
4
20
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.

39. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Automated Testing Tools - Nordics
31
39
Back to index
Software Testing Tools (Bitbar)
(# Cos: 56 | $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)
Usetrace
(2012, $162K)
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

40. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
IT Ops Automation - Nordics
32
40
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: 19 | $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

41. Copyright © 2022, 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
33
41
Back to index
IT Operations (Snow Software)
(# Cos: 127 | $418M)
ITOM (LogPoint)
(# Cos: 74 | $249M)
IT Automation (Leapwork)
(# Cos: 3 | $85.6M)
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
-
$85.6M
3
-
3
2
Leapwork
(2015, $79.6M)
Curious AI
(2015, $4.7M)
ONEiO
(2011, $1.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2022, 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
34
42
Back to index
MarketingTech (Falcon.io)
(# Cos: 624 | $717M)
Marketing Data Platforms (Supermetrics)
(# Cos: 19 | $202M)
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 ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$131M
3
-
8
1
Funnel
(2014, $131M)
textcloud Wult
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

43. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
CytoKi Pharma (2019)
$45.0M - Series A - May 2021
Cytovation (2001)
$20.0M - Series A - Jan 2022
CytoKi Pharma (2019)
$19.2K - Seed - Apr 2021
Aesthetic Medicines - Nordics
35
43
Back to index
Dermatology (SciBase)
(# Cos: 34 | $703M)
Drugs (LEO Pharma)
(# Cos: 16 | $659M)
Aesthetics (Cytovation)
(# Cos: 9 | $74.0M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$65.0M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$74.0M
9
-
9
1
Cytovation
(2001, $23.6M)
Lipidor CytoKi Pharma
(2019, $45.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

44. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Online B2C Packaged Surplus Food
Products Delivery - 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
$64.1M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
3
-
3
2
Online Grocery (Oda)
(# Cos: 136 | $924M)
B2C Ecommerce (Vivino)
(# Cos: 96 | $909M)
Surplus Products (Matsmart)
(# Cos: 6 | $105M)
Packaged Food Products
(YourLocal)
(# Cos: 3 | $105M)
YourLocal
(2015, $1.2M)
Matsmart
(2012, $80.0M)
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

45. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Online Storefront for Individual Coaches
- Nordics
37
45
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 (▲2991%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$65.5M
2
-
2
1
Fitness & Wellness Tech (Beddit)
(# Cos: 394 | $343M)
Tools for Fitness Professionals (Athliit)
(# Cos: 37 | $68.5M)
Individual Coaches (Physiotools)
(# Cos: 19 | $65.5M)
Online Storefront (Lenus)
(# Cos: 2 | $65.5M)
Lenus
(2016, $65.5M)
Zenfit
(2015, $7.1K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Lenus (2016)
$61.0M - Series A - May 2021

46. Copyright © 2022, 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
38
46
Back to index
Enterprise Information Management (Stravito)
(# Cos: 68 | $229M)
Enterprise Content Management (Xait)
(# Cos: 36 | $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.

47. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Electric Motorcycle Manufacturers -
Nordics
39
47
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
-
10
1
Electric Vehicles (Voi)
(# Cos: 271 | $2.6B)
Automaker (Polestar)
(# Cos: 94 | $1.9B)
Two Wheelers (STILRIDE)
(# Cos: 16 | $94.6M)
Motorcycles (CAKE)
(# Cos: 10 | $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

48. Copyright © 2022, 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
40
48
Back to index
Payments (Pleo)
(# Cos: 248 | $6.4B)
Enablers (Cardlay)
(# Cos: 51 | $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)
Open Payments
(2017, $4.9M)
Nordic API Gateway
(2010, $14.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

49. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Virta (2013)
$36.0M - Series C - Apr 2021
Monta (2020)
$17.0M - Series A - Dec 2021
eMabler (2019)
$769K - Seed - Jun 2021
Electric Vehicle Charging Station Management
Software - Nordics
41
49
Back to index
Energy Storage Tech (Northvolt)
(# Cos: 182 | $5.2B)
Charging (Charge Amps)
(# Cos: 88 | $114M)
Station Management IT (Virta)
(# Cos: 12 | $62.1M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$53.8M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$62.1M
5
-
12
3
Virta
(2013, $36.0M)
Monta
(2020, $22.8M)
eMabler
(2019, $769K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

50. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Professional Service Robots - Nordics
42
50
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Professional Service Robots (Kongsberg)
(# Cos: 112 | $184M)
Multi Utility (Blue Ocean Robotics)
(# Cos: 10 | $80.4M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$51.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$80.4M
2
-
10
1
Blue Ocean Robotics
(2013, $80.4M)
Aquajet Halodi Robotics
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Blue Ocean Robotics (2013)
$51.0M - Series B - Jan 2022

51. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Congenital Heart Disease Treatment
Devices - 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
$49.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$70.8M
1
-
1
1
Cardiac and Vascular Disorders (Acarix)
(# Cos: 74 | $254M)
Medical Devices (Coala Life)
(# Cos: 46 | $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

52. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
NMD Pharma (2015)
$39.6M - Series B - Feb 2022
NMD Pharma (2015)
$8.5M - Series A - Apr 2021
Neuromuscular Disorder Drugs - Nordics
44
52
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Neurology (Nexstim)
(# Cos: 98 | $589M)
Drugs (Egalet)
(# Cos: 47 | $483M)
Neuromuscular (NMD Pharma)
(# Cos: 3 | $118M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$48.1M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$118M
3
-
3
2
NMD Pharma
(2015, $116M)
Amniotics
(2015, $2.1M)
Oy Juvantia Pharma
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

53. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Online Fashion Retailer - Nordics
45
53
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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
9
1
45
1
Fashion Tech (Re:newcell)
(# Cos: 386 | $511M)
B2C Commerce (Oura)
(# Cos: 350 | $478M)
Multi Category (Zadaa)
(# Cos: 118 | $216M)
Inventory-led (BRANTU)
(# Cos: 51 | $175M)
Retailer (NA-KD)
(# Cos: 50 | $175M)
Multi-brand (Boozt.com)
(# Cos: 45 | $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

54. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Doconomy (2018)
$19.0M - Series B - Jan 2022
Doconomy (2018)
$17.0M - Series B - Sep 2021
Normative (2014)
$11.6M - Series A - Oct 2021
Carbon Footprint Awareness - Nordics
46
54
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Air Pollution Management Tech (Solar Foods)
(# Cos: 96 | $205M)
Carbon Management (Normative)
(# Cos: 54 | $148M)
Carbon Footprint Awareness
(Doconomy)
(# Cos: 28 | $60.2M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$47.6M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$60.2M
13
-
28
2
Doconomy
(2018, $36.0M)
Normative
(2014, $13.7M)
Spark Sustainability
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

55. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Wound Healing Drugs - Nordics
47
55
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Wound Care (Molnlycke Health Care)
(# Cos: 25 | $138M)
Drugs (Ilya Pharma)
(# Cos: 12 | $52.2M)
Taxonomy
$ Invested in last 1 year in Nordics
Tech
Key Stats
# Funding Rounds in last 1 year in
Nordics Tech
$46.0M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$52.2M
10
2
12
2
Ilya Pharma
(2016, $4.0M)
Amniotics
(2015, $2.1M)
CytoKi Pharma
(2019, $45.0M)
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
Colzyx (2016)
$1.0M - Seed - Jan 2022
CytoKi Pharma (2019)
$19.2K - Seed - Apr 2021

56. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
P2P Wallet Remittance - 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
$46.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.2M
3
-
4
2
Remittance (Nordic Payments)
(# Cos: 29 | $61.5M)
Internet First Platforms (B2B Pay)
(# Cos: 22 | $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

57. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Internet First Homeowner Insurers -
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
$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: 45 | $132M)
Internet First Insurers (TM)
(# Cos: 18 | $72.6M)
P&C (Paydrive)
(# Cos: 12 | $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

58. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Nordics Tech - Top Business Models Report
Recent Funding Rounds
Accounts Receivables Payment Solutions
- Nordics
50
58
Back to index
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: 248 | $6.4B)
Business Payments (Trustly)
(# Cos: 127 | $485M)
Mass Payouts (Enterpay)
(# Cos: 14 | $81.8M)
Invoice Payments (Billhop)
(# Cos: 13 | $81.8M)
Accounts Receivables (Billogram)
(# Cos: 9 | $58.2M)
Billogram
(2011, $53.6M)
Dicopay
(2017, $4.5M)
Billecta
(2014, $140K)
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

59. Nordics Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
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Nordics Tech - Top Business Models Report
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